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

The Straits Times2022-04-26

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 Mar 31, 2022, from $30.8 ...

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It added that its new store in Singapore contributed 0.3 per cent increment to the total revenue increase. Sheng Siong has 64 stores in Singapore and four stores in China today.\n\n\n\nGross profit also grew 9.8 per cent year-on-year to $102.7 million, with gross profit margins improving by 1 percentage point to 28.7 per cent in Q1 FY2022, which the group attributed to a change in sales mix.\nMeanwhile, other income fell by $0.7 million year-on-year to $3.3 million for the quarter, due to a reduction in government grants received in line with Singapore's economic recovery, the group said.\nAs inflationary pressures mount, Sheng Siong noted that consumers are \"increasingly concerned with the higher cost of living and may choose to dine-in more at home,\" which may continue to support sales at their supermarkets.\n\n\n\n\nMoving forward, the group will \"re-double\" its efforts in sourcing for differentiated and reliable supplies, to ensure a stable supply of essential goods and to \"bring value to its customers with competitive pricing and affordable products.\"\n\nMr Lim Hock Chee, Sheng Siong's chief executive, also shared that the group secured the leases of three stores last year and is targeting to open three to five new stores per year for the next three to five years, with a focus on areas where it is not present in yet.\n\"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.\nShares of Sheng Siong closed flat at $1.53 before the results release.","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/2230488356"}