Sheng Siong OV8
Financials
ANNUAL REPORT 2025
Explore the statements
7 tablesStatements of Financial Position
30 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Assets | |||||
| Property, plant and equipmentS$’000 | 307,945 | 304,537 | – | – | PDF p. 75 |
| Right-of-use assetsS$’000 | 175,852 | 128,314 | – | – | PDF p. 75 |
| Investment in subsidiariesS$’000 | – | – | 82,361 | 82,361 | PDF p. 75 |
| Investment propertyS$’000 | 30,000 | 30,000 | – | – | PDF p. 75 |
| Deferred tax assetsS$’000 | 236 | – | – | – | PDF p. 75 |
| SubtotalS$’000 | 514,033 | 462,851 | 82,361 | 82,361 | PDF p. 75 |
| InventoriesS$’000 | 100,525 | 98,426 | – | – | PDF p. 75 |
| Trade and other receivablesS$’000 | 21,648 | 20,501 | 211,539 | 202,439 | PDF p. 75 |
| Cash and cash equivalentsS$’000 | 435,501 | 353,363 | 390 | 247 | PDF p. 75 |
| SubtotalS$’000 | 557,674 | 472,290 | 211,929 | 202,686 | PDF p. 75 |
| SubtotalS$’000 | 1,071,707 | 935,141 | 294,290 | 285,047 | PDF p. 75 |
| Equity | |||||
| Share capitalS$’000 | 235,373 | 235,373 | 235,373 | 235,373 | PDF p. 75 |
| Merger reserveS$’000 | (68,234) | (68,234) | – | – | PDF p. 75 |
| Foreign currency translation reserveS$’000 | (508) | (378) | – | – | PDF p. 75 |
| Statutory reserveS$’000 | 195 | 195 | – | – | PDF p. 75 |
| Accumulated profitsS$’000 | 421,196 | 367,967 | 58,480 | 49,281 | PDF p. 75 |
| Equity attributable to owners of the CompanyS$’000 | 588,022 | 534,923 | 293,853 | 284,654 | PDF p. 75 |
| Non-controlling interestS$’000 | 3,078 | 3,414 | – | – | PDF p. 75 |
| SubtotalS$’000 | 591,100 | 538,337 | 293,853 | 284,654 | PDF p. 75 |
| Liabilities | |||||
| Lease liabilitiesS$’000 | 128,079 | 87,871 | – | – | PDF p. 75 |
| Provision for reinstatement costsS$’000 | 9,014 | 3,417 | – | – | PDF p. 75 |
| Deferred tax liabilitiesS$’000 | 252 | 1,261 | – | – | PDF p. 75 |
| SubtotalS$’000 | 137,345 | 92,549 | – | – | PDF p. 75 |
| Trade and other payablesS$’000 | 263,782 | 230,241 | 432 | 383 | PDF p. 75 |
| Current tax liabilitiesS$’000 | 32,395 | 32,655 | 5 | 10 | PDF p. 75 |
| Lease liabilitiesS$’000 | 46,368 | 37,746 | – | – | PDF p. 75 |
| Provision for reinstatement costsS$’000 | 717 | 3,613 | – | – | PDF p. 75 |
| SubtotalS$’000 | 343,262 | 304,255 | 437 | 393 | PDF p. 75 |
| SubtotalS$’000 | 480,607 | 396,804 | 437 | 393 | PDF p. 75 |
| SubtotalS$’000 | 1,071,707 | 935,141 | 294,290 | 285,047 | PDF p. 75 |
Definitions & sources
Original report: PDF p. 75 ↗
The statement is dated “As at 31 December 2025”.
The accompanying notes form an integral part of these financial statements. No additional table footnotes appear on this page.
