Singer (Sri Lanka) PLC last week announced its results for the year ended December 31, 2016. Group Revenue increased 21% over the previous year to Rs. 46.9 Billion and Group Net Profit increased 91% to Rs. 2,358 Million.
The growth in Revenue and Net income is primarily due to the significant initiatives and expansion undertaken by the Group including; the launch of Singer’s own Credit Card with Visa; the launch of the new Singer Vista Smart TV range; the acquisition of Regnis (Lanka) PLC and Singer Industries (Ceylon) PLC and the expansion of Digital Media Corners in retail shops.
The Group also continued its successful campaigns and launch of new models for most of its products and brands.Singer (Sri Lanka) declared a dividend of Rs. 8.80 per share for 2016 an increase of 110% over the prior year, continuing its long history of robust dividend payments.
There was significant growth in all key product categories. Particularly, tablets grew by 105%, air conditioners by 57% and smart phones by 54%.
Singer (Sri Lanka) acquisition of majority stakes in Singer Industries (Ceylon) PLC and Regnis (Lanka) PLC were from its parent company Retail Holdings (Sri Lanka) B.V. (formerly known as Singer (Sri Lanka) B.V.) and resulted in a one-time gain on bargain purchase amounting to Rs. 564.5. Million.
Post- Acquisition Net Income of these two companies are consolidated in the Group results of Singer (Sri Lanka) PLC. There was no increase in Group Revenue due to this acquisition.
Group Revenue in the 4th Quarter increased 19% to Rs. 13.8 Billion while Net Profit increased by 49% to Rs. 603.6 Million.The 2016 financial results in the case of Singer (Sri Lanka) PLC company only, recorded an increase of 29% in Net Profit amounting to Rs. 1,112 Million. Group CEO Asoka Pieris said, “We are pleased to report outstanding growth during 2016 and are optimistic that with initiatives underway the momentum will continue in 2017 and beyond.Singer Sri Lanka’s strong commitment to maintaining excellence in product quality and customer service has resulted in enhanced customer perceptions bringing growth for the company.”