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Singer Bangladesh Ltd hopes the demand of consumer durables will be accelerated in the coming days in the country as the government has taken a serious move to ensure access of electricity for all by 2021.
Singer, country's largest home appliances and consumer electronic item selling company is also optimistic that Bangladesh's elevation from least developed country to developing country will have positive impact to raise the market size of consumer durables.
According to the company's latest annual report, Singer recorded the highest Tk 11.1 billion turnover in 2017, registering an increase of 23 per cent compared to the previous year, thanks to stable trading conditions, additional marketing initiatives and presence of new products.
"The Singer Group as well as the company achieved its highest ever turnover of Tk 11.1 billion in the backdrop of macroeconomic stability and political calmness," the annual report, 2017 said.
The company's profit after tax increased by 37 per cent to Tk 746 million, with consolidated earnings per share (EPS) stood at Tk 9.79 in 2017, from Tk 7.12 in 2016.
Operating profit increased by 27 per cent to Tk 1.20 billion, from the previous year's operating profit of Tk 935 million, with higher operating margins at 10.7 per cent, the annual report shows.
The company's consolidated net asset value (NAV) per share stood at Tk 28.17 in 2017 as against Tk 25.39 in 2016. The net operating cash flow per share (NOCFPS) was Tk 5.17 as against minus Tk 7.69 (restated).
Based on the performance of the company, the board of directors has recommended 100 per cent cash dividend for the year 2017, which is 42.8 per cent higher than the last year.
The recommended dividend will be approved in the annual general meeting (AGM) scheduled to be held on May 15.
Singer's revenue has increased an impressive 60 per cent over the past two years, with net income more than doubling in that period
The company reported strong growth for 2017 with record sales in all key product categories.
The principal activities of the company continued to be manufacturing and marketing of home appliances, consumer electronics and furniture with credit and other financial services available to qualified customers.
"The achievement was acquired as the company continued to enjoy stable trading conditions and implemented a number of new marketing initiatives and products," Singer Bangladesh Chairman Gavin Walker commented in the latest annual report.
Mr. Gavin Walker noted that Singer continued to enjoy significant increases unit sales, in particular computers by 129 per cent, air conditioners by 34 per cent, washing machines by 33 per cent, panel televisions by 32 per cent and refrigerators by 28 per cent in 2017 boosted by lower prices to customers.
Singer's financial service offerings like Western Union, Bkash, Grameen airtime reloads and utility bill payments increased in value by 33 per cent in 2017 to Tk 1.20 billion, bringing over 750,000 additional customers to the stores during the year, he said.
"We are optimistic for 2018 and plan to accelerate the growth retail and wholesale footprint. We remain cautiously optimistic that the upcoming election will pass peacefully, without undue disruptions to the businesses and hardworking industrious people of Bangladesh," he hoped.
"The company's profit after tax reached to Tk 746 million in 2017, which is a significant improvement compared to last year".
M.H.M. Fairoz, managing director and CEO of Singer Bangladesh, said, "During the year 2017, we renovated 59 stores of our stores and were also relocated to spacious premises to prove a comfortable shopping experience to the valued customers".
Mr. Fairoz informed that they also opened 6 stores and added 60 wholesale dealers. "The strong 2017 performance has resulted from these investments growth".