Consolidated Statement of Profit or Loss and Other Comprehensive Income
21 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Profit or loss | |||
| RevenueS$’000 | 1,569,963 | 1,428,716 | PDF p. 76 |
| Cost of salesS$’000 | (1,078,333) | (993,243) | PDF p. 76 |
| Gross profitS$’000 | 491,630 | 435,473 | PDF p. 76 |
| Other incomeS$’000 | 16,036 | 19,203 | PDF p. 76 |
| Selling and distribution expensesS$’000 | (270,404) | (236,484) | PDF p. 76 |
| Administrative expensesS$’000 | (61,504) | (58,511) | PDF p. 76 |
| Results from operating activitiesS$’000 | 175,758 | 159,681 | PDF p. 76 |
| Finance incomeS$’000 | 9,171 | 12,729 | PDF p. 76 |
| Finance expenseS$’000 | (5,329) | (4,460) | PDF p. 76 |
| Profit before taxS$’000 | 179,600 | 167,950 | PDF p. 76 |
| Tax expenseS$’000 | (30,395) | (30,429) | PDF p. 76 |
| Profit for the yearS$’000 | 149,205 | 137,521 | PDF p. 76 |
| Other comprehensive income—item that is or may be reclassified subsequently to profit or loss | |||
| Foreign currency translation differences – foreign operationsS$’000 | (216) | 64 | PDF p. 76 |
| Other comprehensive income | |||
| Total comprehensive income for the yearS$’000 | 148,989 | 137,585 | PDF p. 76 |
| Profit attributable to | |||
| Owners of the CompanyS$’000 | 149,455 | 137,522 | PDF p. 76 |
| Non-controlling interestS$’000 | (250) | (1) | PDF p. 76 |
| Profit for the yearS$’000 | 149,205 | 137,521 | PDF p. 76 |
| Total comprehensive income attributable to | |||
| Owners of the CompanyS$’000 | 149,325 | 137,374 | PDF p. 76 |
| Non-controlling interestS$’000 | (336) | 211 | PDF p. 76 |
| Total comprehensive income for the yearS$’000 | 148,989 | 137,585 | PDF p. 76 |
| Earnings per share | |||
| - Basic and diluted per share (cents)cents per share | 9.94 | 9.15 | PDF p. 76 |
Definitions & sources
Original report: PDF p. 76 ↗
The statement is for the “Year ended 31 December 2025”.
The accompanying notes form an integral part of these financial statements. No additional table footnotes appear on this page.
Consolidated Statement of Changes in Equity — comparative period ended 2024
8 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Group — Share capital | 2024Group — Merger reserve | 2024Group — Foreign currency translation reserve | 2024Group — Statutory reserve | 2024Group — Accumulated profits | 2024Group — Total attributable to owners | 2024Group — Non-controlling interest | 2024Group — Total equity | Source |
|---|---|---|---|---|---|---|---|---|---|
| Opening equity | |||||||||
| At 1 January 2024S$’000 | 235,373 | (68,234) | (695) | 218 | 327,113 | 493,775 | 3,203 | 496,978 | PDF p. 77 |
| Total comprehensive income for the year | |||||||||
| Profit for the yearS$’000 | – | – | – | – | 137,522 | 137,522 | (1) | 137,521 | PDF p. 77 |
| Other comprehensive income | |||||||||
| Foreign currency translation differencesS$’000 | – | – | 317 | – | (465) | (148) | 212 | 64 | PDF p. 77 |
| Total comprehensive income for the yearS$’000 | – | – | 317 | – | 137,057 | 137,374 | 211 | 137,585 | PDF p. 77 |
| Transaction with owners, recognised directly in equity — Distribution to owners of the Company | |||||||||
| Dividends paid (Note 10)S$’000 | – | – | – | – | (96,226) | (96,226) | – | (96,226) | PDF p. 77 |
| Transaction with owners, recognised directly in equity | |||||||||
| Total transaction with ownersS$’000 | – | – | – | – | (96,226) | (96,226) | – | (96,226) | PDF p. 77 |
| Equity transfers | |||||||||
| Transfer from statutory reserveS$’000 | – | – | – | (23) | 23 | – | – | – | PDF p. 77 |
| Closing equity | |||||||||
| At 31 December 2024S$’000 | 235,373 | (68,234) | (378) | 195 | 367,967 | 534,923 | 3,414 | 538,337 | PDF p. 77 |
Definitions & sources
Original report: PDF p. 77 ↗
The eight values in each row follow the printed column order: Share capital; Merger reserve; Foreign currency translation reserve; Statutory reserve; Accumulated profits; Total attributable to owners; Non-controlling interest; Total equity.
