Sheng Siong Q3 profit up 1.9% at S$44.6 million
Revenue rises 6.2% to S$441.5 million from S$415.5 million in the year-ago period
Sheng Siong, a supermarket operator in Singapore, reported a Q3 profit of S$44.6 million, marking a 1.9% increase from S$43.7 million in the same period last year. The company's revenue grew by 6.2% to S$441.5 million, with revenue from stores in Singapore attributed to the expansion in the number of stores and improved sales at existing locations.
Sheng Siong now operates 92 stores in Singapore, up from 84 previously, and has a total retail area of 799,775 square feet in the city-state, compared to 723,648 sq ft in the prior year. The company's earnings per share rose to S$0.0296, a 1.7% increase from S$0.0291. Despite the positive results, Sheng Siong acknowledged the competitive nature of the grocery retail sector and the potential impact of the upcoming Johor Bahru-Singapore Rapid Transit System link on cross-border shopping and prices.
The company plans to adapt its strategies in response to these challenges and increased cost pressures from wage increases under the Progressive Wage Model.
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Also reported by 1 other outlet
- Sheng Siong Q3 profit up 1.9% at $44.6 million straitstimes.com
