The SINGER Bangladesh Limited recorded a 12 percent increase in earnings, according to its unaudited report for the calendar year 2019.
The company maintained its long history of strong dividends, declaring a 77 percent cash dividend worth Tk768 million, said a press release.
As per the yearend report the company's turnover increased by 14.2 percent to Tk15.5 billion while operating profit increased by 17.6 percent, with higher operating margins at 12.6 percent, against the previous year's 12.2 percent.
SINGER continued to focus on managing operating expenses, which was 16.5 percent in 2019 against 16.7 percent in the previous year.
Profit after tax increased by 12 percent to Tk1,032 million, with earnings per share increasing at the same rate to Tk10.35 per share.
Cash dividend increased 157 percent over the previous year. It was recommended to increase authorised capital from Tk1,000 million to Tk2,500 million.
SINGER continued to enjoy significant increases in unit sales, particularly when it comes to air conditioners, washing machines, sewing machines and refrigerators, as marketing has been boosted by a combination of advertising and sales promotion activities.
During 2019, Emerging Credit Rating Limited (ECRL) announced that it has maintained its AAA long-term credit rating for SINGER Bangladesh with a stable outlook for the company.
Commenting on the 2019 results, SINGER Bangladesh Chairman Dr Fatih Kemal Ebiclioglu said, "The SINGER Bangladesh revenue has increased an impressive 40 percent over the past two years, with net income growing more than 38 percent in the period."
"These results demonstrate that SINGER continues to be the leading international appliance brand in Bangladesh. In 2020 and beyond, we plan to further increase our retail space and dealer numbers to capitalise on the opportunities available in this fast growing and exciting sector," he said.
Dr Fatih added, "SINGER has been a public company in Bangladesh since 1983. SINGER is widely regarded as one of the blue-chip multinational companies in Bangladesh and is committed to the highest ethical and corporate governance standards".