Sheng Siong Revenue Hits $1.39 Billion for 2020 with profit rose by 40.6 percent
The supermarket chain Sheng Siong has a splendid 2020 where its net profit stood at $139.1 million for the full year end at 31 December 2020 and the company mentioned during the Singapore Exchange filing on February 24 where net profit increased 83.7 per cent year-on-year for financial year (FY) 2020.
The supermarket chain’s revenue rose by 40.6 per cent year-on-year in the last financial year to S$1.39 billion, where the three quarters of this increase came from their existing stores. As Sheng Siong also has two outlets in China where they make up on a small portion of the increased sales.
He also added that Sheng Siong now has 63 stores, and it is still expanding after opening five new stores and closing one in FY2020. While their administrative expenses has also increased by S$72.6 million over the 12-month period, due to higher staff headcount and longer working hours for staff, as well as additional monthly salary and higher staff bonuses awarded to them.
Sheng Siong said that demand at its supermarkets rose when Singapore raised its Disease Outbreak Response System Condition (Dorscon) to “Orange” level on Feb. 7, as the circuit breaker restricting people’s movement from April to June also helped the sales.
