Continued growth in revenue and net profit
For 1Q 2024, revenue grew by 5.5% year on year to S$376.2 million. The increase came mainly from an 8% year on year boost from comparable store sales for 67 of Sheng Siong’s outlets which was offset by a 2.6% year on year decline from three new stores opened recently. Gross profit improved by 7.6% year on year, an increase of 0.6 percentage points, as the retailer optimised its sales mix while addressing higher staff costs and utility expenses. Higher other income from government grants and advertisements from...Sheng Siong Group (SGX: OV8) is a familiar name for most Singaporeans.
The supermarket operator has opened 70 outlets across the island selling a wide assortment of products such as live and chilled seafood, meat, vegetables, toiletries and essential items.
The retailer recently reported its first quarter 2024 (1Q 2024) earnings that demonstrated the continued growth of its business.
Here are five highlights from Sheng Siong’s latest financial report card.
