, Singapore

No new stores, but Sheng Siong's net profit up 6.6% in Q1

The supermarket chain operator reported a $30.9m net profit despite unsuccessful plans to set up two new shops.

Sheng Siong Group reported a net profit of $30.9m for the first quarter of 2021, a 6.5% increase year-on-year.

This is despite opening no new stores in the quarter, following its failed tender for tow key properties.

"Even though we were not successful inour tenders for the two shops in Block 115A Alkaff Crescent and Block 610 Tampines North Drive, we continue to be on the lookout for new retail spaces, particularly where we have yet to build a presence," said Sheng Siong CEO Lim Hock Chee in a bourse disclosure, adding that the company will continue to expand its network in Singapore and China.

The company noted that the risks of disruptions in the food supply chain would be the weather, geopolitical developments, or breakdown in international shipment. The pandemic did not cause serious disruptions.

It also noted the competition between brick-and-mortar supermarkets and online players as the pandemic continued.

It expects to net a lower revenue in the second quarter, as demand peaked to $418.7m in the same period last year. They also expect to receive less grants and rebates as the pandemic situation improves.

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