Sheng Siong Group Ltd.SGX: OV8

Q4 2024 Financial Statement

Feb 28, 2025 at 2:21 AM UTC · MarketScreener

SHENG SIONG GROUP LTD.

Condensed Interim Financial Statements

For the Six Months and Full Year Ended 31 December 2024

Contents
A. Interim Consolidated Statement of Profit or Loss and Other Comprehensive
Income	2
B. Interim Statements of Financial Position	4
C. Interim Statements of Changes in Equity	5
D. Interim Consolidated Statement of Cash Flows	7
E. Notes to the Condensed Interim Financial Statements	8
F. Other Information Required by Listing Rule Appendix 7.2	19

SHENG SIONG GROUP LTD.

Condensed Interim Financial Statements

For the Six Months and Full Year Ended 31 December 2024

Interim Consolidated Statement of Profit or Loss and Other Comprehensive Income

Revenue Cost of sales Gross profit Other income

Selling and distribution expenses

Administrative expenses

Results from operating activities

Finance income

Finance expenses

Profit before tax

Tax expense

Profit for the year

Other comprehensive income

Item that is or may be reclassified subsequently to profit or loss:

Foreign currency translation differences - foreign operations

Total comprehensive income for the period/year

			The Group
	6 months ended		12 months ended
	31 Dec	31 Dec		31 Dec	31 Dec
	2024	2023	Change	2024	2023	Change
Note	S$'000	S$'000	+/ (-)	S$'000	S$'000	+/ (-)
5	714,516	677,240	5.5%	1,428,716	1,367,719	4.5%
	(494,084)	(471,856)	4.7%	(993,243)	(957,187)	3.8%
	220,432	205,384	7.3%	435,473	410,532	6.1%
6	11,920	10,909	9.3%	19,203	15,917	20.6%
	(122,955)	(111,711)	10.1%	(236,484)	(221,425)	6.8%
	(30,646)	(25,197)	21.6%	(58,511)	(49,610)	17.9%
	78,751	79,385	(0.8%)	159,681	155,414	2.7%
6	6,138	5,767	6.4%	12,729	11,224	13.4%
6	(1,998)	(1,497)	33.5%	(4,460)	(3,518)	26.8%
6	82,891	83,655	(0.9%)	167,950	163,120	3.0%
7	(15,335)	(15,182)	1.0%	(30,429)	(29,124)	4.5%
	67,556	68,473	(1.3%)	137,521	133,996	2.6%

(90)	29	n.m	64	(175)	n.m
67,466	68,502	(1.5%)	137,585	133,821	2.8%

n.m denotes not meaningful

SHENG SIONG GROUP LTD.

Condensed Interim Financial Statements

For the Six Months and Full Year Ended 31 December 2024

				The Group
			6 months ended	12 months ended
		31 Dec	31 Dec		31 Dec	31 Dec
		2024	2023	Change	2024	2023	Change
	Note	S$'000	S$'000	+/ (-)	S$'000	S$'000	+/ (-)
Profit attributable to:
Owners of the Company		67,610	68,287	(1.0%)	137,522	133,650	2.9%
Non-controlling interest		(54)	186	n.m	(1)	346	n.m
Profit for the year		67,556	68,473	(1.3%)	137,521	133,996	2.6%
Total comprehensive
income attributable to:
Owners of the Company		67,369	68,304	(1.4%)	137,374	133,545	2.9%
Non-controlling interest		97	198	(51.0%)	211	276	(23.6%)
Total comprehensive
income for the
period/year		67,466	68,502	(1.5%)	137,585	133,821	2.8%
Earnings per share
Basic and diluted (cents)	8	4.50	4.54	0.9%	9.15	8.89	2.9%

n.m denotes not meaningful

SHENG SIONG GROUP LTD.

