Ccl2
2022-07-30

$SHENG SIONG GROUP LTD(OV8.SI)$

Sheng Siong Group posted a 2.2 per cent year-on-year increase in net profit to S$67.4 million in the first half of 2022, despite a marginal decline in revenue that the supermarket chain said was related to a lifting of Covid-19 measures. Revenue fell 0.7 per cent year on year to S$676.8 million for the 6 months ended Jun 30, as restrictions were eased in the second quarter, the company said. “This led to increased outdoor dining and overseas travel, especially during the June school holidays, which in turn returned sales revenue to more normalised pre-pandemic levels,” Sheng Siong said. “As Singapore moves towards endemic living with Covid-19, we expect the elevated demand that persisted throughout 2020 and 2021 to continue to taper to a new normal,” it added.

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