Banks DIH Linden Branch records $91M increase in sales for 2019

– Citizens Bank subsidiaries for Bartica, Mandela Avenue

The Linden Branch of beverage giant Banks DIH Limited continues to record significant increase in sales, as was reported at the 64th Annual General Meeting for shareholders hosted at the Linden location in Region 10 (Upper Demerara-Berbice) on Friday.

The Branch’s new Manager, Devon Warwick in the delivery of the Branch’s performance during the financial year ending September 30, 2019, announced that the Branch saw sales moving from $1.1 billion in 2018 to $1.2 billion in 2019, which reflects a sale increase of $91 million or a 2.8 per cent sales increase when compared to 2018.
“It, therefore, gives me great pleasure to extend compliments to the hardworking staff; the support from our shareholders, dealers, customers and friends for contributing towards the success of this Branch. I, therefore, look forward to your continued support during this period in helping our company to achieve its objectives and targets”, Warwick stated in the presence of stakeholders and company and regional executives who were present at the event.

Chairman of Banks DIH, Clifford Reis also noted that the company’s Linden Branch of Citizens Bank also recorded an improved performance during the specified period. Reis noted that the Branch recorded a profit of $18.2 million as compared to $0.6 million ($600,000) in 2018, which signals an increase of $17.6 million.
He continued that during the financial year ending September 30, 2019, total revenue of the Linden Branch of the bank increased by $23.9 million or 23.4 per cent to $125.8 million, while customers’ deposits at the Branch increased by $434.0 million or 41.8 per cent to $1.5 billion.
Meanwhile, Reis reported that loans and advances at the Branch increased by $179.8 million or 22.9 per cent to $1.0 billion. He said an additional $180 million in loans was given out to clients in the Linden area during the year, which is a 23 per cent increase.
Reis added that despite the competitive environment in which the overall company conducts its business, management continues to focus on developing and innovating new business initiatives that would produce long-term growth. He related that Banks DIH will continue to develop its manufacturing, wholesale and retail services even amidst challenges.
“Let us be prepared to respond to those challenges by continuing to build and secure a foundation that already exists with our bridge to the future”, he noted.
Pointing to challenges, he explained that approximately $1 million is lost per day during the hosting of Parliament at the main location in Georgetown as he pointed to a recommendation for Parliament to be conducted at nights around 19:00h.
Reis said even though the company was challenged to adjust to the impact of rising fuel prices, it continues to rise. He highlighted that the Trisco products modernisation project, for example, continued with the installation of new packaging equipment to produce newer and exciting packages for biscuits. Additionally, he said the company’s security system was enhanced with the installation of new cameras as it also continues with the production of high-quality products.
In this light, Reis announced that Banks DIH will be establishing a new Guinness product in a short while (within the next quarter). Pointing to achievements over the specified period, he said the company had felt a sense of accomplishment in being ranked second place in the Americas and 17th place worldwide for the quality of products and packaging.
Reis cited that the revenue generated by the company over the period ending September 30, 2019, was $29.6 billion as compared to $27.5 billion in the previous year, which signals an 8 per cent increase. The company’s profit before tax was $6.2 billion as compared to $6 billion the previous year.
The company’s Chairman said working relationships within the communities in which it operates continue to be beneficial as it continues with the sponsorship of Brand Ambassadors, sports activities, bursary awards, apprenticeships, work-study programmes and academic scholarships.
He also pointed to plans to build new Citizens Bank subsidiaries at Bartica and at Mandela Avenue in Georgetown, noting that the company will also be looking at the possibility of a bank at Essequibo. In keeping up with Guyana’s most recent development as an oil-producing nation, Reis said the company is ready for ‘first oil’ and has been preparing for about six to eight years.
Noting that there is still room to grow, he urged support for local products, citing that a significant number of products are imported. Reis opined that there are too many importers of products more than manufacturers of goods in Guyana. He urged citizens to utilise their inner creativity, noting that the company has a rich history of innovation with the ability to create meaningful impacts.
In response to a shareholder’s concern on the quality of whole-wheat bread distributed in the Linden community, Reis acknowledged that the company has to re-design the distribution of the product in an effort to preserve its quality. He also stressed that the company has to educate its staff on temperature controls for various products as well as develop new standards of regulations.
As is customary each year, two schools from the community were awarded monetary donations by the company. This year’s recipients were the Children’s Garden Nursery and the Mackenzie Primary School. The company also awarded District 10 (Upper Demerara-Kwakwani) athletics team with the champions trophy for its fifth consecutive win at the National Athletics Championships.