MR. Clifford Reis, Chairman and Managing Director of Banks DIH Limited has reported that the group’s third-party revenue for the first six months of the financial year has increased by 7.8 percent. According to Reis, the group of companies recorded $14.07 billion compared with $13.05 billion, an increase of $1.02 billion recorded for the corresponding period in 2014.
Mr. Reis said the unaudited profits before taxation for the group for the six months ending March 31st, 2015 was $2.55 billion as against $2.31 billion achieved in 2014, an increase of $234 million or 10.1 percent.
The unaudited profits before taxation for Banks DIH Limited was $1.86 billion compared to $1.59 billion, an increase of $274.0 million or 17.0 percent, while the unaudited net profit after taxation was $1.15 billion compared to $1.05 billion achieved in 2014, an increase of $100.0 million or 9.5 percent.
Mr. Reis reported that Citizens Bank Guyana Inc. achieved unaudited profits after taxation of $459.3 million compared to $500.6 million in 2014.
“The results of the company for the six months were influenced by increase in revenues due to better physical sales turnover and a reduction in other operating expenses,” he reported.
According to Mr. Reis, the company continues to realise the benefit of better efficiencies resulting from modernising its production capabilities, especially in the Brewery, Soft Drink, Water, Rum and Wine and Ice-Cream production facilities.
“These were complemented by the support services upgrade of the power generation, CO2 production, steam generation and water supplies systems,” the Chairman reported.
He said during the first half of the financial year, major capital expenditure was directed towards the acquisition and installation of a new Trisco biscuit oven and other equipment across the company. The new Crème Select Ice-Cream Outlet on Main Street was completed and opened for business in December last year.
“I would also like to advise you of the completion of the construction of the New Amsterdam Branch of Citizens Bank. The bank was opened for business in November 2014, as part of our ongoing objective of offering state-of-the-art facilities in pursuit of higher level of service to our customers,” he added.
Mr. Reis said in the second half of the year, capital works will be continued with the installation of an In-line blow moulding machine for the water-production facilities, a new filler for the Beer Plant, the acquisition of additional trucks and forklifts and further upgrading of Demico House facilities.
In addition, the company will continue to monitor its production processes to derive better efficiencies, manage its financial resources and control expenses in order to sustain profitability.
Mr. Reis declared: “We will continue our programme of “Refreshing Partnerships” by furthering the engagement with all of our stakeholders including customers, suppliers, employees and shareholders in pursuit of higher stakeholder satisfaction.”
The directors have approved an interim dividend of $0.17 per share unit to all shareholders whose names appear on the register as at May 14, 2015. This will result in a dividend payment of $170.0 million.
The shareholders’ equity was increased to $23.781 billion which value equates to $23.78 per share.
Finally, Mr. Reis thanked fellow directors for their support and guidance and expressed his sincere appreciation to the group’s loyal customers, shareholders, suppliers and employees for their continued confidence reposed in the group during this period.
