Regnis (Lanka) PLC, part of the Singer Group and Sri Lanka’s leading manufacturer of refrigerators and washing machines achieved the distinction of making it to the Forbes Asia’s 200 Best Under a Billion 2016 list. Regnis (Lanka) PLC is one of three publicly listed subsidiaries of Singer (Sri Lanka) PLC.
Forbes Asia’s ‘Best Under a Billion’ list highlights 200 of the best small and midsized listed companies in Asia Pacific with annual revenue under $1 billion.
According to Forbes Asia, 17,000 publicly traded companies in the Asia-Pacific region qualified to enter with annual revenues between $5 million and $1 billion. The resulting 200 in the 2016 list are un-ranked but comparatively produced the highest sales and earnings per share growth for both the most recent fiscal one and three-year periods, and the strongest five-year average return on equity. These entities represent the top 1.0% of the SME sector in Asia Pacific.
A total of three Sri Lankan companies made it to the 2016 list including Regnis (Lanka) PLC. The vast majority of companies listed were from China, Hong Kong, Taiwan, South Korea and Japan.
“This accolade is testimony of the financial performance Regnis Lanka has achieved over the past few years and an independent recognition of our journey,” said Asoka Pieris, Chief Executive Officer of the Singer Group.
Notably, Regnis (Lanka) PLC was the first refrigerator manufacturer in South Asia to convert to manufacturing refrigerators using R600a gas. The R600a gas while being environmentally friendly also reduces electricity consumption.
The demand for Regnis refrigerators has grown rapidly capitalizing on this superior product and excellent marketing and sales campaigns steered by its marketing arm and parent company Singer (Sri Lanka) PLC.
Additionally in December 2015, the company recorded a significant landmark of manufacturing its one millionth refrigerator.
Demand for Regnis manufactured washing machines too has increased rapidly buoyed with the introduction of new models and superior marketing efforts by the parent company.
For the financial year ended 31 December 2015 Regnis Lanka recorded a Revenue of Rs. 4.1 Billion, an impressive 30% increase over 2014 and a 66% increase from 2013. The company’s net profit surged to Rs. 344 Million, a mammoth 123% increase over 2014 and 219% over 2013.
In the first six months of 2016, Regnis Lanka’s Revenue grew a further 24% over 2015 and net Income rose by 16%.
“We are honored that Forbes Asia has recognized us as one of Asia’s ’200 Best under a Billion’ companies as we believe this accolade reflects our substantial business achievements and potential growth capability as this award underscores the company’s success,“ noted Kelum Kospelawatte, Factory Director of Regnis (Lanka) PLC.