Net profit of Sheng Siong jumps 5.7% YoY to $34.8m in 3Q23

The higher profit pushed the company's earnings per share up by 5.9% YoY.

Supermarket chain Sheng Siong posted a 5.7% YoY higher net profit after tax of $34.8m in 3Q23.

In the same period, the company reported higher revenue of $345.8m (+3.7% YoY) due to sales contributions from its six new stores.

The revenue increase pushed the supermarket chain's gross profit up by 6.9% YoY to $105m.

Given the gains in revenue and profit, Sheng Siong's earnings per share rose by 5.9% YoY to $0.0231 in 3Q23.