Dear Shareholders of Singer Thailand Public Company Limited.
The year 2022 will be another year for the Company to achieve the operating performance, reflecting the Company’s strength from a continual business plan. In addition, having a clear and strong capital base resulting from a new capital increase of over ten billion Baht gives the Company enough funds to expand its customer portfolio, including reducing financial costs that positively affect operating results and the Company’s profitability. Even in the face of challenging economic conditions resulting from COVID-19, the Company has been able to continuously market by expanding the car registration loan business. Including hiring purchase loans for electrical appliances that have continued to expand.
Overall performance in 2022, the Company had a net profit of 935 million Baht by an increment of 33.4%. Total revenue increased by Baht 808 million or 18.4% mainly due to increase in interest income from hire-purchase and loans contract of Baht 817 million or 54.5% and other income of Baht 46 million. As for the loan portfolio with car registration as collateral, "Car for Cash" has maintained outstanding growth.The sales team was able to expand the portfolio better than expected, focusing on operator customers. The overall bad debt quality (NPL) was at 4.6%
During December 2022, the company invested in common share of Buriram Sugar Public Company Limited in the amounting to Baht 215 million in order to be strategic partner together. This is created an ecosystem in the Group Company. The company has also provided loans to farmers and sell electrical appliances products and provided other services to these farmers and employees of Buriram’ s sugar mill
As the end of 2022, SINGER has a total loan portfolio of 14,394 million Baht divided into loan portfolios with car registration as collateral, "Car for Cash" of 9,038 million Baht, and hire purchase loans (Hire purchase) of 5,356 million Baht.
2023 is a very challenging year for the Company’s operations. The Board of Directors and Executives recognize that the economic, political, and global economic factors conditions due to the pandemic situation of the Covid-19 virus will affect the Company’s performance in the near future. Maintaining the ability to sell, credit portfolio expansion, cost control, and the management of the Company’s receivables to a consistently good level is an essential strategy that the Company upholds and accelerates to manage under the current economic conditions. In 2022, the Company has a goal to expand its loan portfolio and set a profit target to grow continuously to execute the "All-Time High" again after receiving capital from investors and having partners to strengthen and synergy with JMART Group, BTS Group, and partners, who come to fill the ecosystem, which will support SINGER this year to have products and expand the base to new customers, as well as to have more sales channels through online platforms.
The Company would like to make a commitment to shareholders and related parties that, under the management of the board and executives, they will lead the business of the group of companies to grow steadily in the future to achieve the business goals set. In addition, the employees of the Company expressed their intentions to devote their strength and energy to work together and push to achieve such goals in the end, along with the awareness of social responsibility by supporting and helping the community to be able to stand on a good and sustainable basis with more details that are provided under the topic. "Moving Business for Sustainability" in this report.
On this occasion, Singer Thailand Public Company Limited would like to thank our shareholders, customers and business partners, management, and all employees who participated in supporting the Company’s business continues to grow. Furthermore, the Company would like to confirm to everyone that the Company will professionally conduct business and continually develop the organization's ability and social responsibility policy to be a good role model so that people in society have a better quality of life forever.