Singer posts lowest profit in 14 years

Business Report :
Singer Bangladesh yesterday announced that it registered Tk 7.3 crore as profit after tax in 2022, the lowest in 14 years, attributing the increased cost of raw materials, higher freight rates and devaluation of taka against the US dollar for the fall.
The electronic and home appliance company said its profit after tax nosedived by 86 per cent last year from 2021 even though its turnover increased at the same time.
Singer recorded 8.1 per cent growth in turnover to reach Tk 1,710 crore in 2022 from the previous year, according to a statement.
“The company continued to implement a number of marketing initiatives during the year to improve sales,” the multinational company said while announcing 10 per cent cash dividend for shareholders. Singer, one of the largest retailers of consumer durables in Bangladesh with 437 outlets, also said its earnings per share decreased to Tk 0.73 in 2022 from Tk 5.2 the year prior.