ISLAMABAD: Pakistani company Systems Limited, which develops software and provides business process outsourcing services, has made it to the ‘Forbes Asia’s Best Under A Billion’ for the third time in a row.

Each year, Forbes releases its list of top 200 mid-sized businesses in the Asia-Pacific region. This year’s list includes 75 returnees from the prior year, reflecting their resiliency in a fast-changing environment.

“As Covid-19 restrictions ease across the Asia-Pacific and people adapt to the new normal, this year’s annual Best Under A Billion list highlights the shift to discretionary spending,” Forbes said on its website. “While healthcare and pharmaceutical-related companies were standouts last year, the post-pandemic return to daily life has benefitted apparel makers, mall operators, restaurants, consumer electronics and entertainment companies, among others.”

Forbes said Systems Limited had clients in North America, Europe and the Middle East that operated in the telecom, retail, pharmaceutical and finance industries. Founded in 1977, the company is based in Lahore, Pakistan.

“Systems Limited has created a thriving ecosystem that consistently meets outstanding performance metrics. It gives me immense pleasure that Systems Limited is the only IT company hailing from Pakistan that has been recognised by Forbes Asia as Best Under A Billion company three times, consecutively,” CEO Asif Peer said. 

“This great honour is monumental to Systems Limited’s sustainability and consistent growth in all the verticals and segments in which we are excelling.”

Previously, Systems Limited has won the 2021 Poll of Asia’s Outstanding Companies by Asia Money in two categories. The company also holds the title of Pakistan’s top IT exporter and has been awarded the prestigious Microsoft Inner Circle for Business Applications 2021/2022 and 2022/2023 memberships.

Another company which has made the list is Highnoon Laboratories, which manufactures, markets and distributes drugs and other healthcare products, primarily in Pakistan. It specializes in drugs related to cardiology, diabetes, gastroenterology and respiratory disease. The company was founded in 1984 and is headquartered in Lahore.

The number of Indian businesses that made the "Best Under A Billion" list this year was 24, down from 26 in 2021.

In terms of Asian nations, this put India in fourth place, one spot ahead of China, which had 22 enterprises on the list. With 30, Taiwan has the most publicly traded companies, followed by Japan with 29 and South Korea with 27.