Supermarket operator Sheng Siong recently posted a set of rather outstanding FY2020 results. Earnings for the final year ended December 2020 increased by 83.1% y-o-y to $138.7 million, with revenue coming in at $1.4 billion, 40.6% higher y-o-y.

Looking at the group’s 4QFY2020 results, results were still impressive as earnings surged 84.5% y-o-y to $32.1 million, while revenue was 28.8% higher y-o-y at $319.3 million.

The surge in revenue and earnings was mainly attributable to consumers panic buying groceries during the circuit breaker period in 2QFY2020, as well as increasing work-from-home measures.

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