Singer recommends 30% cash dividend
It has decided to be renamed “Singer Bangladesh PLC”
Electronics and home appliance manufacturer Singer Bangladesh has recommended a 30% cash dividend for its shareholders for the year 2020.
The multinational company has also decided to change its name to "Singer Bangladesh PLC".
The decision was made at a board meeting on Monday.
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To approve the dividend and annual accounts, the company scheduled the annual general meeting for 15 April and set 16 February as the record date.
Last year, its earnings per share fell by 24% to Tk7.85 due to the coronavirus pandemic, according to company officials.
Singer's revenue dropped by 41% in the second quarter of last year because of the countrywide 66-day general holiday declared to curb the novel coronavirus outbreak.
The company earned a revenue of Tk299.49 crore in the April-June period last year, down from Tk516.76 crore during the same period in the previous year.
In 2019, Singer reached a milestone in home appliance sales with a turnover of Tk1,500 crore and paid a 77% cash dividend to its shareholders.
Singer Bangladesh was listed on the Dhaka Stock Exchange (DSE) in 1983.
It sold only sewing machines till 1985. Later, it included electronics and home appliances in its list of products.
Singer used to import 90% of its products and manufacture only 10% a decade ago. Now, it locally manufactures 62%, reducing its import figures.
The closing price of each share of the company stood at Tk178.80 on Monday at the DSE.
Of the company's total shares, sponsors and directors jointly hold 57%, institutional investors 19.39%, foreign investors 6.81%, and general investors 16.80%.
