Singer’s profit doubles in first 9 months
Singer Sri Lanka recently announced strong third quarter results that validate its dedication to customer satisfaction.
In his review, CEO Asoka Pieris noted that the group’s revenue rose to Rs. 15.47 billion at the end of the first nine months.
The revenue represents a growth of 37% over the same period of the previous year and reflects Singer Sri Lanka’s unbeatable leadership position in consumer durable goods. Boosted by a buoyant economy, consumers have greatly increased their demand for the company’s products and services.
The increase in sales volume, together with higher margins and lower interest costs, contributed to the group’s pre-tax profits growing by 84% to Rs. 1,434 million, while profit after tax surged by 101% to reach Rs. 875 million in the first nine months. The company continued to introduce a wide range of cutting-edge consumer products.
For example, in the period under review, Singer Sri Lanka unveiled multiple brands of LCD and LED televisions, the groundbreaking Samsung Smart TV, a selection of Blue-Ray players, including Singer’s own model, Hitachi and Singer side-by-side refrigerators, and much more.
These new products, coupled with lower selling prices due to reductions in taxes and duties, and increased advertising and promotions resulted in an increase in sales volumes.
Indeed, unit sales of televisions increased by 64% over the same period of the preceding year, while sales of refrigerators, washing machines, and audio equipment improved by 34%, 35%, and 112% respectively.
Other product lines that showed outstanding growth included computers (65%), air-conditioners (116%), DVD players (98%), small kitchen appliances (67%) and fans (77%).
The group’s multi-brand marketing strategy, as well as its desire to reach more Sri Lankans all across the island, has clearly driven its stunning success. In the period under review, Singer Sri Lanka opened 11 new outlets, while Singer Finance opened a fully-fledged new branch in Ampara and added two new service window outlets.
The group displayed resilience in overcoming the floods which devastated certain parts of the island. Indeed, while investing significant resources towards helping affected countrymen rebuild their lives, Singer Sri Lanka pushed for, and achieved, accelerated growth in unaffected areas, relying on the country’s largest retail network to drive growth.
The group is able to offer shoppers unrivalled quality, convenience and choice. Singer Sri Lanka further extends this value proposition by having the country’s most extensive service network, guaranteeing that customers all over the island continue to feel secure in their purchases and ensuring that the group continues to move from strength to strength.
