Singer Bangladesh Ltd has posted higher revenue and profit in the first half of 2021 compared to the same period of the previous year.
It witnessed a 133% growth in profit and 44% growth in revenue in the January-June period of 2021. It achieved 66% and 250% growth in turnover and profit respectively in the April-June period of this year, said Singer Bangladesh in its half yearly financials published on both the stock exchanges' websites on Thursday.
The company said the results of their performance in the first six months of this year have fallen short of the management's expectation and target due to the restrictions imposed for curbing the Covid-19 infections.
Singer Bangladesh said in its financial statement, "With the deterioration of Covid-19 since the end of first quarter of 2021 the achieved results have been deviated much more than it was expected, although the company could manage to recoup its business growth and fetch better financial results than the second quarter of 2020."
In the first half of 2021, its revenue stood at Tk873.33 crore and profit at Tk46.77 crore. Its earnings per share (EPS) stood at Tk4.69. During the same period last year, its revenue was Tk601.08 crore, profit Tk20.11 crore, and EPS Tk2.02.
In the April-June period of this year, its revenue stood at Tk496.57 crore, profit Tk28.76 crore and EPS Tk2.89. at the same time of the previous year, its revenue was Tk299.49 crore, profit Tk8.22 crore and EPS Tk0.82.
The company said in its financial statements, "Revenue and net results in both Q1 and Q2 of 2021 have exceeded the results of Q1 and Q2 of 2020 respectively. For all first three months, sales exceeded the expected amount as positive customer behavior for appliances products and turnout was experienced during the period."
It also said, "Sales targets were achieved for the month of April at far short of expectation due to severe restrictions which impaired the overall economic activities and continued to drag onto the month of May and June successively."
Singer Bangladesh was listed on the stock Exchanges in 1983. In 2020, the company made a profit of Tk78.23 crore, which was 24% lower compared to the previous year.
As its profit decreased, the company paid a 30% cash dividend, which was 77% in the previous year.