Banks DIH records increasing profits

May 24, 2011 News

The earnings of the Banks DIH Group of Companies continue to soar with an interim financial half year report registering unaudited figures that reflect a gain of $252 million over the similar period for the previous year.
For the six months ending March 31, 2011, the Group reported an unaudited before-tax profit of $1.640 billion.
At the end of March, last year, the takings were $1.388 billion. The unaudited after – tax profit for the six months ending this year was $689.5 million, and the number as of March 2010 was $594.1 million, reflecting a $95.4 million or 16 percent growth.
Additionally, a subsidiary for which it acquired controlling interest in 1998, Citizens Bank, showed an after tax profit of $364.6 million at the half of the current financial year compared to $261.0 for the six months leading up to March 31, 2010.
“The improved results achieved by the company in the first half year came mainly from increased dollar sales, efficiencies derived from plant and machinery upgrades and the benefits derived from the installation of capital equipment,” stated Group Chairman, Clifford Reis, in the company’s published financial statements.
These returns for the first six months of the financial year resulted in earnings per share going up to 85 cents in a rapid movement away from 71 cents per share for the similar period last year. Directors approved an interim dividend of 15 cents per share, which will translate into a total payment of $150 million, compared to $140 million paid out to shareholders for the similar period last year.
The Group’s half year performance puts it on course to surpass the 2010 whole year returns when the current financial year comes to an end on September 30, 2011.
The total comprehensive income for whole financial year ended September 30, 2010 stood at $1,875 billion. For the first six months of the current financial year it is $991,883,000.
At the end of the last financial year earnings per share were $1.60 and the earnings per share so far this year show a figure that is more than half the 2010 whole year number.
At its six months point the Group’s asset base has already outstripped that of the entire previous year by $324,968,700. On September 30, 2010 it stood at $44,621,057,000, and as of March 31 this year it was $47,870,744,000.
The Banks DIH Group, with a history in Guyana reaching back to 1840, has dozens of holdings covering production of beverages, alcohol, liqueur, wines, bottled water, dairy treats, ices, pastry and crackers and other bread items.
It also offers restaurant services. Branches of the company can be found throughout Guyana, along with distributors and agents.
The one area within the holdings that has come closest to placing a blemish on the Group’s rosy half year financial report is the operation of Demico House in Georgetown.
“We propose to continue the review and reconfiguration of the Demico House operations to make them relevant and responsive to needs of a newer and younger clientele,” stated Chairman Reis, probably implying that all is not well with this edifice that has been a landmark in the downtown Stabroek area for years.
Buoyed by consistently increasing profits over the years, Banks DIH is set to continue along its path of proven success.
“Our focus will be on sustaining and growing those gains which were achieved by way of ensuring that the right human resource assets are in place to respond to the challenges of the new and emerging technology which drives 21st Century manufacturing processes,” Mr Reis stated.

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Banks DIH records increasing profits

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