Sheng Siong Group, the third largest chain of supermarkets in Singapore has posted an increase of 5.7 percent net profit for the fourth quarter of 2016. The net profit of the company increased from S$14.6 million to S$15.4 million for the three months ended December 31, 2016. The supermarket chain has opened few new stores during this period, thanks to which the total revenue hiked 5.3 percent to to S$197 million for the quarter.
The company, in its financial statement rated its performance in fiscal 2016 to be satisfactory despite the total retail sales industry performing weak. Sheng Siong said in its financial statement: “Retail sales, which had been generally weak in fiscal 2016, are not expected to improve spectacularly. Likewise, sales at supermarkets had not been exciting and going forward the group anticipates continuing lacklustre demand. Competition in the supermarket industry is expected to remain keen as consumers are expected to be more cost conscious, which may affect the group’s ability to pass on any increases in input cost in full to the customers.”