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Singer 4Q growth helps annual revenue to surpass Rs. 29 bn
Consumer durables retailer Singer Sri Lanka ended the 2014 financial year on a high note, recording a 27 percent growth in fourth quarter revenue that helped the Group achieve Rs. 29.7 billion in annual revenue. Annual revenue grew by 16.5 percent in 2014, an increase driven by rising demand in key product categories.With the exception of transportation, all other categories notched gains. The Group’s communication and digital media segment grew by 39 percent, while Agro, sewing products and kitchen-related products, grew by 30 percent, 27 percent and 17 percent respectively. White goods grew by 15 percent while consumer electronics and furniture grew by 8 percent each.
Singer Group CEO Asoka Pieris noted that the 2014 financial year was one characterized by consolidation and recovery, following the economic downturn in 2013. Quarterly revenue growth accelerated over the course of the 2014 financial year, compared to the equivalent period in 2013. Indeed, quarterly revenue increased by 8 percent in the 1st quarter, 14 percent in the 2nd quarter, 15 percent in the 3rd quarter, and 27 percent in the 4th quarter.
The Group’s management expressed confidence that this growth trend would continue into the first quarter of 2015. Singer Sri Lanka’s net profits also recovered in 2014, rising 50 percent to reach Rs. 782 million for the year. The Company’s net profit for 2014 improved to Rs. 464 million, an increase of 54 percent over the previous financial year. Singer Finance, a subsidiary company, recorded a 3 percent increase in revenue and a 12 percent growth in net profit.
Total comprehensive income for the Group grew to Rs. 891 million, an increase of 72 percent over the previous financial year, while the Company’s total comprehensive income grew by 92 percent to reach Rs. 575 million. Although the financial figures reflect an encouraging turnaround for the Group, management cautioned that both profit and total comprehensive income are still below the levels achieved in 2012.
The retail giant expanded its portfolio of brands in 2014, with Singer Sri Lanka being named a distributor for internationally renowned brands such as Sony, Dell, Sharp, and Mitsubishi Air Conditioners. The Group’s multi-brand retail strategy has resonated with Sri Lankan customers, who appreciate its industry-best brand offering.
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