Sheng Siong ends 6.5% higher at record closing price on improved Q3 earnings

Sheng Siong's shares rose 6.5% to a record closing price of $2.47 on Nov 3, following a nearly 12% increase in Q3 earnings. The supermarket operator reported a net profit of $43.7 million, up from $39.1 million a year earlier, with revenue growing 14.4% to $415.5 million. The rise in earnings was attributed to an increase in store count and improved same-store sales. Sheng Siong opened four new stores in Q3, bringing its total to 85, and anticipates continued grocery demand despite competitive pressures.