Sheng Siong CEO

SINGAPORE: Sheng Siong CEO Lim Hock Chee was paid S$7.06 million in total compensation for the 2024 financial year, up 20.6% from S$5.86 million the year before. Most of the increase came from a bigger performance bonus, based on the supermarket group’s annual report released on Friday (April 4).

The Business Times reported that Mr 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 worth S$16,000. The year before, his total compensation included a slightly higher base salary of S$374,000 and a smaller bonus of S$5.45 million. The other figures remained the same.

His brothers, who also hold senior positions in the company, received almost the same amounts. Executive chairman Lim Hock Eng was paid S$7.01 million, while managing director Lim Hock Leng received S$7 million.

For FY2024, the 10 key management personnel, excluding the CEO and board directors, were paid a combined total of around S$6.1 million. This was lower than the S$8 million given out the year before. The company posted a 2.9% increase in full-year net profit, reaching S$137.5 million. Revenue for the year rose 4.5% to S$1.4 billion.

In the second half of the year ended in December, Sheng Siong made a net profit of S$67.6 million, down 1% from a year ago. This was due to higher finance and admin costs, which outpaced the increase in revenue. For H2, revenue was S$714.5 million, 5.5% higher than the same period last year.

A final dividend of S$0.032 per share was proposed, the same as the previous year. This will be paid on May 16. Including the interim dividend, the total payout for FY2024 is S$0.064, slightly above the S$0.0625 paid out in FY2023.

In the annual report, Mr Lim said global factors like geopolitical tensions and trade issues could affect consumer confidence and supply chains. To stay resilient, the group is continuing to invest in automation, fine-tune its sales mix, and improve profit margins.

He also said Sheng Siong has eight pending tenders, showing that its local growth plans remain on track.
As for China, Mr Lim said the company will “closely monitor market dynamics and expansion opportunities, taking a measured and sustainable approach to growth.”