Sheng Siong (SGX: OV8) continued to impress with its latest set of earnings for 2023. The supermarket operator not only pulled off a better performance but also upped its dividends for the year. With the group’s store count continuing to climb in both Singapore and China, investors can look forward to better numbers ahead. Here are five highlights from Sheng Siong’s latest financial report.

1. A solid finish to the year

For 2023, Sheng Siong’s revenue increased by 2.1% year on year to S$1.37 billion. The better revenue performance was contributed by six new stores that opened in 2022 and 2023. Gross profit improved by 4.3% year on year as gross margin climbed to 30% from 29.4%. Net profit inched up 0.3% year on year to S$134 million for the year. The retailer generated a positive free cash flow of S$166.9 million, up 5.6% from the previous year’s S$158 million. Sheng Siong continued to maintain a clean balance sheet with S$324.4 million of cash and no debt....