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Sheng Siong records 13.9% increase in 1Q profit, but warns that demand may taper with reopening

Lim Hui Jie
Lim Hui Jie4/26/2022 06:49 PM GMT+08  • 3 min read
Sheng Siong records 13.9% increase in 1Q profit, but warns that demand may taper with reopening
Photo credit: The Edge Singapore/Albert Chua
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Supermarket chain Sheng Siong has reported a stronger set of results for its 1QFY2022 despite Singapore’s reopening, higher administrative costs and lower government subsidies.

Sheng Siong reported revenue of $358.0 million for the quarter, 6% up y-o-y, while net profit increased 13.9% to $35.2 million, up from the 1QFY2021 figure of $30.9 million.

In its earnings release, it explained that gross profit increased by 9.8% y-o-y to $102.7 million as gross profit margins improved by one percentage point to 28.7% in 1QFY2022, arising from a change in sales mix.

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