Singer Bangladesh Limited has declared a 10 percent cash dividend for the year 2024.

The announcement was made during the company's 45th annual general meeting (AGM), held virtually today, according to a press release.

Can Dincer, director of the company, presided over the meeting.

In his address, Dincer stated, "In March 2024, we launched our first Singer-Beko concept store in Dhaka. The opening of this store marked a significant milestone and has elevated the standard of retail excellence, delivering a global retail experience to our customers in Bangladesh."

He further added, "In January 2025, we formally commenced production at our newly inaugurated, modern manufacturing plant located in the Bangladesh Special Economic Zone (BSEZ)."

A substantial number of shareholders participated virtually in the AGM, where they shared suggestions aimed at improving the company's performance. These inputs were received positively and addressed accordingly by the management.

The company recorded a 10 percent increase in total revenue, rising to Tk 186.6 crore in 2024 from Tk 173.3 crore in 2023. While this growth reflects Singer's sustained market presence, it was insufficient to offset a decline in the gross profit margin, which fell from 29 percent to 27 per cent.

This contraction in margin was primarily attributed to a rise in the cost of goods sold, driven by elevated inflation and currency devaluation.

Net profit experienced a significant downturn, shifting from a profit of Tk 52.2 crore in 2023 to a loss of Tk 48.9 crore in 2024. Consequently, earnings per share declined to a negative Tk 4.91.

A major factor impacting the year's financial performance was a sharp increase in interest expenses, spurred by greater reliance on borrowings and heightened interest rates.

Interest expenses surged by 137 percent, escalating from Tk 60.4 crore in 2023 to Tk 143.3 crore in 2024.