Singaporean supermarket chain Sheng Siong said its net profit rose to 52.9 per cent to US$33.7 million for the 12 months to December 31.

The huge net profit increase was due to strong performance of new outlets, an increase in comparable same store sales and gains from the sale of its warehouse.

The supermarket chain opened eight new stores last year.

“Our expansion in 2012 was made possible by leveraging on our expanded and improved supply chain capacity and capabilities at the new Mandai Link distribution centre,” said Lim Hock Chee, CEO of Sheng Siong.

Looking forward, Chee said the company will continue to expand its footprint and improve same store sales.