Sheng Siong Group, one of Singapore’s largest supermarket chains, reported a 2.6% increase in net profit for FY2024, reaching S$137.5 million. This growth comes despite rising business costs, as the company expanded its store network and improved its sales mix. Revenue for the year rose by 4.5% to S$1.43 billion, bolstered by the opening of six new stores and enhanced performance at existing locations.
The group’s gross profit also saw a 6.1% increase, amounting to S$435.5 million, with a slight improvement in gross profit margin to 30.5%. This was attributed to a better sales mix that helped offset higher business expenses. Other income grew by 20.6% to S$19.2 million, largely due to increased rental income and gains from USD-denominated fixed deposits.
Administrative and selling expenses rose, reflecting higher staff costs and bonuses linked to the company’s strong financial performance. Despite these challenges, Sheng Siong ended the year with a robust cash balance of S$353.4 million, an 8.9% increase from the previous year.
Looking ahead, Sheng Siong plans to continue its expansion, having already opened two new stores in 2025 and awaiting the results of eight tenders. CEO Lim Hock Chee stated, “Our commitment to providing quality products at affordable prices and excellent service has continued to resonate with consumers.” The company remains optimistic about future growth, supported by a stable housing supply pipeline and government measures enhancing consumer purchasing power.
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