HAI-O Enterprise Bhd (7668), which made it to the Forbes Asia's fourth annual Best Under A Billion List for the second consecutive year, sees the recognition as a faster way to expand in Asia-Pacific markets.
The company, which specialises in herbal products, is set to expand its multi-level marketing business to Indonesia, China and Singapore next year and is confident of seeing contributions in one to two years.
Hai-O group managing director Tan Kai Hee said the company is optimistic that its products will be well received in these markets, especially in the fast-growing markets of Indonesia and China.
"For Hai-O, we act as an importer. But after receiving this award, we feel that this is the right time for us to venture into the China, Indonesia and Singapore markets seriously," he said in Singapore recently.
Hai-O, which already has companies in Indonesia, Singapore and Hong Kong, is ready to enter these markets and the immediate focus will be the Indonesian market as it has registered its products there.
Tan said Hai-O was expanding to overseas markets as a move to enlarge its business as a manufacturer of herbal products, given that Malaysia also has well-known health products such as Tongkat Ali and Kacip Fatimah.
Earlier, Tan was in Singapore to receive the Forbes Asia's Best Under A Billion List award. Forbes is a US-based publisher of the leading Asian business magazine.
Hai-O is one of the 13 Malaysian companies in the list that recorded consistent growth for both sales and profit over three years, with a sales revenue of less than US$1 billion (RM3.64 billion) in the Asia-Pacific region.
Tan said the first recognition from Forbes had benefited Hai-O's business after its net profit more than doubled to RM49.11 million for the financial year ended April 30 2008, from RM22.11 million a year ago.
Despite the global economic downturn, he said Hai-O considered the tough period as an opportunity to further expand its business, both locally and abroad.
With more than RM60 million cash in hand and being debt-free, Hai-O is looking for opportunities either via joint ventures or acquiring a stake in underperforming companies, Tan said.