Dhaka : Singer Bangladesh recorded a 12 per cent rise in earnings for the year ending on December 31, 2019 when the company declared 77 per cent cash dividend amounting to BDT 76.8 crore for its shareholders.
In 2019, the company's turnover increased by 14.2 per cent to BDT 1,550 crore while its operating profit rose 17.6 per cent with higher operating margins at 12.6 per cent, up from 12.2 per cent in the previous year.
"These results demonstrate that Singer has continued to build on its position as the leading international appliance brand in Bangladesh," said Fatih Kemal Ebiclioglu, Chairman, Singer Bangla-desh.
"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."
"Singer Bangladesh's revenue has increased at an impressive rate of 40 per cent over the past two years, with net income more than 38 per cent in that period," he said.
Singer has been a public company in Bangladesh since 1983 and is the only listed household consumer durable company available to investors on the stock exchanges, he said.
"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."
The company's profit after tax jumped up by 12 per cent to BDT 103.2 crore with earnings per share increasing at the same rate to BDT 10.35 per share, the company said in a statement.
The company also recommended increasing its authorised capital from BDT 100 crore to BDT 250 crore, according to the statement.
During 2019, Emerging Credit Rating Ltd announced that it has maintained its AAA long-term credit rating for Singer Bangladesh with a stable outlook for the company.
Singer Bangladesh, which currently has 405 company owned stores and nearly 1,000 wholesale dealers, is 57 per cent owned by Retail Holdings Bhold BV (The Netherlands). The shares of the company are publicly traded in the Dhaka Stock Exchange and Chittagong Stock Exchange.