Dear Shareholders of Singer Thailand Public Company Limited.
2020 marks the record for the most successful year for the Company. Reflect the Company’s strength from the adjustment of management strategy and the control of operating costs in sales and receivables management at the appropriate level for business operations. The synergy among companies has resulted in exponential growth.
Performance for the year 2020, the Company’s net profit increased 166.9% to 443 million baht, compared to the year 2019 with a net profit of 166 million baht. It was the highest profit in 10 years, and total revenue was 3,660 million baht, an increase from the previous year by 1,050 million baht or 40.2% of the results in 2020. It is a reflection of SINGER’s strength. It was mainly due to the increase in sales revenue in the electrical appliance group and commercial goods, which came from the top 5 products, such as fuel dispenser, freezer, air conditioner, TV, and washing machine. As a result of an adjustment to the market condition, there was an increase in the number of salespeople, the number of Singer Franchise branches, and an efficient sales team. Besides, success in the car registration loan business under the brand name “Car for Cash,” accounts receivable has been growing along with the introduction of technology to assist in the approval and quality monitoring of credit. As a result, the gross profit margin was 45.2%, the net profit margin was 12.1%, and the overall non-performing loan (NPL) was 4.4%, continuously declining to a low level.
Although there were a COVID-19 outbreak and lock-down measures to close the city in the past year, the Company had a strong point in the form of direct sales through more than 2,000 agents. It coupled with the success of expanding branches through franchises or sub-branches, 2,000 locations, including collaboration in Jaymart that pushed the credit portfolio at the end of 2020 to 6,604 million baht, an 82.8% increase from 3,612 million baht at the beginning of the year. The strategy in 2021, the Company and its affiliates will continue to expand their credit portfolio to grow or has a portfolio of loans to reach 10 billion baht, especially car for cash loans as a port with reasonable interest rates and low risk. There will still be opportunities for exponential growth and the consumer’s purchasing power that remains at an acceptable level despite facing the epidemic situation of COVID-19.
The year 2021 is a challenging year for the Company’s operations. The board and management are well aware of the economic, political, and economic factors around the world due to the COVID-19 outbreak. These are all factors affecting the Company’s performance soon. Maintaining sales ability, expanding credit portfolio, cost control, including receivable management of the Company continually at the right level is an essential strategy that the Company adheres to and accelerates to manage under the current economic conditions. The Company hopes that 2021 will be another year for the Company to prove to its shareholders and stakeholders that under the management of the board and management will lead the businesses in the group of companies to continue growing steadily in the future and achieve the business goals set. The Company’s employees have all expressed their intention to dedicate their energy and passion for working together and driving such goals to be successful along with the realization of social responsibility by supporting and helping communities live on a sound and sustainable foundation. More details are available on the topic. “Corporate Social Responsibility” in this report.
On this opportunity, Singer Thailand Public Company Limited would like to thank shareholders, customers, business partners, management, and all employees who have contributed to the Company’s continued growth in business. The Company confirms to everyone that we will conduct business professionally and continuously develop organizational capabilities and the corporate social responsibility policy to be a good role model for society to have a better quality of life eternally.