Sheng Siong to open 5th outlet in China

SUPERMARKET company Sheng Siong will open its fifth outlet in China, bringing the total number of stores, including those in Singapore, to 72.

The Singapore listed operator inked a lease agreement for retail space of more than 31,000 square feet in Kunming, the capital of Yunnan province.

Sheng Siong said the new store is expected to be operational before the end of the second quarter of 2023, but the outlet is not expected to have a significant impact on the group’s financial performance for the financial year 2022.

In its business update published last October for the third quarter of FY2022 to September, Sheng Siong said its China operations – all in Kunming – contributed 2.6 per cent of total revenue of S$333.5 million.

Sheng Siong’s net profit declined 4.6 per cent to S$32.8 million and revenue fell 4.2 per cent in the third quarter as Covid curbs eased.

The counter closed down S$0.02 to S$1.62 on Thursday.