Sheng Siong’s half-year gains up 3.6% as finance income doubles

Supermarket chain Sheng Siong on Feb 27 reported a 3.6 per cent rise in net profit to $68.3 million for the second half of 2023, from $65.9 million in the year-ago period.

This comes as the group doubled its finance income in the half year to $5.8 million, from $2.9 million in the same period a year ago.

Sheng Siong said it generated higher interest income from placing more cash in fixed deposits at higher interest rates.

Staff costs, utilities and other expenses rose $9.1 million on the half year, however.

Second-half revenue, meanwhile, rose 2.2 per cent to $677.2 million, from $662.7 million in the year before, on the opening of six new stores in financial year 2022 and FY2023 in Singapore.

Earnings per share for the half year was 4.54 cents, up from 4.38 cents.