BUSINESS China supermarket chain Yonghui's net profit up 35 pct in H1

BUSINESS

China supermarket chain Yonghui's net profit up 35 pct in H1

CGTN

15:22, August 29, 2020

3.jpegA Yonghui supermarket in Shanghai, China on April 24, 2020. (File photo: CGTN)

Chinese supermarket chain operator Yonghui Superstores Co., Ltd. posted year-on-year net profit growth of 35.36 percent in the first half of 2020.Net profit for the January-June period reached 1.85 billion yuan (about 270 million U.S. dollars), Yonghui Superstores said in its interim financial report filed with the Shanghai Stock Exchange.

Meanwhile, the company, partly owned by e-commerce giant JD.com and internet giant Tencent, generated total revenue of 50.52 billion yuan, an annual increase of 22.68 percent. Same-store revenue grew 7.4 percent year on year.

By the end of June, the company operated 938 supermarkets, with 31 supermarkets newly opened in the first six months of this year.

The revenue from its online business surged 242.93 percent year on year to 4.56 billion yuan amid an e-commerce boom during the COVID-19 epidemic, the company said.

By the end of June, its online business had 32.84 million members, with the monthly active members totaling 7.72 million during the six-month period. 

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