Sheng Siong profits up 16.4% to $20.59m in Q3

Its new store openings boosted revenues.

Sheng Siong Group's profits rose 16.4% YoY to $20.59m in Q3, the company announced. Revenue grew 11.4% to $253.83m over the same period.

For 9M 2019, profits climbed 9.5% YoY to $58.35m. Revenue expanded 11.1% to $743.43m over the same period.

The growth in revenue was attributed to its opening of new stores were again the major source of growth. However, the adoption of SFRS (I) 16 Leases offset the Group’s 9M 2019’s net profit by $0.9m.

The group’s gross margin rose to 27.1% in Q3 and 26.8% in 9M 2019, from 26.5% and 26.6% respectively, attributed to a slightly higher sales mix of fresh versus non-fresh produce as well as a slightly lower input prices from suppliers’ rebates.

Also read: Sheng Siong recovery looms as same store sales rebound

According to a report by DBS Equity Research,new store openings will continue to fuel Sheng Siong’s growth, with five supermarkets having opened this year and one more set to open in Q1 2020.

The people you want to reach are already in this room.

Every quarter, SBR lands on the desks of the founders, CFOs, and directors running Asia's most consequential companies. Every day, they open our newsletter and read our website. It's a room that took twenty years to build — and it's the one most of our partners are trying to get into.

The good news is that the door is open. We work with companies on thought leadership articles, sponsored content, industry summits across Southeast Asia, regional awards programmes, podcasts, and media placements in print and digital. The shape of the right partnership depends on what you're trying to do, which is why we'd rather start with a conversation than send a rate card.

If you have something this room should know about, tell us. We'll tell you honestly whether we can help, and how.

No rate cards until we understand the brief. It's a better use of everyone's time.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia