Banks records $1.4B profit
Banks DIH Chairman Clifford Reis flanked by board directors
Banks DIH Chairman Clifford Reis flanked by board directors

– in first half of the year

BANKS DIH Limited has recorded an unaudited profit after tax of $1.43 billion for the first half of this financial year as compared to $1.32 billion in 2017, an increase of $119 million or nine per cent during the corresponding period.

According to the company’s interim financial statements for the half year which ended on March 31, 2018, the unaudited operating profit before tax for the parent company was $2.21 billion compared to $2.09 billion in 2017.

The report also recorded an unaudited profit before taxation for the group, of $2.61 billion for the same period as against $2.54 billion in 2017, an increase of $70.8 million or 2.8 per cent.

In addition, the company’s third party revenue recorded for the six-month period was $15.83 billion compared to $14.94 billion for the corresponding period in 2017, an increase of $894.5 million of 6.0 per cent.

The improved results achieved by the local conglomerate came mainly from an increase in dollar sales, physical growth in case sales and the efficiencies in manufacturing processes derived from capital investments in new plant and machinery for the production departments.

“During the period under review, the company continued our capital development strategies with the completion of the new vehicle workshop and parking facility which were commissioned along with our new offices for the workshop administration, environmental and safety department and the building and property department. A new plastics and PET chipping facility was also constructed,” said the company in its report.
In the second half of this year, the company plans to complete another phase of their solar energy programme at their OMG restaurant, the installation of new biscuit and ice-cream packaging lines, the drilling of a new well with storage facilities and the purchase of trucks and forklifts.

Although a lot are in the pipeline, the company reflected on some of its accomplishments which included the gold and grand gold medals by Monde Selection International Quality Institute for their beers, rum and water products.
Banks beer; GT beer; rain forest water; XM five-year old and 10-year old rums achieved gold, while 12-year old and 15-year old rums were awarded grand gold.
As a result of its accomplishments and increased profits, the directors of the company have approved an interim dividend of $0.28 per share unit to all shareholders whose names appear on the register as at 18 May, 2018. The cost of this dividend payment will be $238 million.

Citizens Bank Guyana Inc., a 51 per cent-owned subsidiary of the company, achieved an unaudited profit after tax of $277.7 million compared to $288.7 million in 2017.
In light of the of the bank’s performance, the report said it (the bank) is ready to respond to the opportunities which are presented by the petroleum and gas sector, and the need for local content input.

In January, the beverage giant had announced that the company’s profit after tax increased from $2.9 billion in 2016 to $3.5 billion 2017, a $636M or 21.6 per cent increase
Chairman and Managing Director of Banks Clifford Reis in his report had stated that in the prior year, the company benefitted from the one-off gain of $1.4 billion accrued as a result of the disposal of the Investment Securities held in Banks Holdings Limited and Desnoes and Geddes (Jamaica) Limited and the dissolution of BCL (Barbados) Limited.

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