Sheng Siong net profit up 8.9% to $36.3m in 1Q24

The supermarket attributed the increase to better sales.

Sheng Siong Group’s net profit rose 8.9% YoY to $36.3m in 1Q24.

In the same period, the supermarket reported a 5.5% YoY increase in its revenue to reach $376.2m.

The company attributed its improved net profit and revenue to an increase in sales of 8% YoY from comparable same stores.

“Another contributing factor was the longer sales period before Lunar New Year which fell in February this year compared to January last year,” the company said.

With improved net profit, Sheng Siong recorded a 9.5% YoY higher earnings per share of $0.0242 for 1Q24.

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