[SINGAPORE] Supermarket operator Sheng Siong’s chief executive officer Lim Hock Chee received S$7.06 million in total compensation for FY2024, an increase of 20.6 per cent from S$5.86 million in the prior year.
Based on Sheng Siong’s annual report released on Friday (Apr 4), Lim received a base salary of S$373,000, a variable bonus of S$6.66 million, director’s fees of S$20,000 and benefits in kind amounting to S$16,000.
In comparison, he received a base salary of S$374,000, a variable bonus of S$5.45 million, director’s fees of S$20,000 and benefits in kind amounting to S$16,000 for the prior year, totallingS$5.81 million.
For FY2024, Lim’s brothers – executive chairman Lim Hock Eng and managing director Lim Hock Leng – received total compensation of S$7.01 million and S$7 million, respectively.
The remuneration of the 10 key management personnel for FY2024 amounted to about S$6.1 million, lower than S$8 million for FY2023. These key management personnel are neither directors nor the CEO of the company.
In February, the supermarket operator reported a 1 per cent lower year-on-year net profit of S$67.6 million for the second half ended December, as increases in finance and administrative expenses outstripped the rise in revenue.
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It posted a revenue of S$714.5 million for H2, up 5.5 per cent on year.
A final dividend per share of S$0.032 was recommended – unchanged from FY2023. It will be paid out on May 16.
The total dividend, inclusive of the interim dividend of S$0.032, is S$0.064, marginally higher than the S$0.0625 for FY2023.
For the full year, net profit increased by 2.9 per cent to S$137.5 million, and revenue was 4.5 per cent higher at S$1.4 billion.
In his CEO statement in the annual report, Lim noted that external uncertainties such as geopolitical tensions and global trade conflicts could impact consumer sentiment and supply chain stability.
“To further enhance our resilience in an uncertain operating environment, we are continuing to invest in automation to improve operational efficiency, optimise our sales mix, and enhance profit margins,” he said.
Looking ahead, Lim said that Sheng Siong’s growth pipeline remains strong, with eight tender results currently pending.
As for China, the group remains cautious and strategic in expanding its business. Lim added: “We will closely monitor market dynamics and expansion opportunities, taking a measured and sustainable approach to growth.”
Shares of Sheng Siong were down 2.4 per cent or S$0.04 at S$1.61 as at 9.43 am on Monday.
