Sheng Siong Group has reported a net profit of $38.5 million for the 1QFY2025 ended March 31, 2025, up 6.1% y-o-y.

The group's revenue for the period came in 7.1% y-o-y higher at $403 million, while gross profit came in 10.2% y-o-y higher at $122 million.

Earnings per share for the 1QFY2025 came in at 2.57 cents per share, up 6.2% y-o-y.

Sheng Siong says that the revenue growth is mainly driven by contribution from eight new store openings in 1QFY2025 and FY2024, as well as higher festive sales during Hari Raya in March.

Gross profit growth was supported by enhancements in its sales mix, which helped offset higher operating costs.

The group reported a 18.1% y-o-y increase in other income of $4.7 million in 1QFY2025 higher rental income from expanded leased space and the receipt of government grants under the Progressive Wage Credit Scheme (PWCS).

Cash flow from operating activities in 1QFY2025 declined $10.1 million y-o-y due to higher amounts due from banks related to non-cash and digital payments in March, and higher payments made to vendors during the quarter.

As at the end of March, the group's cash and cash equivalents stood at $366.9 million.

Even as the Singapore Ministry of Trade and Industry turning more cautious for its 2025 outlook, Sheng Siong Groupbelieves that its strong value-for-money proposition, supported by competitively priced goods and house brand offerings, positions it well to meet evolving consumer needs, especially as more households seek quality essentials at affordable prices.

Shares in Sheng Siong closed 1 cent lower or 0.571% down at $1.74 on Apr 29.