{
  "id": 17165849,
  "title": "Sheng Siong Q3 profit up 1.9% at $44.6 million",
  "url": "https://urgent.news/2026/10/30/sheng-siong-q3-profit-up-1-9-at-44-6-million",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-30T02:42:00.000Z",
  "source": {
    "name": "Straits Times Business",
    "slug": "straits-times-business",
    "url": "https://www.straitstimes.com/business/sheng-siong-q3-profit-up-1-9-at-44-6-million"
  },
  "original_language": "en",
  "account": "Sheng Siong, a prominent supermarket operator, reported a 1.9% increase in profit for Q3, reaching $44.6 million for the period ending September 30. This marked a slight rise from the $43.7 million profit in the same period last year. The company's revenue for the quarter stood at $441.5 million, a 6.2% increase compared to $415.5 million in the previous year. This growth in revenue was largely attributed to the expansion of Sheng Siong's physical stores in Singapore, with the total number of stores increasing from 84 to 92. Additionally, the company's same-store sales in Singapore improved, further contributing to the profit increase.\n\nIn Singapore, Sheng Siong operates 92 stores spread across a retail area of 799,775 square feet, up from 84 stores and 723,648 square feet previously. The company maintains a consistent presence in China with six stores. Despite the improved financial performance, Sheng Siong acknowledged the competitive nature of the grocery retail industry and the potential impact of upcoming developments such as the Johor Bahru-Singapore Rapid Transit System (RTS) Link, scheduled to open in February 2027. This new transportation link could increase cross-border shopping and price competition for certain packaged groceries and household products.\n\nTo mitigate the risks associated with the RTS Link, Sheng Siong plans to adapt its strategies as the situation evolves. The company also identified wage pressures stemming from the Progressive Wage Model and the latest guidelines from the National Wage Council for 2026-2027 as potential challenges. Sheng Siong addressed these concerns by increasing its employees' salaries in September 2025 to meet the requirements of the Progressive Wage Model.\n\nLooking ahead, Sheng Siong's group CEO, Lim Hock Chee, emphasized the company's commitment to expanding its presence in underserved areas to reach more customers. The company's shares closed at $2.80 on October 29, down 1.4% or S$0.04, before the quarterly results were announced.",
  "summary": "It plans to keep expanding in areas where it has limited presence.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 2,
    "also_reported_by": [
      {
        "outlet": "The Business Times - Companies & Markets",
        "title": "Sheng Siong Q3 profit up 1.9% at S$44.6 million",
        "url": "https://urgent.news/2026/10/30/sheng-siong-q3-profit-up-1-9-at-s-44-6-million",
        "published": "2026-10-30T00:45:58.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}