Colombo, 18th May 2021: Showcasing its dominant market leadership and brand equity, the Singer Group announced a post-tax-profit of Rs.2.61 billion for FY 2020/21 from Rs.427.27 million achieved in the previous year. The Group also reported a profit-before-tax of Rs. 3.82 billion, a six-fold increase, compared to 2020/21.
Singer Group’s revenue increased by 23% to Rs.67.41 billion, reflecting a strong growth across key product categories across all channels. Top line growth coupled with continuous focus on driving operational excellence, digitalization and efficient working capital management resulted in Group’s operating profit increasing by 31% to Rs.5.38 billion during the year.
Group’s financial position also strengthened during the year, driven by a consistent growth in asset base and a considerable decline in borrowings.
As Sri Lanka’s leading consumer durables retailer, the Group has been quick to respond to an unprecedented demand for digital adoption by expanding its range of digital devices including laptops, tablets and smart phones which were amply made available to the consumers by leveraging on the island-wide branch network. Group’s Consumer Durables, Home Appliances and Agro product portfolio also witnessed a steady growth specially during the second half of the financial year with the gradual opening up of the country. The Group’s e-commerce platform also performed exceedingly well during the year, in line with the exponential growth in online platforms.
During the year under review company was successful in augmenting its product offering and successfully uplifted the after-sales service standards whilst being able to improve the speed to market.
Group’s robust performance together with the sustainability of its future cashflows secured a multi-notch rating upgrade in Fitch Ratings. Accordingly, the Group’s credit rating was upgraded to AA (lka) from BBB+ (lka) and the outlook was rated as stable.
Commenting on Group’s performance, Mahesh Wijewardene, Group Chief Executive Officer said, “Despite the disruptions and unprecedented uncertainty presented by the COVID-19 pandemic, the tenacity and enterprising spirit of Team Singer propelled the organisation to achieve excellent financial results.
As we move forward, we are excited about actioning the strategic initiatives which were crafted with lot of deliberation and looking forward for the rolling out of Group’s rebranding exercise which is expected to evolve us into a future-fit brand with a solid foundation in trust, partnership and stability.