Condensed Interim Financial Statements

For the Six Months and Full Year Ended 31 December 2024

Interim Statements of Financial Position

		The Group	The Company
		31 Dec 2024	31 Dec 2023	31 Dec 2024	31 Dec 2023
	Note	S$'000	S$'000	S$'000	S$'000
Assets
Property, plant and
equipment	12	304,537	283,658	-	-
Right-of-use assets	12	128,314	101,797	-	-
Investment in subsidiaries		-	-	82,361	82,261
Investment property	14	30,000	-	-	-
Non-current assets		462,851	385,455	82,361	82,261
Inventories		98,426	91,802	-	-
Trade and other receivables		20,501	28,535	202,439	202,317
Cash and cash equivalents		353,363	324,401	247	354
Current assets		472,290	444,738	202,686	202,671
Total assets		935,141	830,193	285,047	284,932
Equity
Share capital	10	235,373	235,373	235,373	235,373
Merger reserve		(68,234)	(68,234)	-	-
Foreign currency translation
reserve		(378)	(695)	-	-
Statutory reserve		195	218	-	-
Accumulated profits		367,967	327,113	49,281	49,159
Equity attributable to owners
of the Company		534,923	493,775	284,654	284,532
Non-controlling interest		3,414	3,203	-	-
Total equity		538,337	496,978	284,654	284,532
Liabilities
Deferred tax liabilities		1,261	2,306	-	-
Provision for reinstatement cost		3,417	-	-	-
Lease liabilities	16	87,871	66,920	-	-
Non-current liabilities		92,549	69,226	-	-
Trade and other payables		230,241	199,943	383	393
Current tax payable		32,655	29,638	10	7
Provision for reinstatement cost		3,613	-	-	-
Lease liabilities	16	37,746	34,408	-	-
Current liabilities		304,255	263,989	393	400
Total liabilities		396,804	333,215	393	400
Total equity and liabilities		935,141	830,193	285,047	284,932

SHENG SIONG GROUP LTD.

Condensed Interim Financial Statements

For the Six Months and Full Year Ended 31 December 2024

Interim Statements of Changes in Equity

		Attributable to owners of the Company
			Foreign
			currency				Non-
	Share	Merger	translation	Statutory	Accumulated		controlling	Total
Group	capital	reserve	reserve	reserve	profits	Total	interest	equity
	S$'000	S$'000	S$'000	S$'000	S$'000	S$'000	S$'000	S$'000
At 1 January 2024	235,373	(68,234)	(695)	218	327,113	493,775	3,203	496,978
Total comprehensive
income for the year
Profit for the year	-	-	-	-	137,522	137,522	(1)	137,521
Other comprehensive
income
Foreign currency
translation differences	-	-	317	-	(465)	(148)	212	64
Total comprehensive
income for the year	-	-	317	-	137,057	137,374	211	137,585
Transaction with
owners, recognised
directly in equity
Contributions by and
distribution to owners
of the Company
Dividends paid (Note 9)	-	-	-	-	(96,226)	(96,226)	-	(96,226)
Total transaction with
owners	-	-	-	-	(96,226)	(96,226)	-	(96,226)
Transfer from statutory
reserve	-	-	-	(23)	23	-	-	-
At 31 December 2024	235,373	(68,234)	(378)	195	367,967	534,923	3,414	538,337
At 1 January 2023	235,373	(68,234)	(590)	156	285,541	452,246	2,927	455,173
Total comprehensive
income for the year
Profit for the year	-	-	-	-	133,650	133,650	346	133,996
Other comprehensive
income
Foreign currency
translation differences	-	-	(105)	-	-	(105)	(70)	(175)
Total comprehensive
income for the year	-	-	(105)	-	133,650	133,545	276	133,821
Transaction with
owners, recognised
directly in equity
Contributions by and
distribution to owners
of the Company
Dividends paid (Note 9)	-	-	-	-	(92,016)	(92,016)	-	(92,016)
Total transaction with
owners	-	-	-	-	(92,016)	(92,016)	-	(92,016)
Transfer to statutory reserve	-	-	-	62	(62)	-	-	-
At 31 December 2023	235,373	(68,234)	(695)	218	327,113	493,775	3,203	496,978

SHENG SIONG GROUP LTD.

