Country's electronic and home appliance industry insiders remained optimistic on increased profitability of the companies concerned in 2014 spurred by strong resilience.
"Despite political unrest that enforced to shut down the sales points of our company for about 90 days in 2013, we were able to create demand for our products being successful in both retail and wholesale," Singer said in its latest annual report.
Despite some unfavorable environments in the last year, the company was able to maintain revenue at a reasonable level, Chairman of Singer Bangladesh Mahbub Jamil said.
In 2013, Singer's revenue was recorded at Tk 6,605 million, which is lower by 1.47 per cent over the year 2012; its net income was also declined by 22.07 per cent compared to the last year.
"Following three quarters of strong performance, our revenue results in the fourth quarter were impacted adversely by the worsening political unrest. Truly, we did business in 2013 for 9 months instead of 12 months," the chairman said.
The company will hold its 34th AGM today (Monday).
Singer Bangladesh Ltd continues its expansion and diversification programme to maintain the growth of the company.
As part of its constant expansion and diversification programme, the company has planned to establish Air Conditioner manufacturing plant in the coming days at the Singer Electronic Complex in Savar, according to its Annual Report-2013.
In the last year, Singer also took a new expansion programme for establishing Singer Home Furniture manufacturing unit that went into commercial production from September 9, 2013.
"The Singer Furniture is one of the high quality products, and will contribute to our future growth and profitability," Mr Mahbub Jamil said.
AM Hamim Rahmatullah, Managing Director and CEO of the company said that Singer continued to position itself as the most preferred consumer durable retailer and wholesaler for meeting the growing needs of the consumers.
In 2013, Singer's thrust sector was Refrigerator, whose revenue grew by 3.51 per cent in comparison to the previous year. In this sector, the company already established itself as a leading player with Singer Brand, Mr Rahmatullah said.
Furniture sector is a rapidly growing industry, where Singer made its presence felt by introducing Sofa in four different models, he said, adding that new categories of furniture are expected to be launched in 2014.
"Utilizing our strength and breath in sourcing products, Singer has been able to supply high quality products for meeting consumer needs. The company continued to introduce new product lines and new models," said Mr Rahmatullah.
In the year 2013, the company's distribution network was further extended with the inclusion of 34 new retail shops throughout the country; it contributed Tk 1,805 million to the national exchequer in the form of duties, VAT and corporate tax, as per the annual report.
The Board of Directors of the company has recommended cash dividend of Tk 10 per ordinary share and issuing of one bonus share for every four ordinary shares.
In the last year, Singer received a number of awards and recognitions that include Certificate of Merit award from the Institute of Chartered Accountants of Bangladesh (ICAB) in the manufacturing sector for the best published accounts and reports for the Annual Report 2012, Most Respected Company Awards-2013 from Business Asia, and Dun & Bradstreet Corporate Awards-2012 for its business performance in 2012.
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