Singer Sri Lanka Group CEO Asoka Pieris

Singer Sri Lanka recorded Rs. 18 billion in revenue, a 28% surge in the first half of the 2015 financial year compared to the previous year.

The Group’s continued initiatives and expansion plans and overall improvement in the business environment has contributed to this impressive growth momentum, the firm said in a statement.

Establishing new shops and renovating existing ones, introducing and securing new brands, products, dealers and distributorships has helped the Group consolidate its strong position as the nation’s leading retailer in consumer durables.As an example, Singer Sri Lanka’s new brands and Distributorships of DELL, SONY, MITSUBHISHI and SHARP contributed a staggering Rs. 1,246 Million in revenue in the first half of 2015 when compared to Rs. 99 Million during the previous year.

The Group Net Profit for the first half witnessed remarkable growth of 141% to Rs. 660.3 Million when compared with the previous year. Also noteworthy is the increase in the Company’s first half Net Profit to Rs. 508.5 Million, an increase of 130%. However, Asoka Pieris, Singer Sri Lanka Group CEO cautioned “Whilst the figures of 2015 are very encouraging and show a marked increase in profits from the previous two years, the overall profit figure is still 3% below that of 2012, which was the highest profit recorded at half year.

The Group’s 2nd quarter Revenue rose to Rs. 9.4 Billion reflecting a growth of 29% over the same period in the previous year.

Leading this continued growth trend is the Group’s Communication and the Digital Media segment which grew by 79%. The Company’s new subsidiary Singer Digital Media (Pvt) Limited specializing in mobile phone sales and computers to the trade channel contributed Rs. 1,402 Million through revenue to external parties.

Other segments driving Singer’s impressive results include the Agro segment which grew by 66%, Furniture by 25%, Sewing and Kitchen related products grew 37% and 39% respectively. The largest segments, White goods and Electronics also grew by 17% and 14% respectively.

Revenue from the Group’s public listed subsidiary Singer Finance (Lanka) PLC grew by only 2% due to lower lending rates. However, good volume growth and corresponding reduction in borrowing rates lead to a growth in Net Income increasing net profitability by 60%.