Singer’s profits more than double in first half

Profits of Singer Bangladesh more than doubled in the first half of the current calendar year thanks to higher sales coupled with lower import costs and freight rates.

The multinational retailer of consumer durables logged profits of Tk 58 crore in the January-June period of 2023, up 158 per cent year-on-year, according to the company's financial statements.

Singer's profits soared mainly due to higher sales, which rose 17.8 per cent year-on-year to Tk 1,090 crore, it said.

The sales rose considering the company's wholehearted efforts to start the year with new inspiration despite the continuation of a few domestic and global issues, such as the Russia-Ukraine war, high inflation and volatility in the forex market.

And although these issues are not fully under control, people now accept the increased market prices as all commodities saw price hikes during the six-month period, it added.

Singer's profits soared mainly due to higher sales, which rose 17.8 per cent year-on-year to Tk 1,090 crore, the company said

Besides, the company persisted in implementing several marketing strategies throughout the March-June quarter to boost sales amid the Eid festival that took place at the time.

This ultimately increased the sales, the company said in a press release.

Singer is strongly present in the appliances market and will further accelerate its operation in the medium to long term.

By leveraging its global expertise, scale, and knowledge, Singer will work to enhance its strong market position with its strong brand image, it added.

The company's earnings per share stood at Tk 5.85 in the first half of 2023 while it was Tk 2.31 during the same period of the previous year.

Singer's stocks listed with the Dhaka Stock Exchange remained the same at Tk 151.90 as of last Thursday.