SINGER’S PROFITS INCREASED BY 250% IN Q2’212 min read
Singer Bangladesh Ltd one of the leading manufacturers & retailer of home appliances and consumer electronics have recently published its’ Q2 (Apr-Jun) financial report for the year 2021. As per the report, the revenue of the company was Tk 4,965.7 million in Q2’21 from Tk 2,995.0 million in Q2’20. Profit after tax was Tk 287.7 million in Q2’21 which was Tk 82.2 million in Q2’20 (Growth of 250% YoY).
Despite various forms of restrictions were imposed from Apr’21 for the second phase of the Covid-19 outbreak Singer Bangladesh has been able to grow by 65.8% YoY. This was mainly due to positive customer behavior towards appliance purchases as the economy was reviving from the dismal year of 2020. In the first six months of 2021, the company grew by 44.1% YoY to Tk 8,733.4 million.
Profit grew by 249.9% YoY in Q2’21 mainly due to higher sales, lower operating expense growth relative to sale growth & lower financial expense. Operating expenses grew by 45.0% YoY in Q1’21 whereas sales grew by 65.8% YoY. The net financing cost of the company declined by 12.4% YoY to Tk 106.8 million in Q1’21 from Tk 121.1 million in Q1’20. Profit after tax grew by 232.3% YoY in the first six months of 2021.
The third quarter might be another challenging period for the company as Bangladesh is now facing the 3rd and the deadliest of Covid-19. Already the fatality count as of 14th July (2,549) has overtaken the previous deadliest month data of Apr’21. Since the 3rd phase of lockdown 100+ branches/shops of Singer Bangladesh are unable to operate. Hence the sales will of the company will depend on how quickly the country recovers from the Delta variant wave of Covid-19.
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