BANKS DIH Limited has recorded a pre-tax profit of $5.340 billion for 2013, in the process recording a surplus of $374 million over the 2012 figure of $4.966 billion.This success story was detailed to shareholders yesterday at the beverage giant’s annual general meeting by company chairman and managing director, Mr Clifford Barrington Reis, who identified the many challenges the company had faced over the last year, due to what he described as a “sluggish global economic recovery and continuing tensions which continue to be manifested across the globe, especially in those areas which are prime petroleum producers”.

Reis, nevertheless, added that implementation of the Brewery modernization programme will continue.

Included in this programme to improve production capacity and availability are major capital works within the Brewhouse and Cellars’ operations, including Wort Kettle, CIP plants, Brewhouse Control Systems, BOTEC software upgrade and installation of the new Unitanks. In addition, installation of a palletiser, a de-palletiser, a pasteurizer with conveyor system and a labeler are currently in the process.

Reis said the company’s after-tax profit for 2013 was $3.862 billion, compared to $3.700 for the year prior, which means that the company had recorded an increase of $162 million in profit over its 2012 operations.

And while the year had seen the company facing many challenges, including not attaining its financial target set for the latter part of 2013, Reid noted that the journey was rewarding. Addressing the issue, he pinpointed the reason for not attaining the financial target in the second half of the year as due to contraction of the economy, which has had a devastating effect on companies. To combat this, though, he admonished shareholders to sharpen their focus and find creative ideas to seek to minimize expenditure and increase revenue.

The company’s objectives, Reis disclosed, are to create value for shareholders, to sustain meaningful relationships with employees and customers, and to provide quality products that can compete on the international market.

He mentioned that the new products launched over the past year include R1 white rum, ice cream and GT beer, quickly adding that a fellow associate of his has said that he has never seen a product hit the market and be in skyrocketing demand in such a short time.

Reis said that as Banks DIH continues to achieve monumentally, its core principle that ‘charity begins at home’ continues to apply. Presently, the company is sponsoring six (6) national sports ambassadors for the country; has constructed four houses for its employees; and continues to contribute significantly to religious, educational, and cultural movements across the Caribbean region.

Hundreds of shareholders, special invitees and guests attended the 58th AGM of Banks DIH Ltd. They were each given opportunity to voice their concerns, ask questions, and make recommendations for betterment of the company. Each invited person was presented with a token of appreciation and a complimentary drink to end the evening in a “Brewery fresh” way.

Banks DIH Limited originated from a rum business founded in the 1840s by Jose Gomes D’Aguiar. That business eventually expanded into a chain of liquor stores. The company experienced numerous challenges over the ensuing years of its existence, some of which placed the enterprise on the verge of bankruptcy.

Peter Stanislaus D’Aguiar, the last of the four sons, took over at the helm of DIH from his father, and placed greater emphasis on the core business of manufacturing soft drinks and rum, although the company retained retail outlets, bars, and the hotel.

The company’s financial position gradually improved; and in 1942, the company obtained the first Pepsi-Cola franchise in South America; and during the 1950s, rum production also expanded.

In 1955, Peter D’Aguiar promoted the publicly owned Banks Breweries Ltd. In 1966, D’Aguiar Bros. (D.I.H.) was floated as a public company, and it was merged with Banks Breweries in 1969 to form the present Banks DIH Ltd. The company today produces soft drinks, alcoholic beverages and food products; operates bars and restaurants; and, since 1998, has owned a controlling share in Citizens Bank Inc.
Written By Ravin Singh