Condensed Interim Financial Statements

For the Six Months and Full Year Ended 31 December 2024

	Attributable to owners of the Company
	Share	Accumulated
Company	capital	profits	Total equity
	S$'000	S$'000	S$'000
At 1 January 2024	235,373	49,159	284,532
Total comprehensive income for the year
Profit for the year	-	96,348	96,348
Total comprehensive income for the year	-	96,348	96,348
Transaction with owners, recognised directly in equity
Distribution to owners of the Company
Dividends paid	-	(96,226)	(96,226)
Total transaction with owners	-	(96,226)	(96,226)
At 31 December 2024	235,373	49,281	284,654
At 1 January 2023	235,373	46,960	282,333
Total comprehensive income for the year
Profit for the year	-	94,215	94,215
Total comprehensive income for the year	-	94,215	94,215
Transaction with owners, recognised directly in equity
Distribution to owners of the Company
Dividends paid	-	(92,016)	(92,016)
Total transaction with owners	-	(92,016)	(92,016)
At 31 December 2023	235,373	49,159	284,532

SHENG SIONG GROUP LTD.

Condensed Interim Financial Statements

For the Six Months and Full Year Ended 31 December 2024

Interim Consolidated Statement of Cash Flows

		The Group
		12 months ended
	Note	31 Dec 2024	31 Dec 2023
		S$'000	S$'000
Operating activities
Profit for the year		137,521	133,996
Adjustments for:
Depreciation of:
- property, plant and equipment	6.1	17,453	17,876
- right-of-use assets	6.1	41,003	35,140
Gain on disposal of property, plant and equipment	6.1	(49)	(11)
Unrealised exchange gain		(1,188)	(205)
Interest income	6.1	(12,729)	(11,224)
Interest expense	6.1	4,460	3,518
Tax expense	7	30,429	29,124
		216,900	208,214
Changes in:
- inventories		(6,624)	9,380
- trade and other receivables		8,047	(8,995)
- trade and other payables		29,822	2,488
Cash generated from operations		248,145	211,087
Taxes paid		(29,153)	(34,017)
Cash flows from operating activities		218,992	177,070
Investing activities
Proceeds from disposal of property, plant and equipment		157	105
Purchase of property, plant and equipment		(18,191)	(10,158)
Acquisition of a subsidiary, net of cash acquired	13	(49,041)	-
Interest received		12,729	11,224
Cash flows (used in)/from investing activities		(54,346)	1,171
Financing activities
Dividends paid	9	(96,226)	(92,016)
Payment of lease liabilities	16	(36,469)	(34,171)
Interest paid on lease liabilities	16	(4,208)	(3,276)
Cash flows used in financing activities		(136,903)	(129,463)
Net increase in cash and cash equivalents		27,743	48,778
Cash and cash equivalents at beginning of the year		324,401	275,499
Effect of exchange rate changes on balances held in foreign
currencies		1,219	124
Cash and cash equivalents at end of the year		353,363	324,401

SHENG SIONG GROUP LTD.

Condensed Interim Financial Statements

For the Six Months and Full Year Ended 31 December 2024

Notes to the Condensed Interim Financial Statements

Corporate information
Sheng Siong Group Ltd. (the "Company") is incorporated and domiciled in Singapore and whose shares are publicly traded on the Mainboard of the Singapore Exchange. These condensed interim financial statements as at and for the year ended 31 December 2024 comprise the Company and its subsidiaries (collectively, the "Group").
The primary activity of the Company is that of investment holding. The principal activities of the subsidiaries are trading and wholesale importers of consumer goods and the operations of supermarket retail stores selling consumer products.
Basis of preparation

Statement of compliance
The condensed interim financial statements for the six months and financial year ended 31 December 2024 have been prepared in accordance with Singapore Financial Reporting Standards (International) ("SFRS(I)s") 1-34 Interim Financial Reporting issued by the Accounting Standards Council. The condensed interim financial statements do not include all of the information required for a complete set of financial statements. However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Group's financial position and performance since the last interim financial statements for the period ended 30 June 2024 and the last annual financial statements for the year ended 31 December 2023.
Basis of measurement
The condensed interim financial statements have been prepared on the historical cost basis except as otherwise described in the notes below.
Functional and presentation currency
The condensed interim financial statements are presented in Singapore dollars, which is the Company's functional currency. All financial information presented in Singapore dollars have been rounded to the nearest thousand, unless otherwise stated.
Changes in accounting policies
The accounting policies applied in the condensed interim financial statements are the same as those applied in the Group's consolidated financial statements as at and for the year ended 31 December 2023.

