Singer Bangladesh Limited announced a 40 per cent increase in operating profit, whilst reporting its audited results for the year ended December 31, 2018.
The company's turnover increased by 24 per cent to Tk 13.7 billion in 2018. Gross margins increased to 28.5 per cent in 2018 from 28.2 per cent in the prior year.
The operating profit for the year increased by 40 per cent in 2018, with higher operating margins at 12.1 per cent, versus the prior year of 10.7 per cent.
"Singer continued to focus on managing expenses, which at 16.6 per cent of revenue in 2018 was reduced from 17.7 per cent in the prior year," said a statement of the company.
Profit after tax increased by 23 per cent to Tk 920 million, with earnings per share increasing at the same rate to Tk 12.0 per share.
A 30 per cent stock dividend has been announced.
Singer's financial service offerings like Western Union, Bkash, Grameen airtime reloads and utility bill payments increased in value by 13 per cent in 2018 to Tk. 1.3 billion, bringing nearly 800,000 additional customer footfall into the stores during the year.
Singer continued to enjoy significant increases in unit sales, in particular computers by 70 per cent, panel televisions by 28 per cent, washing machines by 24 per cent, kitchen & small appliances by 20 per cent and refrigerators by 17 per cent - boosted by lower prices to customers and increased advertising spend.
During 2018, 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.
The Singer Refrigerator was recognised in 2018 as the No 1 Refrigerator Brand in Bangladesh. This was awarded after various surveys conducted by A C Nielson , a world renowned research firm along with Bangladesh Brand forum.
Commenting on the 2018 results, Gavin Walker, Singer Bangladesh Chairman, noted, "The Singer Bangladesh revenue has doubled over the past three years, with net income increasing 2.5 times in that period. These results demonstrate that Singer has continued to build on its position as the leading international appliance brand in Bangladesh. In 2019 and beyond, we plan to further increase our retail space and dealer numbers to capitalize on the opportunities available in this fast growing and exciting sector".
Mr Walker added, "Singer has been a public company in Bangladesh since 1983 and is the only listed household consumer durable company available to investors on the Stock Exchanges. Singer is widely regarded as one of the blue-chip multinational companies in Bangladesh and is committed to the highest ethical and corporate governance standards".