Consolidated Statement of Changes in Equity — year ended 2025
7 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group — Share capital | 2025Group — Merger reserve | 2025Group — Foreign currency translation reserve | 2025Group — Statutory reserve | 2025Group — Accumulated profits | 2025Group — Total attributable to owners | 2025Group — Non-controlling interest | 2025Group — Total equity | Source |
|---|---|---|---|---|---|---|---|---|---|
| Opening equity | |||||||||
| At 1 January 2025S$’000 | 235,373 | (68,234) | (378) | 195 | 367,967 | 534,923 | 3,414 | 538,337 | PDF p. 78 |
| Total comprehensive income for the year | |||||||||
| Profit for the yearS$’000 | – | – | – | – | 149,455 | 149,455 | (250) | 149,205 | PDF p. 78 |
| Other comprehensive income | |||||||||
| Foreign currency translation differencesS$’000 | – | – | (130) | – | – | (130) | (86) | (216) | PDF p. 78 |
| Total comprehensive income for the yearS$’000 | – | – | (130) | – | 149,455 | 149,325 | (336) | 148,989 | PDF p. 78 |
| Transaction with owners, recognised directly in equity — Distribution to owners of the Company | |||||||||
| Dividends paid (Note 10)S$’000 | – | – | – | – | (96,226) | (96,226) | – | (96,226) | PDF p. 78 |
| Transaction with owners, recognised directly in equity | |||||||||
| Total transaction with ownersS$’000 | – | – | – | – | (96,226) | (96,226) | – | (96,226) | PDF p. 78 |
| Closing equity | |||||||||
| At 31 December 2025S$’000 | 235,373 | (68,234) | (508) | 195 | 421,196 | 588,022 | 3,078 | 591,100 | PDF p. 78 |
Definitions & sources
Original report: PDF p. 78 ↗
The eight values in each row follow the printed column order: Share capital; Merger reserve; Foreign currency translation reserve; Statutory reserve; Accumulated profits; Total attributable to owners; Non-controlling interest; Total equity.
Consolidated Statement of Cash Flows
30 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Cash flows from operating activities | |||
| Profit for the yearS$’000 | 149,205 | 137,521 | PDF p. 79 |
| Adjustments for: Depreciation of | |||
| – property, plant and equipmentS$’000 | 17,211 | 17,453 | PDF p. 79 |
| – right-of-use assetsS$’000 | 46,788 | 41,003 | PDF p. 79 |
| Adjustments for | |||
| Gain on disposal of property, plant and equipmentS$’000 | (27) | (49) | PDF p. 79 |
| Gain on lease modificationS$’000 | (2,209) | – | PDF p. 79 |
| Unrealised exchange gainS$’000 | (47) | (1,188) | PDF p. 79 |
| Finance incomeS$’000 | (9,171) | (12,729) | PDF p. 79 |
| Finance expenseS$’000 | 5,329 | 4,460 | PDF p. 79 |
| Tax expenseS$’000 | 30,395 | 30,429 | PDF p. 79 |
| Cash flows from operating activities | |||
| Adjustment subtotalS$’000 | 237,474 | 216,900 | PDF p. 79 |
| Changes in | |||
| – inventoriesS$’000 | (2,099) | (6,624) | PDF p. 79 |
| – trade and other receivablesS$’000 | (1,147) | 8,047 | PDF p. 79 |
| – trade and other payablesS$’000 | 31,317 | 22,792 | PDF p. 79 |
| – provision for reinstatement costsS$’000 | 2,516 | 7,030 | PDF p. 79 |
| Cash flows from operating activities | |||
| Cash generated from operationsS$’000 | 268,061 | 248,145 | PDF p. 79 |
| Taxes paidS$’000 | (31,437) | (29,153) | PDF p. 79 |
| Net cash from operating activitiesS$’000 | 236,624 | 218,992 | PDF p. 79 |
| Cash flows from investing activities | |||
