Sheng Shiong net profit up 8.3% y-o-y to $34.4m for 3Q FY2021

Gross profit also saw a jump by 14.2% to $100.9m.

Sheng Siong reported a net profit y-o-y growth of 8.3% to $34.4m for 3Q FY2021. 

Revenue for the same period also increased by 6.4% to $348.1m, owing to the rising cases of community infection.

As a result of this, gross profit also saw an increase by 14.2% y-o-y to $100.9m. The gross margin had an improvement of 2 percentage points to 29% in 3Q FY2021, due to an improved sales mix of products with a higher margin. 

Administrative expenses bumped up by 1.4% y-o-y to $58.2m in 3Q FY2021, due to an absence of property tax rebates. 

Cash generated from operating activities amounted to $45.8m in the period, with total cash and cash equivalent standing at $235.5m as of September 30, 2021. 

Going forward, Lim Hock Chee, CEO, said that they expected the relaxation of border controls to help with the manpower crunch. Expansion into China is also expected, as a fourth store is expected to be operational by the end of 2021.