WITH significant changes expected in the local public infrastructure sector and the increasing demand for vehicles, the Banks DIH Group is currently in talks with several international car manufactures to diversify its production line and tap the budding market.
Dealership Manager at Banks, Romel Edmonds, in an invited comment, told this publication that the move comes even as the company continues construction on its multi-level dealership showroom and offices at Thirst Park.
The company’s automotive section has been operational since May 2019 and has been a local supplier of UniCarriers forklifts, and spares as well as a provider of technical services for heavy machinery.
In 2020, Directors of Banks DIH Ltd., in responding to Guyana’s new reality, commenced discussions with the manufacturers of a brand of motorcycle, which the company hopes to import and sell.
The company, while remaining silent about the manufacturers being engaged, hinted that the model of motorcycles is considered to be more attractive and cost-effective than those on the market.
Banks DIH Ltd. is also exploring the possibilities of securing the rights for a car dealership from a “recognised” manufacturer of motor vehicles. The company had made clear its intention to invest in the transportation and renewable-energy sectors.
Banks DIH continues to increase its local presence through its growing profit margins over the years. In 2020 the company surmounted the difficulties presented by the global pandemic ending the 2020 financial year with an after-tax profit of $5.27 billion.
According to its 2020 annual report, the company generated $30.46 billion in revenues. This was an increase of $871 million, or 2.9 per cent more than the $29.59 billion recorded in 2019.
Revenue is that total amount of income generated through the sale of food and beverage manufactured by the group, as part of its operations. The profits, however, were garnered from taking away all expenses, including taxes.
Banks’ profit after tax for 2020 was $5.271 billion. This was an additional $747 million, or 16.5 per cent, when calculated against the $4.524 billion in after-tax profit recorded in 2019.