Singer Bangladesh Limited witnessed 26.1 per cent rise to Tk 11.6 billion in turnover during the third quarter, ended on September 30, 2018.
"This result was achieved despite the heavy rains during summer. Besides, the company continued to enjoy stable trading conditions throughout the period and implemented a number of new marketing initiatives and products during the quarter," a statement of the company said on Monday.
The operating profit also soared 41.3 per cent, with higher gross margins at 26.9 per cent against 26.5 per cent of the prior year.
Singer continued to focus on managing operating expenses, which at 15.6 per cent of revenue in Q3 was reduced from 16.5 per cent in the prior year.
Profit after tax increased by 23 per cent to Tk 840.5 million, with earnings per share increasing at the same rate.
Singer's financial service offerings like Western Union, Bkash, Grameen airtime reloads and utility bill payments rose in value by 33 per cent in the first 9 months of the year, bringing over 692,732 additional customers to the stores during the period.
"Singer continued to enjoy significant unit sales increases in many product categories, in particular computers by 92.2 per cent, panel televisions by 35 per cent, kitchen appliances by 23 per cent, refrigerators by 20 per cent and furniture by 44 per cent.
During September, Emerging Credit Rating Limited (ECRL) announced that it has maintained its AAA long-term credit rating for Singer Bangladesh with a stable outlook for the company.
Commenting on the 2018 Q3 results, Gavin Walker, Singer Bangladesh Chairman, noted, "Singer Bangladesh Limited continued to report strong growth and record festival sales, this was achieved despite heavy rain during summer in many parts of the country which affected our distribution network.
