Singer Bangladesh Limited Saturday announced that its profit after tax increased from Tk. 230 million to Tk. 583 millionin 2023 with a growth of 153% with earnings per share increasing from Tk. 2.31 to Tk.5.85.
In its unaudited results for the 2nd quarter ended June30, 2023, the company said the gross profit increased from Tk. 2.03 billion to Tk. 3.08 billion, a remarkable growth of 51.74% than the previous year. Necessary precautions were taken, prices and product mixes were reviewed accordingly.
Overall operating expenses are higher than last year, which is 17.9% in actual Vs 15.8% in last year due to higher shop operating expenses, bad debt warranty, lease depreciation, increase of insurance cost, etc.
Turnover increased to Tk 10.92 billion compared to the previous year’sTk. 9.27 billion, a growth of 17.79%. The company persisted in implementing several marketing strategies throughout the quarter to boost sales. Biggest Eid festival was in Q2, 2023.
Financial Expenses are slightly higher than last year due to a higher level of actual borrowing being utilized at higher interest rates. The average interest rate has increased more than 1% compared with last year, the report said.
The Effective tax rate is lower than last year due to lower contribution from sales of CBU against which the advance income tax was paid at the port as the minimum tax liability.
Net operating cash flow per share stands (Tk. 2.58) which was (Tk. 34.05) in the previous year, reflected significant improvement comparing to the last year, it added.
The company said that throughout the period they faced various obstacles, including the devaluation of taka against the US dollar, opening LCs, rising finance costs, and other ongoing crises related to the Ukraine war. Despite these challenges, the company remained committed to staying competitive in the market, taking into account both consumers’ and competitors’ price sensitivity.
Singer is strongly present in the appliances market and will further accelerate its operation in the medium to long term. By leveraging its global expertise, scale, and knowledge, Singer will work to enhance its current strong market position with its strong brand image.
