30. Singer (Sri Lanka)
Singer (Sri Lanka) enters the Business Today TOP 30 ranking for the first time at number 30. With Government policy changing to provide a more conducive environment for the consumer and greater purchasing power, Singer (Sri Lanka) was able record substantial growth during the financial year.
In order to cater to customer demand, the Group implemented a growth strategy that included establishing new shops, improving and renovating existing shops, securing new brands and the introduction of new products.
The Group recorded a revenue of 38.7 billion rupees, which was an increase of 30 per cent. Net profit saw an increase of 58 per cent to reach 1.2 billion rupees. The major company Singer Sri Lanka recorded a profit of 859 million rupees, which was an increase of 85 per cent, while subsidiaries Singer Digital and Singer Finance showed significant profits as well. Consumer electronics and the sewing category recorded high performance during the financial year. Singer (Sri Lanka) continues the expansion of its branch network and has aimed to cater further to the North and East.
Singer (Sri Lanka) acquired controlling stakes of domestic consumer durable manufacturers Regnis (Lanka) and Singer Industries (Ceylon), with the aim of showcasing stronger results in the future.
Being the household name as the leading consumer durable retailer in the country, Singer Sri Lanka is in a good position to utilise opportunities created by the new economic direction of the Government that will see Sri Lanka to become a retail hub.