Singer Sri Lanka reports impressive first half

Singer Sri Lanka recorded Rs.18 billion in revenue, a 28 percent surge in the first half of the 2015 financial year compared to the previous year.

The group’s continued initiatives and expansion plans and overall improvement in the business environment has contributed to this impressive growth momentum.

Establishing new shops and renovating existing ones, introducing and securing new brands, products, dealers and distributorships has helped the Group consolidate its strong position as the nation’s leading retailer in consumer durables. As an example, Singer Sri Lanka’s new brands and Distributorships of Dell, Sony, Mitsubhishi and Sharp contributed a staggering Rs. 1,246 million in revenue in the first half of 2015 when compared to Rs. 99 million during the previous year.

The group net profit for the first half witnessed remarkable growth of 141 percent to Rs.660.3 million when compared with the previous year.

Also noteworthy is the increase in the company’s first half net profit to Rs.508.5 million, an increase of 130 percent. However, Asoka Pieris, Singer Sri Lanka Group CEO cautioned; “Whilst the figures of 2015 are very encouraging and show a marked increase in profits from the previous two years, the overall profit figure is still 3 percent below that of 2012, which was the highest profit recorded at half year. The group’s second quarter revenue rose to Rs.9.4 Billion reflecting a growth of 29 percent over the same period in the previous year.

Leading this continued growth trend is the group’s communication and the digital media segment which grew by 79 percent. The company’s new subsidiary Singer Digital Media (Pvt) Limited specializing in mobile phone sales and computers to the trade channel contributed Rs.1.4 billion through revenue to external parties. Other segments driving Singer’s results include the agro segment which grew by 66 percent, furniture by 25 percent, sewing and kitchen related products grew 37 percent and 39 percent respectively.