- Sheng Siong (SGX:OV8)’s 2025 revenue of S$1.57b (+9.9% y-o-y) and PATMI of S$149.5m (+8.7% y-o-y) came in at 99% of our forecasts. Earnings growth stemmed from continued store expansion and higher gross margin of 31.3% (+0.8ppt y-o-y) on a better sales mix.
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Continued market share gains.
- 2025 revenue growth more than doubled that of 2024’s (4.5%), driven by 12 new store openings in 2025 and six comparable new stores opened in 2024. Same-store sales (SSS) rose 1.4% y-o-y, indicating resilient demand despite cautious consumer spending.
- Sheng Siong continued to outperform national retail sales benchmarks, highlighting sustained market share gains (see graph on next page).
Higher dividend backed by strong balance sheet.
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- Sheng Siong ended 2025 with a robust net cash position of S$435.5m.
Record year for store openings.
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