Border closures, movement control orders and strict lockdowns have adversely impacted a wide range of industries.No one knows when things will pick up again, despite the easing of the circuit breaker measures on 2 June.There have been bright spots amongst the wreckage, and some companies have managed to shine despite the tough challenges facing the economy.
In a business update released for the first quarter of 2020 , the supermarket chain reported a 30.7% year on year jump in revenue, while net profit soared 50% year on year to S$29 million. While demand has normalised during the second quarter, Sheng Siong should still report a decent set of earnings due to elevated purchase demand for home cooking, and also for more office workers and students who work and study from home.Besides, a tender was also won for a shop in Potong Pasir Community Club.
The group was formed in 2000 and has grown its assets under management to S$9.54 billion as of 31 March 2020. Record net flows have also been recorded in the first quarter of 2020 as many investors opened new brokerage accounts to take advantage of bear market valuations.
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