Sheng Siong’s net profit up by 13.9% YoY in Q1
The group’s revenue also increased by 6% in the first quarter of 2022.
Supermarket giant Sheng Siong Group posted a net profit of $35.2m in the first quarter (Q1) of 2022, up by 13.9% year-on-year.
In its financial report, Sheng Siong attributed the increase to contributions by new stores and comparable same-store sales.
It also declared that its revenue increased by 6% to $358m in Q1 2022 from $337.5m in Q1 2021.
With inflationary pressures and supply disruptions, Sheng Siong said it will boost its efforts in sourcing for reliable supplies to reduce challenges.
Sheng Siong CEO Lim Hock Chee said they are seeking to open three to five more stores for the next three to five years after they secured leases of three stores in 2021.