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 US $ 1 billion.
According to Forbes Asia, 17,000 publicly traded companies in the Asia-Pacific region qualified to enter with annual revenues between US $ 5 million and US $ 1 billion.
The resulting 200 in the 2016 list are unranked 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 percent of the small and medium enterprise (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 Singer Group Chief Executive Officer Asoka Pieris.
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 December 31, 2015, Regnis Lanka recorded revenue of Rs.4.1 billion, an impressive 30 percent increase over 2014 and a 66 percent increase from 2013.
The company’s net profit surged to Rs.344 million, a mammoth 123 percent increase over 2014 and 219 percent over 2013.
In the first six months of 2016, Regnis Lanka’s revenue grew a further 24 percent over 2015 and the net income rose by 16 percent.
“We are honoured 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 Regnis (Lanka) PLC Factory Director Kelum Kospelawatte.