Singer keeps eye on appliance hire purchase upcountry
Singer Thailand will continue to focus on dominating the appliance hire-purchase (lease to own) business in rural areas even though sales upcountry weakened last year from lower agriculture prices and high household debt.
Nonglak Laksanapokin, chief executive officer, said in a report to the Stock Exchange of Thailand that Singer kept exploring opportunities through SG Capital Company by offering financing of multiple brands through dealers.
The company keeps developing more marketing activities and campaigns with strategic partners such as Jaymart, Saha and True, she said.
It keeps expanding its repair and maintenance business by offering this service to non-Singer appliances for home and commercial customers with the view to build the Singer name in the service business through SG Service Plus Company.
The group is upgrading 20,000 vending machines to a new server to generate more income from selling airtime.
Singer will enter the non-life insurance business under the name SG Broker Company this year after receiving a non-life insurance broker’s licence from the Insurance Commission last June.
The company’s net profit dived to Bt119.81 million last year from Bt143.15 million in 2015 because of the subdued recovery in domestic demand.
Its revenue shrank by 25 per cent to Bt2.54 billion last year after sales of goods plunged 32.8 per cent and interest from hire-purchase contracts declined 18.6 per cent.
