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Sheng Siong posts 83.1% increase in FY2020 earnings to $138.7 mil

Samantha Chiew
Samantha Chiew2/24/2021 06:14 PM GMT+08  • 3 min read
Sheng Siong posts 83.1% increase in FY2020 earnings to $138.7 mil
Sheng Siong has decided to reward its shareholders with a final cash dividend of 3.0 cents per share, payable in May.
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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.

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