SHENG SIONG GROUP LTD.

Condensed Interim Financial Statements

For the Six Months and Full Year Ended 31 December 2024

New standards and amendments

The Group has applied the following SFRS(I)s, amendments to and interpretations of SFRS(I) for the first time for the annual period beginning on 1 January 2024.

Amendments to SFRS(I) 1-1 Classification of Liabilities as Current or Non-current and Amendments to SFRS(I) 1-1 Non-current Liabilities with Covenants
Amendments to SFRS(I) 16 Lease Liability in a Sale and Leaseback
Amendments to SFRS(I) 1-7 and SFRS(I) 7 Supplier Finance Arrangements

The application of these amendments to accounting standards did not have a material effect on the condensed interim financial information.

2.5 Use of estimates and judgements

In preparing the condensed interim financial statements, management has made judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected.

Management is of the opinion that there are no critical judgements made in applying the Group's accounting policies and no assumptions and estimation uncertainties that have a significant risk of resulting in a material adjustment within the next financial year.

Seasonal operations
The Group's businesses are not affected significantly by seasonal or cyclical factors during the year.
Segment information
The Group operates in one segment, which relates to the supermarket operations selling consumer goods. The Group operates in Singapore and China, but does not report China as a separate geographical segment as the China operations are not significant for the years ended 31 December 2024 and 31 December 2023. The subsidiary in Malaysia remained inactive.
Revenue information
The Group operates a chain of supermarket retail stores selling consumer products. Revenue is recognised when the control of the goods has been transferred, being at the point the customer purchases the goods at the retail store.

SHENG SIONG GROUP LTD.

Condensed Interim Financial Statements

For the Six Months and Full Year Ended 31 December 2024

6. Profit before taxation

6.1	Significant items
				The Group
			6 months ended	12 months ended
			31 Dec	31 Dec	31 Dec	31 Dec
		Note	2024	2023	2024	2023
			S$'000	S$'000	S$'000	S$'000
	Depreciation of property, plant and
	equipment	12	8,723	8,839	17,453	17,876
	Depreciation of right-of-use assets	12	22,725	17,921	41,003	35,140
	Exchange gain, net		(2,665)	(918)	(3,547)	(1,678)
	Gain on disposal of property, plant and
	equipment		(51)	(12)	(49)	(11)
	Staff costs	(a)	112,731	99,840	220,232	200,084
	Contribution to defined contribution
	plans, included in staff costs		7,545	6,423	14,942	13,389
	Interest income	(b)	(6,138)	(5,767)	(12,729)	(11,224)
	Interest expense	(c)	1,998	1,497	4,460	3,518
	Finance income, net		(4,140)	(4,270)	(8,269)	(7,706)
	Other income:
	Rental income	(d)	(2,190)	(1,769)	(4,049)	(3,583)
	Sale of scrap materials	(e)	(1,210)	(825)	(2,232)	(1,754)
	Government grants	(f)	(4,177)	(4,487)	(5,881)	(5,375)
	Exchange gain	(g)	(2,665)	(918)	(3,547)	(1,678)
	Miscellaneous income	(h)	(1,678)	(2,910)	(3,494)	(3,527)
			(11,920)	(10,909)	(19,203)	(15,917)

Staff costs rose mainly because of the increased number of employees due to newly opened supermarkets and higher variable bonuses resulting from improved financial performance.
Higher interest income resulted from more cash placed during the financial year.
Interest expense pertained to the interest on lease liabilities. The increase was mainly due to the recognition of more leases from additional stores.
Rental income increased because more retail space was rented out.
The increase in the sale of scrap materials resulted from the higher market price of recyclable paper.
Government grants mainly include the grant received under the Progressive Wage Credit Scheme ("PWCS").
Higher exchange gain mainly resulted from the unrealised exchange gain from the USD- denominated fixed deposits.