One thing that always stayed consistent during this pandemic period: Sheng Siong rising as other businesses fall.
Which isn’t a surprise when “going out” during the circuit breaker meant grocery shopping and basically nothing else.
On the flip side, Sheng Siong has profited enough that their family even became billionaires.
Advertisements
And if you’re a shareholder? Woo, you’re in for a lotta good news. So you can shout together with me: Bai bei bai bei!
Net Profit Doubled In the Second Quarter of 2020 To S$46.2 Million
While obviously no matter good Sheng Siong is doing they will never reach Bai Bei, twofold is still pretty good.
Revenue went up 75.8% to S$418.7 million, for a net profit of S$46.2 million in the three month period ending 30 June 2020.
And this S$46.2 million is slightly higher than twofold compared to last year’s S$18.4 in the same quarter.
Oh yeah, their stores in Kunming in China are also growing in revenue.
So, as a stockholder of Sheng Siong, should you continue rubbing your hands together while looking at the potential money? The answer is yes.
Last year, Sheng Siong’s earnings per share were $1.23. Now, it’s $3.07.
Sheng Siong shares closed at S$1.73 (this is different from earnings per share). A year ago, it was trading at $1.16.
Advertisements
Remember Sheng Siong cash dividends? Well, that’s getting doubled too! They declared an interim cash dividend of 3.5 cent per share.
With selling prices underpinned by strong demand, diversification in sourcing resulting in stable input prices, and higher sales of house-brand items that give a higher gross margin, gross margin also improved to 28.1% up from 27.4% last year.
One last thing, government grants also allowed Sheng Siong to perform so well.
You’re probably wondering then: what is Sheng Siong going to do with all this money? Like any self-respecting capitalist:
Sheng Siong Opening New Outlets
The two confirmed outlets are Sengkang West in July 2020, and an outlet in Potong Pasir with no specific date of opening yet.
Advertisements
They have successfully put in a bid for a new outlet in Tampines, but are still waiting for the execution of the tenancy agreement.
Oh yes, while other businesses chose not to renew leases, Sheng Siong is signing new tenancy agreements.
These five GRCs could see the tightest battle in GE2025; here’s why:
Read Also:
- Trump Exempts Electronics from 125% China Tariffs, Sparing Smartphones and Computers
- Elderly Charity Shop Owner Baffled by Over 50 Boxes of Mystery Donation Blocking Store Entrance
- DNA from Two Men Discovered on Murdered Singaporean Woman’s Clothing as Court Orders Comparison with Main Suspect
- Former Police Officer Convicted in Fatal Maid Abuse Case That Left Victim Weighing Just 24kg
- Teen Arrested in Johor for Selling AI-Generated Fake Nudes of School Peers for RM2 Each
