SINGAPORE (Feb 25): Sheng Siong has reported FY18 earnings of $70.8 million, 1.4% higher compared to $69.8 million in FY17, which came on the back of a 7.4% y-o-y increase in FY18 revenue to $890.9 million.

For 4Q18 earnings have increased by 4.2% to $17.5 million, compared to $16.8 million in 4Q17.

Revenue for the quarter grew by 10.7% to $221.8 million from $200.3 million a year ago, mainly attributable to higher contribution from new stores and the group’s business in China. This was partially offset by lower contribution from comparable same store sales and the closure of stores at The Verge and Woodlands Block 6A.

As cost of sales increased by 11.3% y-o-y, gross profit came in at $60.2 million, 9.2% higher than $55.1 million last year.

Other income dropped by 55.7% to $1.77 million from $3.99 in the previous year.

Finance income jumped 267.5% y-o-y to $0.29 million.

As at end FY18, the group has 54 outlets, spanning over a total of 496,200 sq ft.

The group has declared a final cash dividend of 1.75 cents per share, which will be payable on May 17.

Lim Hock Chee, CEO of Sheng Siong, says, “Going ahead, we remain on the lookout for new retail opportunities, especially in areas where we do not have a presence. Besides nurturing the growth of our new stores in Singapore and China, we will continue with our efforts in enhancing the gross margin via more efficiency gains in the supply chain and higher sales mix of fresh produce. We will remain vigilant on costs.”

Shares in Sheng Siong closed at $1.08 on Monday.