Thanks to consumers panic buying groceries, lockdown measures and work-from-home measures, supermarket operator Sheng Siong saw a significant growth in its latest FY2020 results. 

For its final year ended December, earnings came in at $138.7 million, 83.1% higher than $75.7 million a year ago. 

Revenue for the period also increased by 40.6% to $1.4 billion from $991.3 million last year. As cost of sales increased in tandem to the revenue increase by 39.7% y-o-y to $1.0 billion, gross profit increased by 43.1% y-o-y to $381.9 million. This was all attributed to the elevated demand arising from the Covid-19 pandemic. 

To continue reading,

Sign in to access this Premium article.

Subscription entitlements:

Less than $9 per month
3 Simultaneous logins across all devices
Unlimited access to latest and premium articles
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)

Stay updated with Singapore corporate news stories for FREE

Follow our Telegram | Facebook