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Despite a growth in revenue and gross profits, Singer Bangladesh endured a loss of Tk 489 million in 2024 for the first time in six years.
Apart from higher finance costs and forex loss, the rise in operating expenses and costs of sales contributed to the annual loss.
The company experienced a 9.5 per cent year-on-year growth in revenue to Tk 18.7 billion in 2024.
However, Its finance costs escalated 137 per cent year-on-year to Tk 1.43 billion in 2024.
A foreign exchange loss of 247 million and tax expenses worth Tk 79 million also squeezed the bottom line growth in the year.
The company's operating expenses went up 16 per cent because of a rise in the expenses of advertisement and sales promotion, salaries and allowances, rent and occupancy for new shops, office administration, and management.
Despite the loss, Singer has recommended a 10 per cent cash dividend for 2024.
Meanwhile, its short-term borrowings rose to Tk 11.90 billion in 2024 from Tk 8.14 billion the year before as the company required additional working capital.
The yearly loss resulted in a decline in equity. Subsequently, the company's NAV (net asset value) fell in 2024.
The operating cash flow per share was Tk 7.96 in the negative in 2024 as costs and expenses were higher than collections.