Singer annual revenue surges to Rs 29.7 b
Singer Sri Lanka ended the 2014 financial year on a high note,
recording a 27% growth in fourth quarter revenue that helped the Group
achieve Rs. 29.7 billion in annual revenue. Annual revenue grew by 16.5%
in 2014, an increase driven by rising demand in key product categories.
With the exception of transportation, all other categories notched
gains. The Group's communication and digital media segment grew by 39%,
while agro, sewing products and kitchen-related products, grew by 30%,
27% and 17%. White goods grew by 15% while consumer electronics and
furniture grew by 8% each.
Singer Group CEO Asoka Pieris said that the 2014 financial year was
one characterised by consolidation and recovery, following the economic
downturn in 2013.
Quarterly revenue growth accelerated over the course of the 2014
financial year, compared to the corresponding period in 2013.
Indeed, quarterly revenue increased by 8% in the first quarter, 14%
in the second quarter, 15% in the third quarter, and 27% in the fourth
quarter.
The Group's management expressed confidence that this growth trend
would continue into the first quarter of 2015. Singer Sri Lanka's net
profits also recovered in 2014, rising 50% to reach Rs. 782 million for
the year.
The Company's net profit for 2014 improved to Rs. 464 million, an
increase of 54% over the previous financial year. Singer Finance, a
subsidiary company, recorded a 3% increase in revenue and a 12% growth
in net profit.
Total comprehensive income for the Group grew to Rs. 891 million, an
increase of 72% over the previous financial year, while the Company's
total comprehensive income grew by 92% to reach Rs. 575 million.
Although the financial figures reflect an encouraging turnaround for the
Group, management cautioned that profit and total comprehensive income
are still below the levels achieved in 2012.
The retail giant expanded its portfolio of brands in 2014, with
Singer Sri Lanka being named a distributor for internationally renowned
brands such as Sony, Dell, Sharp, and Mitsubishi Air Conditioners. The
Group's multi-brand retail strategy has resonated with Sri Lankan
customers, who appreciate its industry-best brand offering. |