Sun Art Retail Group has announced its financial report, along with the announcement of the arrival of new CEO, Lin Xiaohai, who previously served as a vice president at Alibaba.
The company posted its first performance results since the implementation of its new financial year policy that places the year-end at March 31 every year. Therefore, the financial results during the 'reporting period' below are on a 15-month basis.
● During the reporting period, the company achieved revenue of CNY 124.33 billion. The net income posted CNY 3.57 billion with a year-over-year decrease of 15.42%.
● In the most recent year, from April 1 of 2020 to March 31 of 2021, the return on equity (ROE) posted 11.40%, return on asset (ROA) posted 4.07%, the gross profit margin recorded 25%.
● During the first quarter of 2021, the revenue decreased by 8.49% to CNY 28.85 billion, the net income decreased by 49.6% to CNY 700 million.
● Affected by the unfavorable financial performance, the stock price of Sun Art Retail (6808:HK) closed 7.86% low on HKD 6.33 on May 11, a market capitalization of HKD 60.39 billion.
● The same day with the financial result released, the company announced that the previous CEO, Huang Mingduan, has retired, and Lin Xiaohai will take over the responsibility.
● During the reporting period, Sun Art Retail opened 10 large wholesale stores, 3 supermarkets, 32 small grocery stores, and finished reconstruction on 38 wholesale stores.
● During the reporting period, the top retail brand of the company, RT-MART, achieved 24% of online retail services, annual GMV reached nearly CNY 30 billion. 75% of the 500 total offline stores in China are in three to four-tier cities.
● The RT-MART has online users of 69 million with active ones over 16.5 million.
● In 2011, Alibaba bought a 36% share in Sun Art Retail with HKD 22.4 billion.