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.