Gross profit climbs 4.3% in FY23 for Sheng Siong Group, net profit margins stable

The group’s earnings per share ended at 8.89 cents.

Sheng Siong Group’s 2023 revenue increased by 2.1% year-on-year (YoY) to S$1.4b, driven by the addition of six new stores, contributing to a 2.5% YoY increase in total sales. 

However, this growth was offset partially by lower revenue from the Yishun store, which closed in FY2022 due to lease expiration.

Gross profit rose by 4.3% YoY to S$410.5m, with a gross margin expansion of 0.6 percentage points to 30.0% YoY, attributed to efforts in refining the sales mix and managing increased staff costs and utilities expenses. 

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Despite these challenges, the group reported a marginally increased net profit after tax of S$134.0m 

Earnings per share ended at 8.89 cents, up by 0.2% YoY. The board proposed a final dividend of 3.20 cents per share, bringing the total cash dividend for FY2023 to 6.25 cents per share, maintaining a consistent dividend payout ratio of around 70.0%.