Sheng Siong Group records slight uptick in net profit in FY22

Its net profit rose 0.4% YoY to $133.6m.

Sheng Siong Group recorded a slightly higher net profit in FY22 of $133.6m (+0.4% YoY) despite a decline in its revenue.

In FY22, the supermarket chain’s revenue dropped by 2.2% YoY to $1.3b due to “continued normalisation that was driven by the significant easing in mobility restrictions starting 1 April 2022.”

Apart from revenue, the company recorded higher margins for FY22.

Its gross profit margin increased marginally by 0.7 percentage points to 29.4% YoY, whilst its net profit margin increased by 0.3 percentage points to 10.0% YoY.

The group’s other income for FY22 also increased by 42.9% YoY to $17.3m “due to one-off recognition of rebates from suppliers.”

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