Singer's revenue jumps on strong sales
The revenue of Singer Bangladesh increased 30 percent year-on-year to Tk 770 crore in the first nine months of 2016, driven by strong sales in all product categories.
The gross profit for the period has increased 41 percent year-on-year with gross profit margins rising 28.3 percent against 26.2 percent in the previous year.
Singer announced its results yesterday for the quarter that ended September 30, noting record sales during the Eid-ul-Azha.
“This performance was possible due to the competitive prices offered to customers, coupled with many exciting promotions, additional marketing initiatives and new products,” the company said in a statement.
“We are delighted with the Eid festival sales performance, which smashed all previous records and was well above our expectations,” said Gavin Walker, chairman of Singer Bangladesh.
The turnover in 2016 has so far increased 30 percent while net income has seen an increment of 59 percent, Walker said.
Walker also congratulated MHM Fairoz on his promotion to the position of CEO of the company, who was earlier the marketing director.
The production at the new refrigerator factory—International Appliances Ltd— continues to increase rapidly with the quality up to international standards, further building on the longstanding trust associated with the Singer brand, Walker said.
The financial services products offered from the retail stores, such as Western Union, bKash, Grameen airtime reloads and utility bill payments, have increased in value by 122 percent during the first nine months of 2016, with nearly half a million customers visiting the retail stores during this period.
Singer Bangladesh has also recently received an AAA long-term rating from Emerging Credit Rating Agency.
The rating reaffirms the company's position as one of the outstanding blue chip multi-national companies in Bangladesh, according to the statement.
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