Shares & Derivatives
Sheng Siong is Expanding in China: Why You Should Add This Retailer to Your Watchlist
By The Smart Investor  •  June 21, 2021
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....
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By The Smart Investor
The Smart Investor is co-founded by David Kuo, Joanna Sng, and Chin Hui Leong. The company was formed in late 2019 from the ashes of the Motley Fool Singapore. The Smart Investor believes that everybody can learn how to invest, smartly. We aim to educate people on how to invest smartly by providing investing education, stock commentary and market coverage for Singapore and around the world.
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