The 38th Annual General Meeting of SINGER Bangladesh Limited was held on May 15, 2018. The shareholders present in the meeting approved 100 percent cash dividend for the year 2017, which is 42.8% higher than last year.
The Company announcedthat SINGER contributed Tk. 318 crore to the National Exchequer in the form of corporate tax, customs duty and VAT during 2017. The meeting was attended by a large number of shareholders who made their valuable suggestions.
In the meantime, Singer Bangladesh Limitedhas announced a 66% increase in earnings per share for the quarter ended March 31, 2018.
Otherhighlights for the Q1, 2018include:
• Q1, 2018 turnover increased by 33% toTk2.4 billion
• Gross margins improved from 28.4% to 29.3% during the quarter
• Singer continued to focus on managing operating expenses, which at 19.3% of revenue for Q1 2018 was reduced from 20.9% in the prior year
• Operating profitincreasedby 79%, with higher operating marginsat10.1%, versus the prior year of 7.5%
• Earnings per share increased 66%to Tk1.56 per share
• Singer continued to enjoy significant increases inunit sales, in particular computers by 168%, air conditioners by 54%, fans by 34%, sewing machines by 30%, panel televisions by 29%, furniture by 26% and refrigerators by 22%, boosted by lower prices to customers and increased advertising spend.
• Singer’s financial service offerings like Western Union, Bkash, Grameen airtime reloads and utility bill payments increased in value by 31% in Q1, bringing over 200,000 additional customers to the stores during the 3 months.
• Singer introduced 18 new products, renovated 26 shops and appointed 45 new dealers during the first three months of the year.
Commenting on the Q1, 2018results, Gavin Walker, Singer Bangladesh Chairman, noted,“We are very pleased to announce a 33% increase in turnover in Q1 2018, with higher gross margins and lower expenses ratios this translated into 79% increase in operating profit”.
Mr Walker added, “The Company has launched an exciting promotion to give away 1,000 LED televisions leading up to the FIFA World Cup. Soon after that the festival season will start with record sales anticipated in all categories”.
About Singer Bangladesh
Singer is the largest retailer of consumer durables in Bangladesh, with 380company owned stores. Singer commenced operations in the region in 1905,being famous for sewing machines and hire purchase finance. Today Singer sells all categories of household consumer durables under the Singer and third-party brands. The Company also has over500wholesale dealers. Singer Bangladeshis57.0% ownedbyRetail HoldingsBhold B.V. (The Netherlands)and the shares of the company are publicly traded in DSE and CSE.
Additional financial and other information about the Company may be found at the Corporate/Investor section of the Company’s website: www.singerbd.com.
For further information, please contact company secretary: