SINGER’s Q3 revenue up by 26% over prior year

Singer Bangladesh Limited noted record Eid al-Adha Festival Sales in 2018, whilst reporting its unaudited results for the quarter ended September 30, 2018 (Q3). The other highlights include:

• YTD Q3 turnover increased by 26.1% to Tk 11.6 billion. 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.
• YTD Q3 operating profit increased by 41.3%, with higher gross margins at 26.9%, versus the prior year of 26.5%.
• Singer continued to focus on managing operating expenses, which at 15.6% of revenue in Q3 was reduced from 16.5% in the prior year.
• Profit after tax increased by 23% 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 increased in value by 33% 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%, panel televisions by 35%, kitchen appliances by 23%, refrigerators by 20% and furniture by 44%.
• 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. We thank the Singer management and staff for their massive effort and commitment to achieve these great results in this challenging trading environment. The 23% increase in Q3 net income is most commendable with improved margins and lower costs”.

SINGER is the largest retailer of consumer durables in Bangladesh, with 384 company-owned stores. Singer commenced operations in the region in 1905, being famous for sewing machines and hire purchase finance.