- Sheng Siong (SGX:OV8)'s 2024 earnings came in at 95%/97% of our/consensus expectations respectively.
- The earnings miss was due to higher-than-expected staff costs, which rose 10% y-o-y or S$20m to make up 15.4% of revenue vs 14.6% in 2023. This is a result of both higher staff bonuses and increased headcount from new stores.
2024 earnings missed expectations but revenue exceeded forecast.
- - Read this at SGinvestors.io -
- Top-line grew 5% y-o-y in 2024, driven by new store sales (less than two years old) and comparable same-store sales (at least two years old) contributing 2.6% y-o-y and 1.8% y-o-y growth respectively.
- Sheng Siong’s revenue growth continued to surpass Singapore’s supermarket and hypermarket retail sales growth on both yearly (+2.6ppt) and quarterly (+3.5ppt) bases, illustrating its increasing market share.
Final dividend maintained; stable payout ratio amid earnings growth.
- - Read this at SGinvestors.io -
- This is despite S$49m outflow following the acquisition of DFI Retail Group (SGX:D01)'s Jelita properties.
Store opening outlook.
- Read more at SGinvestors.io.
