The group has once again demonstrated its ability to continue growing with its latest fiscal 2022 first quarter business update.Continued growth in top and bottom linesOf this six percentage-point increase, 4.7% was attributed to higher same-store sales for its Singapore stores, while its China division saw same-store sales inching up by 1% year on year.Gross profit rose 9.8% year on year to S$102.7 million while net profit jumped by 13.9% year on year to S$35.2 million.
This track record has continued in 1Q2022, with the group generating S$20.6 million of free cash flow. An increase in households cooking instead of eating out may spur demand for Sheng Siong’s products, helping to mitigate some of the negative impacts of the easing of restrictions.Despite these challenges, Sheng Siong is determined to forge on with its new store opening plans.