2010: Record year of growth for Singer Sri Lanka

The Singer Group recorded Rs. 16 billion in net revenue in 2010, which was the highest ever in the organisation’s history, representing a growth of 34.5 percent over the previous year.

This increase was driven by the Group’s growth across all major product lines, including televisions which grew by 29 percent, refrigerators by 36 percent, sewing machines by 35 percent, audios by 68 percent, DVD players by 63 percent, computers by 63 percent, and washing machines by 68 percent.

The Group also demonstrated the strength of its diversified subsidiaries in 2010.

Singer Finance’s Initial Public Offering was a historic moment for the Group and for the Colombo bourse, smashing Sri Lankan stock market records by being 134 times oversubscribed. Singer Group CEO Asoka Peiris said that 2010 was a year of significant progress for the Group, with “Singer driving some of the changes in the marketplace.”

Singer Sri Lanka has used its leadership position to blaze new trails.

The Group reaped substantial benefits in 2010 from its support of LCD and LED televisions and its championing of affordable laptop computers.

Although the Group markets and sells a wide range of international brands, including, for the first time in Sri Lanka, Skyworth-branded televisions, Sri Lankan consumers continue to remain fiercely loyal to the Singer brand, with Singer LCD televisions and laptops outperforming all other brands.

The Group’s net profit was Rs. 669 million amounting to a growth of 403 percent over the previous year.

Singer Sri Lanka has tied up with supermarkets to offer consumer durable products alongside fast moving consumer goods.

Noting the success of its modern trade channels, Singer Mega and Singer Homes, Group Chairman Hemaka Amarasuriya said that with the growth rate of the upper and middle-classes “expected to increase to double digits this year, modern trade growth is now visible across supermarkets, department stores, and malls.”

The Group’s manufacturing arm has been bolstered, with the division experiencing a 71 percent increase in the volume of agro and domestic pumps and an increase of 44 percent in furniture.

In order to meet rapidly increasing demand, Singer Sri Lanka has acquired a state-of-the-art CNC machine. New products rolled out at Singer retail outlets include digital cameras and 3D televisions.

The Group has also reintroduced mobile phones to its product mix, giving digital-savvy consumers a wide range of choices.

The Group also expanded its range of financial services by adding five new utility and credit card companies to its innovative Easy Pay facility, through which customers can conveniently pay their bills.

The company also added to its educational offerings in 2011, opening the first Singer IT Academy in December and boosting its share of the home computer market.

The Group’s understanding of new technologies is evident in its implementation of an online, real-time ERP system, which optimizes inventory management and enhances control of its assets. This dedication to going beyond the simple sale of products has also driven the strengthening of its industry-best after-sales services.