Banks DIH records $1.4B after-tax profit in mid-year report

Local beverage company Banks DIH Limited has had a stellar performance during the first half of the 2018 financial year, having recorded a nine per cent increase in after-tax profit when compared to the corresponding period last year.

This was disclosed by Banks Chairman Clifford Reis when he presented the Group’s Operating and Financial Results. The company’s Interim Financial Statement for the period ending March 31, 2018 was published in the Guyana Times on Sunday.
According to Reis, the Group’s third party revenue for the six-month period was $15.83 billion, compared to $14.94 billion for the corresponding period in 2017, and representing an increase of $894.5 million, or six per cent.
He went on to disclose that unaudited profit before taxation for the group during that period was $2.61 billion, as against $2.54 billion achieved in 2017, reflecting an increase of $70.8 million, or 2.8 percent.
Reis noted as well that the unaudited Operating Profit before Tax for the parent company was $2.21 billion, compared to $2.09 billion in 2017; while the unaudited Profit after Tax was $1.43 billion compared to $1.32 billion in 2017, an increase of $119 million or nine per cent.
Meanwhile, Citizens Bank Guyana Inc. also had a similar performance, achieving an unaudited Profit after Tax of $277.7 million, compared to $288.7 million achieved in 2017.
Going forward, the 51 per cent-owned subsidiary of the company, according to Reis, is ready within to respond to the opportunities which the recent development within the Petroleum and Gas Sector, and the need for a local content input, will present.
“The improved results achieved by the parent company in the first half year came mainly from the increase in dollar sales, physical growth in case sales, and the efficiencies in manufacturing processes derived from capital investment in new plant and machinery for the Production Departments,” Chairman Reis stated.
He went on to highlight that during the period under review, the company continued its capital development strategies with the completion of the New Vehicle Workshop and Parking facility which were commissioned along with its new offices for the Workshop Administration, Environmental and Safety Department, and the Buildings & Property Department.
He added that a new plastics and chipping facility (PET) was also constructed.
Looking ahead in the second half-year, Reis posited that the company proposes to complete another phase of its Solar Energy Programme at the OMG Restaurant, the installation of new biscuit and ice-cream packaging lines, the drilling of a new water well with storage facilities, and the purchase of trucks and forklifts.
“My fellow shareholders, we can advise with a deep sense of accomplishment that, during the period under review, our beers, rums and water products were awarded gold and grand gold medals by Monde Selection International Quality Institute. Banks beer; GT beer; Rainforest water; XM 5 –Year-Old and 10-Year-Old rums achieved gold, while 12-Year-Old and 15 Year Old Rums were awarded Grand Gold,” the Chairman boasted.
Meanwhile, he announced that the directors have approved an interim dividend of $0.28 per share unit to all shareholders whose names appear on the Register as at 18 May 2018, to the tune of $238 million in total payments.
Reis used the opportunity to thank his fellow directors for their support and guidance, as well as shareholders, suppliers, customers and employees for their confidence reposed in the Group during this period.