Singer declares 100pc cash dividend as earnings soar 37pc

Singer Bangladesh Limited recorded a 37.4 per cent increase in earnings, whilst reporting its audited results for the year ended on December 31, 2017.

The company maintained its long history of strong dividends, declaring a 100 per cent cash dividend amounting to Tk 766 million, said a statement issued on Thursday.

Commenting on the 2017 results, Gavin Walker, Singer Bangladesh Chairman, noted, "The Singer Bangladesh revenue has increased an impressive 60 per cent over the past two years, with net income more than doubling in that period."

He said the results demonstrated that Singer has continued to build on its position as the leading international appliance brand in Bangladesh.

"In 2018 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," said Mr Walker.

"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. 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."

Singer is the largest retailer of consumer durables in Bangladesh, with 380 company owned stores. Singer commenced operations in the region in 1905, being famous for sewing machines and hire purchase finance.

Today Singer sells all categories of household consumer durables under the Singer and third-party brands. The Company also has nearly 500 wholesale dealers. Singer Bangladesh is 57.0 per cent owned by Retail Holdings Bhold B.V. (The Netherlands) and the shares of the company are publicly traded in DSE and CSE.