SINGER’s Profit Hit THB165 Million in 3Q21, Up 41% from Higher Interest Income and Sales

Singer Thailand Public Company Limited (SINGER) has announced its 3Q21 consolidated financial statement through the Stock Exchange of Thailand as follows;

For the 3rd quarter of 2021, SINGER had net profit of Baht 165 million which increased by Baht 48 million or 41.0% from net profit of Baht 117 million of the 3rd quarter of previous year.

For the 9-month period of  2021, the company had net profit of Baht 488 million which increased by Baht 169 million or 53.0% from net profit of Baht 319 million of the same period of previous year.

Total revenue for the periods increased by Baht 70 million and Baht 556 million, respectively, this resulted from the major increase in revenue from sales of goods and interest income from hire-purchase contract and loans.

Revenue from sales of goods in the 3rd quarter decreased by Baht 36 million or 6.7% and cost of sales of goods decreased by Baht 50 million, resulting in Gross margin 49.8%. For the 9-month period of 2021,revenue from sales of goods increased by Baht 197 million or  11.5% and cost of sales of goods increased by Baht 3 million, resulting in Gross margin 48.5%. Major sales were from top 5 products which were Air conditioners, Freezers, Fuel vending machines, Washing machines and TV.

The growth in sales in 2021, resulted from the fact that SINGER consistently adapted to market conditions, including increasing the number of salespersons and arranging sales teams to be more efficient.

For the 3rd quarter and  the 9-month period of 2021, interest income from hire-purchase contract and loans of SINGER increased by Baht 108 million and Baht 369 million, respectively since an expansion of the loans portfolio.