Higher revenue drove the increase
Sheng Siong Group's net profit rose 6.8% YoY to $70m in H1 2024 on the back of higher revenue.
In H1 2024, the supermarket chain's revenue increased 3.4% YoY to $714.2m, driven by a longer sales period before the Lunar New Year, which fell in February 2024.
In line with the revenue growth, gross profit increased by 4.8% to S$215.0m.
With a higher net profit, Sheng Siong proposed an interim dividend per share of $0.0320.