Banks DIH records $10.5B post-tax earnings; paid $6B in taxes for 2024

…overall revenue increased by 11%

With $10.5 billion in profit after tax, Banks DIH has reported a successful 2024; and according to the Chairman of the Board of Directors, Clifford Reis, the profits that were recorded reflect an increase of 17.7 per cent.
According to Reis in his Chairman’s Report, profit before tax was $16.9 billion, an increase of $2.4 billion compared to the $14.5 billion that was recorded in 2023. This means that more than $6 billion was paid in taxes in 2024.
The company also explained in its report that it had $71.6 billion in its reserves after paying out dividends. The company noted that it paid $10.5 billion profit attributable to shareholders, to retained earnings.
“Our revenue growth has exceeded expectations, with a remarkable increase of 11 per cent and a net profit increase of 17.7 per cent compared to the last year. This achievement is a testament to our commitment, dedication, and the strategic initiatives we implemented in 2024.
“Upon the commencement of the operations of Banks DIH Holdings Inc. on July 19, 2024, the revenue for Banks DIH Limited for the period October 1, 2023 to July 18, 2024 was $39 billion, while the revenue for Banks DIH Limited for the period July 19, 2024 to September 30, 2024 was $9.7 billion.”
This, according to the company, resulted in overall revenue of $48.8 billion, compared to the $44 billion that was recorded in 2023.
According to Banks DIH, this is an increase in revenue of $4.7 billion, or 11 per cent.
Meanwhile, some of the company’s achievements for 2024 were highlighted, such as the fact that they successfully launched a number of new products. These include the XM aged 25-year-old Caribbean finest rum, classic beer, Minute Maid fruit cooler and King’s Danish pastry.
Additionally, Banks DIH concluded a multi-year agreement with the General Workers Union. It had been revealed in October by Finance Director of Banks DIH Limited, Deonarain Seepaul, that a Memorandum of Understanding (MoU) was signed between Banks DIH Limited and the General Workers’ Union (GWU) at the Labour Ministry in Georgetown.
According to Seepaul, the agreement was a significant milestone and underscored the company’s commitment to job security, medical benefits, life insurance, and retirement benefits.
Additionally, he had highlighted that the negotiations were concluded swiftly, resulting in a 25 per cent wage increase and enhanced benefits over three years.
He had also taken the opportunity to emphasize the importance of sustainability for shareholders, employees, suppliers, and customers. GWU President Norris Witter had meanwhile emphasized the smooth and non-adversarial nature of the negotiations, which were completed in five days over 30 working hours.
Banks DIH had also ventured into the automative industry, commissioning its subsidiary, Banks Automotive and Services Incorporated (BASI), during which it unveiled its US$13 million six-storey parking facility situated at Plantation Ruimveldt, Georgetown.
The facility, which measures 208,000 square feet, will now allow 350 of the company’s employees to park freely and comfortably. It will also house the automotive dealership on the ground floor, while the sixth floor is earmarked for a fine-dining restaurant.
The company is the official dealer for UniCarriers forklift trucks, Daikin Air Conditioning Units, SWM vehicles, Shineray vans and buses, Sportrak tyres, and Keeway motorcycles in Guyana.
It had also been announced that the company was in talks with General Motors on potential collaboration.
General Motors is an American multinational automotive manufacturing company headquartered in Detroit, Michigan, United States. The company is primarily known for owning and manufacturing four automobile brands: Chevrolet, GMC, Cadillac, and Buick. (G3)