Sheng Siong CEO gets S$7.06 million compensation, a 20.6% increase, including S$6.66 million bonus

Lim Hock Chee, chief executive officer of supermarket chain Sheng Siong, earned S$7.06 million in the financial year of 2024.

This was a 20.6 per cent bump from the previous year, reported The Business Times.

These are the components of his pay package, according to the operator's annual report released on Apr. 4:

• Base salary: S$373,000
• Variable bonus: S$6.66 million
• Director's fees: S$20,000
• Benefits in kind: S$16,000

His brothers, executive chairman Lim Hock Eng and managing director Lim Hock Leng, earned S$7.01 million and S$7 million respectively.

Meanwhile, 10 key management personnel drew a lower total remuneration of S$6.1 million, as compared to 2023's S$8 million.

Challenging times

Sheng Siong previously reported that its year-on-year net profit fell by one percentage point, or S$67.6 million in the second half of 2024.

This came on the back of increases in finance and administrative expenses, outstripping the rise in revenue, BT reported.

In Lim Hock Eng's chairman statement, he said that 2024 was a year of "notable milestones and challenges".

He listed a volatile geopolitical landscape, regional tensions, strained supply costs, and inflationary pressures as some of these challenges.

On the whole, despite rising operational costs, the group's net profit increased by 2.6 per cent to S$137.5 million as compared to FY2023.

Lim Hock Chee noted that looking ahead, "external uncertainties" could affect consumer sentiment and supply chain stability, even as Singapore's gross domestic product is projected for growth.

"With a strong foundation and the collective efforts of our team, we are confident in overcoming challenges, capturing opportunities, and delivering lasting value to all our stakeholders," he said.

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Top image from WSG/YouTube and Nigel Chua