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Singer’s revenue rises but profit plunges in 2022

FE REPORT | January 26, 2023 00:00:00

Singer Bangladesh reported a turnover of Tk 17.10 billion for the year ended in December 2022, growing at an 8.10 per cent from the previous year.

The profit, however, fell around 86 per cent during the time.

The company said it had continued to deploy a number of marketing strategies during the year which helped boost the turnover.

Its operating expenses grew at a slower pace than the revenue growth in the calendar year of 2022.

A persistent focus on managing operating expenses helped keep the cost low.

Expenses in 2022 accounted for 18.50 per cent of the revenue while it was 18.10 per cent of the revenue the year before.

The company's profit after tax plunged from Tk 518.40 million to Tk 73.10 million in 2022 and the earrings per share (EPS) from Tk 5.20 to Tk 0.73 as the profit margin shrunk and tax burden increased.

Singer recommended 10 per cent cash dividend for 2022.

During the year, the cost of sales increased significantly due to hikes in raw materials' prices and freight charge and the devaluation of the taka against the dollar, read a press release issued on Wednesday.

The company's share price remained at the floor price of Tk 151.90 each on Wednesday.

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