Sheng Siong’s Q1 net profit up 13.9%, will continue e-commerce efforts

SINGAPORE (THE BUSINESS TIMES) – Supermarket operator Sheng Siong on Tuesday (Apr 26) posted a 13.9 per cent rise in net profit to $35.1 million for its first quarter ended March 31, from $30.8 million a yr in the past.

Revenue for the quarter rose 6 per cent to $358 million, from $337.5 million a yr in the past, in response to the mainboard-listed group in a enterprise replace.

This was on account of a rise in comparable similar retailer gross sales by 4.7 per cent yr on yr in Singapore and 1 per cent yr on yr in China, it famous.

The firm added that its new retailer in Singapore contributed 0.3 per cent increment to the entire income enhance.

Sheng Siong has 64 shops in Singapore and 4 shops in China at the moment.

Gross profit additionally grew 9.8 per cent yr on yr to $102.7 million, with gross profit margins bettering by 1 share level to twenty-eight.7 per cent within the first quarter of economic yr 2022, which the group attributed to a change in gross sales combine.

Meanwhile, different revenue fell by $0.7 million yr on yr to $3.3 million for the quarter, on account of a discount in authorities grants obtained in step with Singapore’s financial restoration, the group mentioned.

As inflationary pressures mount, Sheng Siong famous that buyers are “increasingly concerned with the higher cost of living and may choose to dine in more at home”, which can continue to assist gross sales at their supermarkets.

Moving ahead, the group will “redouble” its efforts in sourcing for differentiated and dependable provides to make sure a secure provide of important items and to “bring value to its customers with competitive pricing and affordable products”, it mentioned.

Mr Lim Hock Chee, Sheng Siong’s chief govt, additionally shared that the group secured the leases of three shops final yr and is concentrating on to open three to 5 new shops per yr for the subsequent three to 5 years, with a deal with areas the place it isn’t current in but.

“For areas without the group’s physical presence, we are continuing to build on our e-commerce capabilities to be able to provide to all our customers the same convenience of our products,” he added.

Shares of Sheng Siong closed flat at $1.53 earlier than the outcomes launch.

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