CWT Group CEO Loi Pok Yen was this year's Ernst & Young (EY) Entrepreneur of the Year for Logistics. The award cited Loi's entrepreneurial spirit as instrumental in transforming CWT into a global enterprise and a Forbes Asia Fab 50 company. The judges also credited Loi's innovative warehousing solutions for enabling CWT to thrive in niche markets and his strategies in diversifying the business, which resulted in a company with a strong balance sheet and presence in over 50 countries. Since he took the helm in 2005, CWT has grown more than ten-fold in market capitalisation. Last year, the group incorporated three new entities as part of an ongoing business development and expansion program. In July, it set up CWT Systems & Services Pte Ltd in Singapore; in October, it set up Horizon Energy in Serbia; and in November, it set up MRI Trading China Co in China. CWT posted a 9 percent rise in gross profit to $61.1 million for the three months to September on a 50 percent increase in revenue to $2.2 billion. Profit after tax (PAT) came in at $19.2 million.