Electronics giant Singer Bangladesh enjoyed a remarkable year in 2023, posting a staggering 615% year-on-year jump in profits.
Sales of Tk 17 billion fueled the company’s success, propelling after-tax profits to Tk 522 million, compared to just Tk 73 million in 2022.
Singer’s strong performance stemmed from a combination of strategic moves and market resilience. A shift towards manufacturing, optimized expenses, and a ‘strong pricing policy’ boosted the company’s gross profit margin from 23% to 28.8%. This translated into impressive gains for shareholders, with earnings per share skyrocketing from Tk 0.73 to Tk 5.24.
Despite facing industry-wide headwinds like currency devaluation, credit restrictions, and global supply chain disruptions, Singer navigated these challenges with aplomb. The company acknowledged higher financial expenses due to rising interest rates but emphasized its commitment to competitive pricing for both consumers and rivals.
Looking ahead, Singer’s board expressed confidence in the company’s future, aiming to ‘further accelerate operations’ and leverage its global expertise to solidify its market position. With a robust brand image and extensive network of 451 retail stores across Bangladesh, Singer appears well-positioned to maintain its impressive trajectory.