Sheng Siong's Q2 net profit more than doubles to S$46.2m

Singapore

SUPERMARKET chain Sheng Siong's net profit more than doubled in its second quarter to S$46.2 million, from S$18.4 million a year ago, on the back of strong revenue growth, improved gross margin, and government grants.

Revenue for the three months ended June 30, 2020 rose 75.8 per cent to S$418.7 million, mainly on elevated demand from Covid-19, as consumers stocked up to guard against the risk of disruption to the supply chains.