| Proceeds from disposal of property, plant and equipmentS$’000 | 110 | 157 | PDF p. 79 |
| Purchase of property, plant and equipmentS$’000 | (20,865) | (18,191) | PDF p. 79 |
| Acquisition of a subsidiary, net of cash acquiredS$’000 | (755) | (49,041) | PDF p. 79 |
| Interest receivedS$’000 | 9,171 | 12,729 | PDF p. 79 |
| Net cash used in investing activitiesS$’000 | (12,339) | (54,346) | PDF p. 79 |
| Cash flows from financing activities | |||
| Dividends paidS$’000 | (96,226) | (96,226) | PDF p. 79 |
| Payment of lease liabilitiesS$’000 | (40,921) | (36,469) | PDF p. 79 |
| Interest paid on lease liabilitiesS$’000 | (4,948) | (4,208) | PDF p. 79 |
| Net cash used in financing activitiesS$’000 | (142,095) | (136,903) | PDF p. 79 |
| Cash flows | |||
| Net increase in cash and cash equivalentsS$’000 | 82,190 | 27,743 | PDF p. 79 |
| Cash and cash equivalents at beginning of the yearS$’000 | 353,363 | 324,401 | PDF p. 79 |
| Effect of exchange rate changes on balances held in foreign currenciesS$’000 | (52) | 1,219 | PDF p. 79 |
| Cash and cash equivalents at end of the yearS$’000 | 435,501 | 353,363 | PDF p. 79 |
Definitions & sources
Original report: PDF p. 79 ↗
The report states: “These financial statements are presented in Singapore dollars (SGD/S$)... All financial information presented in Singapore dollars have been rounded to the nearest thousand, unless otherwise stated.” This cash flow statement has Group columns only; the audited financial statements description identifies the consolidated cash flow statement for the Group for the year ended 31 December 2025.
Five-year financial highlights
7 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2021As reported | 2022As reported | 2023As reported | 2024As reported | 2025As reported | Source |
|---|---|---|---|---|---|---|
| Financial highlights | ||||||
| RevenueS$ million | 1369.8 | 1,339.5 | 1,367.7 | 1,428.7 | 1,570.0 | PDF p. 30 |
| Gross ProfitS$ million | 393.3 | 393.5 | 410.5 | 435.5 | 491.6 | PDF p. 30 |
| Gross Profit Margin% | 28.7 | 29.4 | 30.0 | 30.5 | 31.3 | PDF p. 30 |
| Net ProfitS$ million | 133.1 | 133.6 | 134.0 | 137.5 | 149.2 | PDF p. 30 |
| Earnings Per Sharecents | 8.83 | 8.87 | 8.89 | 9.15 | 9.94 | PDF p. 30 |
| Interim Dividendcents | 3.10 | 3.15 | 3.05 | 3.20 | 3.20 | PDF p. 30 |
| Final Dividendcents | 3.10 | 3.07 | 3.20 | 3.20 | 3.80 | PDF p. 30 |
Definitions & sources
Original report: PDF p. 30 ↗
Reported annual dividend per share
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025As reported | Source |
|---|---|---|
| Financial highlights | ||
| Dividend Per Sharecents | 7.0 | PDF p. 30 |
Definitions & sources
Original report: PDF p. 30 ↗
Debt
Borrowings
Lease liabilities terms and debt repayment schedule (Note 13)
| Item / unit | 2025Face value, S$'000 | 2025Carrying amount, S$'000 | 2024Face value, S$'000 | 2024Carrying amount, S$'000 | Source |
|---|---|---|---|---|---|
| Terms and debt repayment schedule | |||||
| Lease liabilities (SGD, 2.8% to 5.0%, maturity 2026 – 2058)S$'000 | 198,057 | 163,509 | 131,269 | 113,381 | PDF p. 98 |
| Lease liabilities (CNY, 5.5%, maturity 2026 – 2039)S$'000 | 14,851 | 10,938 | 17,971 | 12,236 | PDF p. 98 |
Notes
2024 comparatives: SGD nominal interest rate 3.7% to 5.0%, year of maturity 2025 – 2069; CNY 5.5%, 2025 – 2039.
