Banks DIH Essequibo branch rakes in $2.1B in sales for last fiscal year

– awarded Chairman’s Trophy for outstanding performance

Banks DIH Limited has reported that, in a resounding display of financial progress and industrial leadership, a branch of its operations on the Essequibo Coast has, for the last fiscal year, raked in 2.138 billion in sales, with a profit amounting to $48.7 million.

This remarkable performance in the past year has won the Airy Hall branch the coveted Chairman’s Trophy for commitment to excellence, and for unwavering dedication.
Speaking at the Banks DIH Annual General Meeting (AGM) on Sunday, Clifford Reis, Chairman and Managing Director of this beverage giant, reported an impressive 6.8 per cent surge in net profit, which has been recorded at $8.970 billion for the fiscal year that concluded on September 30, 2023.
He added that, despite challenges such as supply chain delays and increased operational costs, the company’s strategic focus on sustainable solutions and resilience in manufacturing processes has paid off.

Profit-before-tax has been recorded at $14.509 billion, which signals an 8.29 per cent increase from the previous year; while profit-after-tax has soared from $8.395 billion in 2022 to $8.970 billion in 2023, thus reflecting a 6.8 per cent increase.
The Board of Directors has recommended a dividend payment of $2.20 per share unit, amounting to $1.870 billion – a significant 10 per cent increase.
“Our strategy was centred around our employees and customers, to drive sustainable solutions and build resilience in our manufacturing processes, maintaining the production of high-quality products and efficiency in operations,” Reis told the gathering.
He acknowledged that there had been hurdles, attributing them to the ongoing global recovery from the COVID-19 pandemic and the geopolitical crisis in Europe.
Further, he emphasised the company’s resilience in overcoming challenges, and outlined a strategic vision centred on maximising the global brand portfolio and solidifying its position as a consumer-focused entity.

“The recently-concluded year has once again demonstrated the company’s resilience in overcoming challenges. As we anticipate the upcoming financial year and beyond, our strategic approach involves maximising the potential of our global brand portfolio, as well as solidifying our standing as a consumer-focused entity,” he disclosed.

New Beverages
The company has unveiled exciting additions to its product line, including Guinness Smooth, Minute Maid Fruit Cola, and Classic Premium. Introduced to the market, these products received motivating feedback, enhancing the company’s reputation for innovation and quality, he has said.
Branch Manager Lalbacchan Narine of the Airy Hall operations, expressing pride in his team’s performance, highlighted that there has been a 6 per cent increase in sales over the previous year; and extended gratitude to the hardworking staff, shareholders, dealers, customers, and friends for contributing to the branch’s success.
Also attending the Annual General Meeting were Region Two Chairperson Vilma De Silva, shareholders of Banks DIH, members of staff, and other persons. (Raywattie Deonarine)