Singer announces 17.8% increase in sales revenue for Q2 2023

Singer Bangladesh Limited announced its unaudited results for the second quarter ended 30 June. 

The turnover increased to Tk10.92 billion compared to the previous year's Tk9.27 billion, a growth of 17.79%. The company persisted in implementing several marketing strategies throughout the quarter to boost sales. The biggest Eid festival was in Q2, 2023, said a press release.

Gross profit increased from Tk2.03 billion to Tk3.08 billion, a growth of 51.74% than the previous year. Necessary precautions were taken, prices and product mixes were reviewed accordingly.

Overall operating expenses were higher than last year, which is 17.9%, 15.8% in last year due to higher shop operating expenses, bad debt warranty, lease depreciation, increase of insurance cost, etc. 

Financial expenses were slightly higher than last year due to a higher level of actual borrowing being utilised at higher interest rates. The average interest rate has increased more than 1% compared with last year.

Profit after tax increased from Tk230 million to Tk583 million in 2023 with a growth of 153% with earnings per share increasing from Tk2.31 to Tk5.85.

The effective tax rate was lower than last year due to lower contribution from sales of CBU against which the advance income tax was paid at the port as the minimum tax liability.

Net operating cash flow per share stood at Tk.2.58) which was Tk34.05 in the previous year, reflecting significant improvement compared to the last year.