Total row printed: 212,908 174,447 149,240 125,617 (face 2025, carrying 2025, face 2024, carrying 2024).
Borrowing notes 1 tables
Lease liabilities, current and non-current (Note 13)
| Item / unit | 2025S$'000 | 2024S$'000 | Source |
|---|---|---|---|
| Lease liabilities | |||
| Non-currentS$'000 | 128,079 | 87,871 | PDF p. 97 |
| CurrentS$'000 | 46,368 | 37,746 | PDF p. 97 |
| Total lease liabilities (unlabelled total)S$'000 | 174,447 | 125,617 | PDF p. 97 |
Notes
No bank borrowings or other interest-bearing loans are presented in the statement of financial position; lease liabilities are the only debt-like item. Total row has no printed label.
Payout
Dividends & distributions
Dividend policy
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Dividend policy | Although the Group does not currently have a formal dividend policy, the Group endeavours to distribute up to 70% of its net profit after tax to its shareholders as it wishes to reward its shareholders for participating in the Group’s growth. | Group | PDF p. 54 |
Dividends declared and proposed
| Item | Value | Period / scope | Source |
|---|---|---|---|
| final dividend | 3.80 cents per share | FY2025 final, proposed (subject to AGM approval), exempt (one-tier) | PDF p. 96 |
| Final cash dividend of 3.20 cents per ordinary share | 3.20 cents per share | FY2024 final, paid in 2025, exempt (one-tier) | PDF p. 96 |
| Interim cash dividend of 3.20 cents per ordinary share | 3.20 cents per share | FY2025 interim, paid in 2025, exempt (one-tier) | PDF p. 96 |
| Interim cash dividend of 3.20 cents per ordinary share | 3.20 cents per share | FY2024 interim, paid in 2024, exempt (one-tier) | PDF p. 96 |
Payout
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Total dividends paid and proposed as % of net profit attributable | 70.0% | FY2024 comparative, % of Group's net profit attributable to owners | PDF p. 96 |
Extracted from ANNUAL REPORT 2025 and checked against the cited pages; see the original report for full context.
Auditor’s report
Audit & risk signals
Audit opinion
| Item | Value | Period / scope | Source |
|---|---|---|---|
| KPMG LLP | KPMG LLP | Group | PDF p. 74 |
| engagement partner | Low Gin Cheng, Gerald | Group | PDF p. 74 |
| Opinion | properly drawn up in accordance with the provisions of the Companies Act 1967 (“the Act”) and Singapore Financial Reporting Standards (International) (“SFRS(I)s”) so as to give a true and fair view | Group and Company | PDF p. 72 |
Key audit matters
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Cash receipts arising from supermarket operations | Sales from supermarket operations include cash sales which are made up of a high volume of low-value transactions, giving rise to a potential risk of misappropriation of cash. | Group | PDF p. 72 |
Extracted from ANNUAL REPORT 2025 and checked against the cited pages; see the original report for full context.
How to read these figures
Group and parent company or bank figures are labelled separately. Parentheses indicate negative amounts; a dash and NA retain the report’s notation.
Comparative figures follow ANNUAL REPORT 2025, including retrospective adjustments. Adjusted and reported earnings may have different definitions; refer to each statement’s notes.
The report provides consolidated profit/loss, comprehensive income, cash flows and changes in equity; separate Company figures are shown in the balance sheet.
Seven five-year chart series are grouped into comparable year columns. The original 2025 headline explicitly reports total dividend per share of 7.0 cents; earlier annual totals are not inferred.
The report’s rounded net-profit highlights preserve the source definition and are not replaced with profit attributable to owners.
These tables show the available extracted figures. The original annual report contains the full statements, notes and definitions.