Singer Bangladesh holds 45th Annual General Meeting
The 45th Annual General Meeting (AGM) of Singer Bangladesh Limited was held on Tuesday, 24 April 2025 through a digital platform. Mr Can Dincer, Director of Singer Bangladesh Limited, presided over the meeting.
In his address, the Chairman reflected on some of the year's significant milestones. He noted that in March 2024, the company launched its first Singer-Beko concept store in Dhaka. This development marked a major breakthrough in retail excellence, bringing a global retail experience to customers in Bangladesh. Additionally, in January 2025, the company began production at its newly inaugurated state-of-the-art manufacturing plant located in the Bangladesh Special Economic Zone (BSEZ).
During the meeting, shareholders approved a 10 percent cash dividend for the financial year 2024. The company recorded a 10 percent growth in total revenue, rising to Tk. 1,866 million in 2024 from Tk. 1,733 million in 2023. While this increase demonstrates a sustained market presence, the company experienced a drop in gross profit margin from 29 percent to 27 percent. The decline was attributed to higher costs of goods sold, driven by ongoing inflation and exchange rate devaluation.
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Despite the rise in revenue, the company reported a net loss of Tk. 489 million in 2024, compared to a net profit of Tk. 522 million in 2023. Earnings per share reflected this downturn, standing at a negative Tk. 4.91. A significant factor behind this performance was the sharp rise in interest expenses. These costs increased by 137 percent, surging from Tk. 604 million in 2023 to Tk. 1,433 million in 2024, due to greater reliance on borrowing and higher interest rates.
A large number of shareholders actively participated in the AGM through the digital platform. Several valuable suggestions were shared during the session, which were positively received by the management and addressed accordingly.
Despite current financial challenges, Singer Bangladesh reaffirmed its commitment to long-term growth and delivering sustainable value to its shareholders.
