Sheng Siong profit inches up 2.6% in FY2024

Revenue also increased 4.5% YoY.

Sheng Siong Group reported a 2.6% increase in net profit to $137.5m for the financial year ended 2024, driven by new store openings and improved performance across its existing outlets.

Revenue also increased 4.5% year-on-year to $1.43b, up from $1.37b in FY2023. The growth was attributed to the addition of six new stores in 2024 and the continued contribution of two outlets opened in 2023.

Other income surged 20.6% to $19.2m, boosted by unrealised exchange gains on USD-denominated fixed deposits, higher rental income from expanded leased retail space, and increased scrap material sales.

Expenses also climbed, with administrative costs up 17.9% to $58.5m and selling and distribution costs rising 6.8% to $236.5m, mainly due to higher staff costs and expansion-related expenses.

The Board has proposed a final dividend of $0.032 per share, bringing the total FY2024 dividend to $0.064, up from $0.0625 in FY2023. The payout ratio remains 70%.

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