Banks DIH New Amsterdam outlet recorded $2.9 billion in sales last year, surpassing its 2017 sales by $214 million. The company also announced a $45 million profit in Berbice.
A section of the shareholders at Sunday’s AGM
The announcement was made on Sunday during its Annual General Meeting (AGM) in Berbice, Region Six. Shareholders were told that for the period of October 1, 2017, to September 30, 2018, the branch sold 1,865,000 units of products, representing an increase of 88,000 units over the previous year.
Branch Manager Ronald Mathews told the gathering that the Berbice Branch surpassed last year’s performance as a result of premium quality products by employing an efficient distribution service to customers and consumers.
Mathews noted that the Demico Qik Serv in New Amsterdam also created a record despite the competition it faced.
“The New Amsterdam Qik Serv Restaurant sold $115 million as compared to $108 million the previous year, representing a revenue growth $7 million thus attaining the Chairman’s Trophy for honourable mention.”
Mathews praised the staff of that branch for the achievement. He referred to them as the company’s greatest asset.
In 2017, the New Amsterdam Branch sold 1,600,011 items and recorded a profit of $13.7 million which was an increase of $8.5 million over 2016.
Meanwhile, Chairman of the Board of Directors, Clifford Reis, acknowledged the efforts of the New Amsterdam Branch. Commending of the Berbice Branch’s performance, the Chairman noted that the profits recorded represent in excess of a fifty per cent increase from the previous year.
Overall, Banks DIH recorded a profit of $4 billion. The group’s third-party revenue was $30.923 billion when compared with $30.006 billion in 2017, representing an increase of $9 million or 3 per cent. The trading profit from operations for the Group was $6.8 billion when compared with $6.196 billion achieved in 2017, representing an increase of $641.0 million or 10 per cent.
Profit after tax attributable to the shareholders of the parent was $4.286 billion compared to $3.888 billion in 2017, an increase of $398 million.
The value of shares increased from $34.33 to $40.15 which is an increase of 16 per cent over the year. Shareholders were given a dividend proposal of $1.10 per share representing $934.8 million. Revenue generated by the company was $27.863 billion compared to $26.548 billion in 2017, an increase of $1.315 billion or 5 per cent.
Citizens Bank, which is a subsidiary of the company, recorded a before-tax profit of $1 billion. The after-tax profit was $602 million.
According to Reis, within the year, the company examined and evaluated new business models which are compatible with its existing business model to create wealth and value for shareholders.
“These new business models will bring into our existing business portfolio, a new generation of products and services which will foster job creation and added value.”
“We continue to evaluate our traditional business model to create wealth for shareholders through the creation of new synergies, the implementation of finance and marketing initiatives and, continuing emphasis on cost reduction strategies.” He added.
The company continued its tradition of presenting monetary donations to two schools – this time Winifred Gaskin Secondary and Number Five Primary School.
