Business

Singer Group FY 2020/21 performance ‘showcases dominant market leadership and brand equity’

Published

2 years ago

2021/05/19

The Singer Group announced a post-tax-profit of Rs.2.61 billion for FY 2020/21 from Rs.427.27 million achieved in the previous year. The Group also reported a profit-before-tax of Rs. 3.82 billion, a six-fold increase, compared to 2020/21.

Singer Group’s revenue increased by 23% to Rs.67.41 billion, reflecting a strong growth across key product categories across all channels. Top line growth coupled with continuous focus on driving operational excellence, digitalization and efficient working capital management resulted in Group’s operating profit increasing by 31% to Rs.5.38 billion during the year.

Group’s financial position also strengthened during the year, driven by a consistent growth in asset base and a considerable decline in borrowings.

The Group has been quick to respond to an unprecedented demand for digital adoption by expanding its range of digital devices including laptops, tablets and smart phones which were amply made available to the consumers by leveraging on the island-wide branch network. Group’s Consumer Durables, Home Appliances and Agro product portfolio also witnessed a steady growth specially during the second half of the financial year with the gradual opening up of the country. The Group’s e-commerce platform also performed exceedingly well during the year, in line with the exponential growth in online platforms.

During the year under review company was successful in augmenting its product offering and successfully uplifted the after-sales service standards whilst being able to improve the speed to market.

Group’s robust performance together with the sustainability of its future cashflows secured a multi-notch rating upgrade in Fitch Ratings. Accordingly, the Group’s credit rating was upgraded to AA (lka) from BBB+ (lka) and the outlook was rated as stable.

Commenting on Group’s performance, Mahesh Wijewardene, Group Chief Executive Officer said, “Despite the disruptions and unprecedented uncertainty presented by the COVID-19 pandemic, the tenacity and enterprising spirit of Team Singer propelled the organisation to achieve excellent financial results.

‘As we move forward, we are excited about actioning the strategic initiatives which were crafted with lot of deliberation and looking forward for the rolling out of Group’s rebranding exercise which is expected to evolve us into a future-fit brand with a solid foundation in trust, partnership and stability.’

(Singer)

All News Advertisement

Business

Once again, AIA ran for their lives – Proud sponsor for the 3rd consecutive year.

Published

3 hours ago

2023/04/2

Thilina Walpola

AIA Insurance was humbled to be a part of Run For Their Lives 2023, in raising funds for the Apeksha Cancer Hospital. The charity run aligns with AIA’s brand purpose of helping people live healthier, longer, better lives with focus on the prevention and management of Non-Communicable Diseases in Sri Lanka. The company will continue its commitment to fight NCDs and actively engage in creating awareness on leading NCDs in the country, AIA said in a news release.

“With AIA’s goal of making a positive impact on one billion lives by 2030, participants at RFTL were encouraged to make a pledge for a healthy habit that could help prevent illness and remain healthy in the long run. The participants also took part in a real-time survey that measured their unhealthy habits and recommended healthy lifestyle habits. Participants were also instantly rewarded for taking part in the wellness games and the free BMI sessions organised by one of AIA’s wellness partner Vida Medical Clinic,” it said.

Business

Exterminators PLC records 48% in capital gains and dividend payout of Rs. 31.5 M one year after listing

Published

3 hours ago

2023/04/2

Thilina Walpola

Managing Director of Exterminators PLC Marlon Ferreira and the team

Exterminators PLC, Sri Lanka’s premier pest tech and environmental enhancement technology company, celebrates one year on March 30th, 2023, upon its listing on the ‘Colombo Stock Exchange’. Founded with an initial investment of Rs. 75,000 way back in 1998, today’s market capitalization is over Rs. 470 million and the company also created history by becoming the first pest management company in South Asia and emerging and developing markets to be listed on the stock exchange. During the first nine months of the FY22-23, the revenue increased by 37%, the gross profit by 29%, the operating profit by 29%, the profit before tax by 63% and the net profit by 62%. The GP margin is 73%, the NP margin is 27% and the capital gain is 48% as of March 28, 2023. The company’s dividend payout in 2022 was LKR 31.5 million, which included a cash dividend of LKR 14 million and a scrip dividend amounting to LKR 17.4 million.

Marlon Ferreira, Managing Director of Exterminators PLC said: “We anticipate that the pest management and agricultural sectors will have significant growth in the mid- to long-term in Sri Lanka and the emerging developing markets. The company is expecting to reduce operational and administration costs due to the creation of synergies within divisions, which would have a positive impact on the bottom line and in turn create value for all stakeholders Operating from four locations in Colombo, Kandy, Malabe, and Dambulla, the company has set in place the necessary groundwork to expand to several key cities on the island and has plans to setup the global business expansion project in the first quarter of the financial year 23/24.

Business

Fcode Labs wins two awards at e-Swabhimani

Published

3 hours ago

2023/04/2

Thilina Walpola

Flingo and CarromBot, two products by Fcode Labs (Pvt) Ltd, a leading software development and digital solutions company, were adjudged winners at the e-Swabhimani Awards, an initiative of the Information Communication Technology Agency of Sri Lanka aimed at recognizing excellence in digital applications. This gala event was held recently in Colombo for the 11th consecutive time. CarromBot, an AI-based robot that can play a carrom game on its own, was awarded as a Winner in the Digital Entertainment category. The robot identifies the correct piece to shoot, the power, and the angle to shoot.

Flingo, a mobile application where you can draw art and chat in real time with your friends and loved ones, won a Merit award at the ceremony. Flingo provides a sophisticated set of drawing features and a smooth user experience for the users. Fcode Labs (Pvt) Ltd is a company based in Sri Lanka and Singapore that focuses on Digital Transformation, Digital Product engineering, AI, and Blockchain services.

Founded in 2018, it now comprises 60-members that work on developing high-quality Software products. Further details of the company can be accessed on their website www.fcodelabs.com. This is not the first time that Fcode Labs has won e-Swabhimani awards. The company was awarded in 2018 and 2019 for their innovative products. Recently it was also recognized as the 35th best workplace to work in Asia (Small to medium category) by Great Place to Work.