Sheng Siong aims to open 3 to 5 supermarkets a year in the next 3-5 years

The Straits Times2022-04-20

SINGAPORE - Supermarket operator Sheng Siong is aiming to open three to five stores per year in the next three to five years, the company said in a bourse filing on Wednesday (April 20). Sheng Siong ...

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Sheng Siong in February said that its revenue for the second half of 2021 rose 6.4 per cent to $688.1 million due to the opening of three new outlets in Singapore in the second half of 2020.\n\n\n\n\nSheng Siong also plans to expand its footprint in Kunming, China, where it currently has four stores.\n\n\"Our business there has continued to be profitable... we will continue to work on nurturing the growth of our supermarket operations, and aim to open more stores in Kunming,\" the company said in its filing.\nThe Shanghai lockdown has had no impact on its business unit in China at the moment, said the supermarket operator.\nHowever, the risks of supply chain disruptions resulting from the Covid-19 pandemic, climate and geopolitical events could result in higher input costs, said the company.\n\"At Sheng Siong, we will strengthen our efforts in diversifying our sources of supply, and work closely with our suppliers to minimise these disruptions,\" the supermarket chain added.\nWith the subsiding of the domestic Covid-19 situation, together with the further easing of restrictions, Sheng Siong said it expects the elevated demand to taper down as consumers increase their spending on other social activities or international travel.\nIt also said that competition remains keen from other supermarket operators and online marketplaces.\n\"We will also continue to build on our e-commerce capability to extend our reach to customers in areas where we do not have physical presence,\" said the company.\n\n\n\n\n\nMore On This Topic\n\n \n\nSheng Siong H1 profit down 11.9% as grocery frenzy eases\n\n\n\n \n\nSupermarket operator Sheng Siong to open 4th store in China\n\n\n\n\n\n\n\n\n\nBut while it saw an increase in demand for its e-commerce delivery service, Sheng Siong said the majority of its customers continue to prefer to make purchases from physical supermarkets, especially for fresh produce.\nThe company also said it has no plans to pay higher dividends to shareholders. Since FY2017, Sheng Siong has distributed about 70 per cent of its net profit after tax as dividends.\n\"We will continue with the practice unless there is a need for cash for operational reasons or major capital expenditures. The board also felt that we should build a 'war-chest' ready on hand and preferred to conserve cash rather than gear up when the need arises,\" it said in the filing.","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2228794135"}