Singer reports 17.8% increase in sales revenue for Q2 2023
Singer Bangladesh Limited recently revealed its unaudited performance for the second quarter, ending on June 30. The company recorded a noteworthy surge in turnover, reaching Tk10.92 billion, a remarkable 17.79% growth compared to last year’s Tk9.27 billion. This upturn was attributed to the successful implementation of various marketing strategies aimed at bolstering sales, especially during the significant Eid festival in Q2, 2023, as per the company’s press release.
The gross profit also experienced an impressive upswing, rising from Tk2.03 billion to Tk3.08 billion, marking a substantial 51.74% increase over the previous year. To achieve this growth, the company carefully reviewed prices and product mixes while taking necessary precautions.
Despite the positive trends, overall operating expenses in the current quarter were higher than the previous year, up by 17.9%, primarily due to increased shop operating expenses, bad debt warranty, lease depreciation, and insurance costs, among other factors.
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The financial expenses also showed a slight increase compared to last year, driven by a higher level of actual borrowing at relatively higher interest rates, with the average interest rate surpassing last year’s figure by more than 1%.
Singer Bangladesh Limited reported an impressive boost in profit after tax, which soared from Tk230 million to Tk583 million in 2023, representing an astounding 153% growth. Consequently, earnings per share rose significantly, climbing from Tk2.31 to Tk5.85.
The company’s effective tax rate was lower than the previous year, primarily due to a decreased contribution from sales of Completely Built-Up (CBU) units, resulting in a reduced advance income tax payment at the port as part of the minimum tax liability.
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Notably, net operating cash flow per share saw a remarkable improvement at Tk2.58, compared to the previous year’s Tk34.05, reflecting significant progress and positive developments over the last year.
