Sheng Siong CEO Lim Hock Chee’s 2024 pay jumps 20.6% to $7.06 million
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Sheng Siong CEO Lim Hock Chee notes that external uncertainties such as geopolitical tensions and global trade conflicts could impact consumer sentiment and supply chain stability.
PHOTO: BT FILE
Crystal Heng
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SINGAPORE - Supermarket operator Sheng Siong’s chief executive Lim Hock Chee received $7.06 million in total compensation for financial year 2024, an increase of 20.6 per cent from $5.86 million in the prior year.
Based on Sheng Siong’s annual report released on April 4, Mr Lim received a base salary of $373,000, a variable bonus of $6.66 million, director’s fees of $20,000 and benefits in kind amounting to $16,000.
In comparison, he received a base salary of $374,000, a variable bonus of $5.45 million, director’s fees of $20,000 and benefits in kind amounting to $16,000 for the prior year, totalling $5.81 million.
For the 2024 financial year, Mr Lim’s brothers – executive chairman Lim Hock Eng and managing director Lim Hock Leng – received total compensation of $7.01 million and $7 million, respectively.
The remuneration of the 10 key management personnel for FY2024 amounted to about $6.1 million, lower than $8 million for FY2023. These key management personnel are neither directors nor the CEO of the company.
In February, the supermarket operator reported a 1 per cent lower year-on-year net profit of $67.6 million for the second half ended December, as increases in finance and administrative expenses outstripped the rise in revenue.
It posted a revenue of $714.5 million for the first half of the year, up 5.5 per cent on year.
A final dividend per share of 3.2 cents was recommended – unchanged from FY2023. It will be paid out on May 16.
The total dividend, inclusive of the interim dividend of 3.2 cents per share, is 6.4 cents per share, marginally higher than the 6.25 cents for FY2023.
For the full year, net profit increased by 2.9 per cent to $137.5 million, and revenue was 4.5 per cent higher at $1.4 billion.
In his CEO statement in the annual report, Mr Lim noted that external uncertainties such as geopolitical tensions and global trade conflicts could impact consumer sentiment and supply chain stability.
“To further enhance our resilience in an uncertain operating environment, we are continuing to invest in automation to improve operational efficiency, optimise our sales mix, and enhance profit margins,” he said.
Looking ahead, Mr Lim said that Sheng Siong’s growth pipeline remains strong, with eight tender results pending.
As for China, the group remains cautious and strategic in expanding its business. Mr Lim added: “We will closely monitor market dynamics and expansion opportunities, taking a measured and sustainable approach to growth.”
Shares of Sheng Siong fell 3.6 per cent to $1.59 at market close on April 7. The Straits Times Index was down 7.46 per cent amid a global market rout over tariffs. THE BUSINESS TIMES
