Singer holds AGM, Q1 turnover rises 26 per cent

Dhaka,  Mon,  21 August 2017
Published : 13 May 2017, 21:25:34
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Singer holds AGM, Q1 turnover rises 26 per cent



FE Desk

The 37th Annual General Meeting of Singer Bangladesh Limited was held recently in Dhaka.

Gavin Walker, Chairman Singer Bangladesh Limited presided over the meeting. The shareholders present approved 70 per cent cash dividend for the year 2016.

Meanwhile, Singer Bangladesh Limited also announced its unaudited results for the 1st quarter ended March 31, 2017 (Q1).

The Q1 turnover increased by 25.9 per cent to Tk 1.8 billion.

"The company implemented many exciting marketing initiatives as well as new product offerings during the quarter, with stable trading conditions throughout the period," said a statement.

Singer continued to focus on managing operating expenses which reduced to 20.9 per cent of turnover versus 22.6 per cent in the prior year, despite a meaningful increase in advertising and promotion expenditure to increase exposure in the market.

Profit after tax increased by 23.7 per cent to Tk 75.9 million, with earnings per share increasing at the same rate.

Singer's associate company, International Appliances Limited which commenced commercial production of refrigerators in July 2016, turned profitable for the first time in Q1 with a profit after tax of Tk 9.3 million. The factory output continues to increase rapidly and the product is very well accepted in the market.

Singer's financial service offerings like Western Union, Bkash, Grameen airtime reloads and utility bill payments increased in value by 51 per cent in Q1, bringing 181,760 additional customers to the stores during the period.

Commenting on the Q1 2017 results at the 37th Annual General Meeting, Gavin Walker, Singer Bangladesh Chairman, noted, "Singer enjoyed significant sales increases in many product categories, in particular refrigerators by 52 per cent, computers by 77 per cent, furniture by 65 per cent and washing machines by 45 per cent. Singer's market share continues to increase demonstrating the quality of our products, strong after sales service and motivated sales teams. Singer has operated in Bangladesh for over 100 years and is the leading international brand in the market".
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