Singer (Sri Lanka) PLC is a

Sri Lanka Sri Lanka (, ; si, ශ්‍රී ලංකා, Śrī Laṅkā, translit-std=ISO (); ta, இலங்கை, Ilaṅkai, translit-std=ISO ()), formerly known as Ceylon and officially the Democratic Socialist Republic of Sri Lanka, is an ...

holding company A holding company is a company whose primary business is holding a controlling interest in the securities of other companies. A holding company usually does not produce goods or services itself. Its purpose is to own shares of other companies ...

engaged in

retail Retail is the sale of goods and services to consumers, in contrast to wholesaling, which is sale to business or institutional customers. A retailer purchases goods in large quantities from manufacturers, directly or through a wholesaler, and t ...

ing and

wholesale marketing The consumption and production of marketed food are spatially separated. Production is primarily in rural areas while consumption is mainly in urban areas. Agricultural marketing is the process that overcomes this separation, allowing produce to b ...

home appliance A home appliance, also referred to as a domestic appliance, an electric appliance or a household appliance, is a machine which assists in household functions such as cooking, cleaning and food preservation. Appliances are divided into three ty ...

s and furniture. The company is also taking part in financial services and manufacturing businesses. The company is listed on the

Colombo Stock Exchange The Colombo Stock Exchange (CSE) ( si, කොළඹ ව්‍යාපාර වස්තු හුවමාරුව, translit=Kolamba Vyapara Vasthu Huvamaruva; ta, கொழும்பு பங்கு பரிவர்த்தனை) i ...

since 1981 and in 2017, the Sri Lankan

conglomerate Conglomerate or conglomeration may refer to: * Conglomerate (company) * Conglomerate (geology) * Conglomerate (mathematics) In popular culture: * The Conglomerate (American group), a production crew and musical group founded by Busta Rhymes ** Co ...

Hayleys Hayleys PLC, founded in 1878, is a multinational and diversified conglomerate company in Sri Lanka with business spanning over 16 sectors, catering to 70 markets worldwide. Hayleys accounts for approximately 4.2% of Sri Lanka's export income, a ...

acquired the majority of the shares. Singer (Sri Lanka) is ranked 17th in the '' LMD 100'', an annual list of listed companies in Sri Lanka by revenue, in 2020/21 edition. Brand Finance ranked the company 15th most valuable brand in Sri Lanka in its annual list of top 100 brands.

History

Ceylon, advertisement card for Singer sewing machines, 1892

The

Singer Corporation Singer Corporation is an American manufacturer of consumer sewing machines, first established as I. M. Singer & Co. in 1851 by Isaac M. Singer with New York lawyer Edward C. Clark. Best known for its sewing machines, it was renamed Singer Ma ...

entered the Sri Lankan market in 1877 with the sale of

sewing machine A sewing machine is a machine used to sew fabric and materials together with thread. Sewing machines were invented during the first Industrial Revolution to decrease the amount of manual sewing work performed in clothing companies. Since the inv ...

s. The company was incorporated as a limited liability company in 1974 and became a quoted company in the Colombo Stock Exchange in 1981. In 1988, the company started manufacturing refrigerators through its subsidiary, Regnis Lanka. The first Singer Mega shop opened in 1998 and in 2000 the company acquired the local refrigerator manufacturing brand, Sisil. In 2011, the company entered into the sale of smartphone business and the 400th Singer Mega shop was opened in 2013. In 2017, Hayleys acquired a controlling stake in the company and thus became the parent company of Singer (Sri Lanka). The value of the acquisition stood at LKR10.9 billion, making it one of the largest acquisitions for a listed company in Sri Lanka.

Operations

The company controls the subsidiaries of Singer Finance (Lanka), Singer Industries (Ceylon), Regnis Lanka, Realty (Lanka) Ltd, Singer Digital Media (Pvt) Ltd, and Singer Business School (Pvt) Ltd. Singer (Sri Lanka) was credit rated as A+(lka) by

Fitch Ratings Fitch Ratings Inc. is an American credit rating agency and is one of the " Big Three credit rating agencies", the other two being Moody's and Standard & Poor's. It is one of the three nationally recognized statistical rating organizations (NRSRO) ...

in April 2022. The company have chosen

IFS AB IFS AB (Industrial and Financial Systems) is a multinational enterprise software company headquartered in Linköping, Sweden. The company develops and delivers enterprise software for customers worldwide who manufacture and distribute goods, m ...

's software as their

ERP system Enterprise resource planning (ERP) is the integrated management of main business processes, often in real time and mediated by software and technology. ERP is usually referred to as a category of Business management tools, business management ...

. In 2020, Singer (Sri Lanka) emerged as the market-leading seller for

Dell Dell is an American based technology company. It develops, sells, repairs, and supports computers and related products and services. Dell is owned by its parent company, Dell Technologies. Dell sells personal computers (PCs), servers, data ...

laptops in Sri Lanka. Due to the

COVID-19 pandemic The COVID-19 pandemic, also known as the coronavirus pandemic, is an ongoing global pandemic of coronavirus disease 2019 (COVID-19) caused by severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2). The novel virus was first identif ...

, increased incidences of

remote work Remote work, also called work from home (WFH), work from anywhere, telework, remote job, mobile work, and distance work is an employment arrangement in which employees do not commute to a central place of work, such as an office building, ware ...

and

distance education Distance education, also known as distance learning, is the education of students who may not always be physically present at a school, or where the learner and the teacher are separated in both time and distance. Traditionally, this usually in ...

arrangements, the demand for consumer electronics rose and the company posted LKR16.7 billion in sales in the second quarter of 2020. The company announced a 3-for-1

stock split A stock split or stock divide increases the number of shares in a company. For example, after a 2-for-1 split, each investor will own double the number of shares, and each share will be worth half as much. A stock split causes a decrease of mark ...

in 2021. Also in 2021, the company won the People's Brand of the Year for the consecutive 15th time at the SLIM- Nielsen Awards. The company also reclaimed the award for Youth Choice Brand of the Year after three years.

References

External links

Official website
{{All Share Price Index 1974 establishments in Sri Lanka Companies listed on the Colombo Stock Exchange Holding companies established in 1974 Holding companies of Sri Lanka Retail companies of Sri Lanka

History

Operations

See also

References

External links