The Covid-19 pandemic is an extraordinary worldwide situation that has caused many companies to fall victim to the effects of the highly infectious virus. But there are those who have benefitted from the likes of the pandemic as countries go into lockdown and only essential businesses are kept open.

One such essential business is the supermarket, which also saw several shoppers go into “panic buying” mode and hoarding essential products. This has caused local supermarket operator Sheng Siong to reach a record high in its latest earnings, while the stock is also trading at a record high.

In its latest 2Q20 earnings released on July 29, earnings reached an all-time high of $46.1 million, a 150.7% surge from $28.4 million a year ago, with revenue soaring some 75.8% y-o-y to $418.7 million.

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