Singer in year of record growth

Net profit tops Rs 669 million in 2010:

The Singer Group passed a financial milestone in 2010 by recording Rs 16 billion in net revenue, which was the highest ever in the organization’s history, representing a growth of 34.5 percent over the previous year.

This steady trajectory of growth was driven by the Group’s growth across all major product lines, including televisions which grew by 29 percent, refrigerators by 36 percent, sewing machines by 35 percent, audios by 68 percent, DVD players by 63 percent, computers by 63 percent, and washing machines by 68 percent.

The Singer Group also demonstrated the strength of its diversified subsidiaries in 2010. Reviewing its performance, Singer Group CEO Asoka Peiris, noted that 2010 was a year of significant progress for the Group, with “Singer driving some of the changes in the market place.”

Singer Sri Lanka has used its leadership position to blaze new trails. The Group reaped substantial benefits in 2010 from its support of LCD and LED televisions and its championing of affordable laptop computers.

The Group’s staggering growth in revenue has sparked a similarly historic increase in group net profit, with Rs 669 million in net profit amounting to a growth of 403 percent over the previous year.

Singer Sri Lanka has leveraged these extremely favorable financial indicators to further strengthen its product and service offerings. Singer Sri Lanka has also tied up with supermarkets to offer consumer durable products alongside fast moving consumer goods.

Noting the success of its modern trade channels, Singer Mega and Singer Homes Group Chairman Hemaka Amarauriya stated that with the growth rate of the upper- and middle-classes “expected to increase to double digits this year, modern trade growth is now visible across supermarkets, department stores, and malls.”

Singer Sri Lanka has also expanded its distribution network for consumer durables by launching new shops in Akkaraipathu, Chavakachcheri, and Vavuniya, and also strengthening its wholesale network. Firmly aligning itself with the economic development of the Northern and Eastern regions of the country, the Singer Group has invested significant resources in order to benefit from the increasingly equitable distribution of wealth across the country.