THE Banks DIH Linden branch has raked in a whopping $1.52B in sales for the fiscal year ending 2016. This handsome profit was revealed to be a one-third increase on the previous year’s performance.
Branch Manager Shondell Easton proudly announced the sales at the annual shareholders meeting held last Friday in Linden. She described the sales as creditable, and promised to continue collaborating with the communities in Linden in the area of sports, education and entertainment.
Company Managing Director, Mr Clifford Reis congratulated the branch’s employees for their continuous successes over the years, and their noteworthy contributions to the company’s overall profits, which amounted to some $42B for the fiscal year of 2016.
He said that despite Linden’s struggling economy, he is cognisant of the hard work the branch manager and staff would have put out to meet and surpass $1B sales mark. Said he: “That comes about by dedication; and last year, we spoke about the journey and how we build this journey and where we are going to go…
“All of this is because of her relationship with the community and how we work and operate in Linden. Shondell, you did well!”
He also commended the Branch for selling over 712 000 cases for the year. “It is a lot of stuff; you’re talking about 60, 000 cases per month. And if you break it down, it’s about 3000 per day,” Reis said, reiterating that the branch had a very successful year.

CITIZENS BANK
Reis also revealed to the shareholders and the audience present that Citizens Bank Linden Branch, which is a subsidiary of Banks DIH, also had a relatively good year. He revealed that the total revenue for the bank increased by $5M, which amounted to $93.1M. The customer deposit for the branch increased to $84.3M or by 15%. In terms of deposits, that now stands at $650M, and loans at $720M.
Said Reis: “Here, I want to offer congratulations to the manager and staff of Citizens bank for a job well done.”
Reis said that Banks DIH does not intend to leave Linden, even if challenges present itself in the future.
“I know there are certain economic conditions in the town… Banks DIH has said it once: We don’t intend to leave Linden; this company will stay in Linden forever; it is not only profit and loss and sales, but it is a community which worked with us over the many years…
“Linden is a part of this family; we will be with you forever, and we thank you for your support,” Reis promised.

SHAREHOLDER BENEFITS
The shareholders were told that the net asset value of their shares has increased from $28.60 to $31.70 per share. On the stock exchange market, the Managing Director said that shares are now being sold for $30.00.
The Board of Directors has declared an interim dividend of $25 cents per share which a second payment was paid to shareholders on October 17, 2016. “Last Saturday, the shareholders approved a final payment of $38 cents which costs your company $880M,” Reis said, adding that the company paid a special dividend in February of 2016, while the total dividend for last year amounted to $1.4B.
Reis said that the company has been pursuing continuous efforts to increase shareholders dividend which was achieved by investing savings and reducing tax. He revealed that the company is currently in court with the Guyana Revenue Authority for overpayment of consumption taxes. If the company wins the case, the money Reis said will be paid to the shareholders.
Reis also told shareholders of the many other achievements of the company during 2016, which include winning prestigious international awards such as the World Coca Cola Award, achieving the Number 2 sellers in the Americas of the Guinness Stout, revealing that the company sold 100, 000 cases of Guinness in December 2016 alone, the extension of sales in the North America Market, completion of the construction of a state of the art Citizen Bank main branch, the construction of the Agricola Independence Arch, the release of a Jubilee beer and 50-year-old rum, the renovating of Stabroek’s Demico House and several renovations to Thirst Park’s brewery.
The shareholders were also privy to a plethora of the company’s future plans, which include the production of sugar-free cakes and ice-cream, since the company is looking towards providing their customers with healthier options for novelties.