COLOMBO: Singer Sri Lanka, the country’s premier consumer durables retailer, ended the 2014 financial year on a high note, recording a 27% growth in fourth quarter revenue that helped the Group achieve Rs.29.7 billion in annual revenue. Annual revenue grew by 16.5% in 2014, an increase driven by rising demand in key product categories.
With the exception of transportation, all other categories notched gains. The Group’s communication and digital media segment grew by 39%, while Agro, sewing products and kitchen-related products, grew by 30%, 27% and 17%, respectively. White goods grew by 15% while consumer electronics and furniture grew by 8% each.
Singer Group CEO Asoka Pieris noted that the 2014 financial year was one characterized by consolidation and recovery, following the economic downturn in 2013. Quarterly revenue growth accelerated over the course of the 2014 financial year, compared to the equivalent period in 2013. Indeed, quarterly revenue increased by 8% in the 1st quarter, 14% in the 2nd quarter, 15% in the 3rd quarter, and 27% in the 4th quarter.
The Group’s management expressed confidence that this growth trend would continue into the first quarter of 2015. Singer Sri Lanka’s net profits also recovered in 2014, rising 50% to reach Rs.782 million for the year. The Company’s net profit for 2014 improved to Rs.464 million, an increase of 54% over the previous financial year. Singer Finance, a subsidiary company, recorded a 3% increase in revenue and a 12% growth in net profit.
Total comprehensive income for the Group grew to Rs.891 million, an increase of 72% over the previous financial year, while the Company’s total comprehensive income grew by 92% to reach Rs.575 million. Although the financial figures reflect an encouraging turnaround for the Group, management cautioned that both profit and total comprehensive income are still below the levels achieved in 2012.
The retail giant expanded its portfolio of brands in 2014, with Singer Sri Lanka being named a distributor for internationally renowned brands such as Sony, Dell, Sharp, and Mitsubishi Air Conditioners. The Group’s multi-brand retail strategy has resonated with Sri Lankan customers, who appreciate its industry-best brand offering.
