It’s an interesting time for Sheng Siong Group Ltd (SGX: OV8).
The supermarket chain, which has 63 outlets in Singapore, saw a huge surge in revenue and net profit last year as the pandemic drove people to shop for necessities such as groceries and sundry items.
Boasting a huge assortment of products that run the gamut from live produce and vegetables to toiletries and essential household items, Sheng Siong enjoyed a huge surge as heartlanders thronged its stores.
The main reason for this was the need to stock up as more people were telecommuting and studying from home.
As a result, revenue for 2020 jumped by 40.6% year on year to S$1.4 billion while net profit surged 83.7% year on year to S$139.1 million.
For its fiscal 2021 first quarter (1Q2021), growth was more muted as revenue inched up 2.7% year on year due to a high comparison base in the prior year....