Sheng Siong CEO Lim Hock Chee’s compensation up over 20% in FY 2024

This was despite a slight decrease in his basic salary.

Sheng Siong Group CEO Lim Hock Chee received $7.064 million in compensation in fiscal year (FY) 2024, up more than 20% from the year earlier.

According to the company’s annual report, Lim’s base salary slightly decreased by 0.27% to $373,000. For his variable bonus, he received $6.66m last year, up 22% from the previous year.

Director’s fee and benefits in kind both remained at $20,000, and $16,000, respectively.

For the other Lim brothers, Executive Chairman Lim Hock Eng and Managing Director Lim Hock Leng, also received compensations of more than $7 million in FY 2024.

In the previous fiscal year, Sheng Siong recorded a net profit of 137.5m, up 2.6% from the year prior.

The addition of six new stores in 2024 and the continued contribution of two outlets opened in 2023 fuelled the company’s revenue, which grew 4.5% to $1.43b.

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