Singer announced 40pc increase in operating profit

Sun Online Desk

2nd March, 2019 08:34:10 printer

Singer announced 40pc increase in operating profit

 

 

Singer Bangladesh Limited announced a 40% increase in operating profit, whilst reporting its audited results for the year ended December 31, 2018.

 

Other highlights include:

 

  • 2018 turnover increased by 24% to Tk13.7 billion.
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  • Gross margins increased to 28.5% in 2018 from 28.2% in the prior year.
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  • Operating profit for the year increased by 40% in 2018, with higher operating margins at 12.1%, versus the prior year of 10.7%. 
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  • Singer continued to focus on managing expenses, which at 16.6% of revenue in 2018 was reduced from 17.7% in the prior year.
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  • Profit after tax increased by 23% to Tk920 million, with earnings per share increasing at the same rate to Tk12.0 per share.
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  • A 30% stock dividend has been announced.
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  • Singer’s financial service offerings like Western Union, Bkash, Grameen airtime reloads and utility bill payments increased in value by 13% in 2018 to Tk.1.3 billion, bringing nearly 800,000 additional customer footfall into the stores during the year.
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  • Singer continued to enjoy significant increases in unit sales, in particular computers by     70%, panel televisions by 28%, washing machines by 24%, kitchen & small appliances by 20% and refrigerators by 17% - boosted by lower prices to customers and increased advertising spend
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  • 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.

 


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