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Banks DIH records $4B profit in 2011-Chairman
– Subsidiary Citizen Bank profit after tax was $805.0M
Beverage giant Banks DIH has announced that the company has recorded a profit before tax of G$4.036B in 2011 compared to G$3.081B in 2010, an increase of G$955M or 31 percent.
The company’s net profit increased from G$1.362B in 2010 to G$1.934B in 2011 reflecting an increase of $572.0M or 42 per cent.
Profit after tax for the Group attributable to shareholders showed a significant increase from G$1.602B to G$2.298B in 2011, an increase of G$696M or 43 percent.
Chairman of Banks DIH, Clifford Reis
In the company’s 2011 Annual Report, Chairman of Banks DIH, Clifford Reis, stated that although there were challenges throughout 2011, the company remained focused on its commitment to provide quality products and services, financial results can be attributed to revenue garnered from the increase in physical sales.
“Capital expenditure within the new financial year will include the acquisition of additional vehicles, a new malt, handling system, fermenters, a work kettle, a reverse osmosis water system, a pasteurizer for the beer plant as well as modernization of the No 1 Bar at Demico House (to be renamed ‘Stabroek Sports Bar’) and additional building projects.” Reis stated.
Adding that the Banks DIH Group continues to deliver excellent results by recording exemplary growth in revenue and profit over that of previous years, Reis said a modern Krones soft drink plant has also been acquired and installed and is expected to be commissioned in this year.
In addition, upgrades to the brewery, rum factory, water plant, diary plant, and the existing soft drink plant as well as the installation of a new generator for the power generator plant, and the construction and development of an additional water well are in progress.
Citizens Bank
Citizens Bank Guyana Inc, which is a 51 per cent owned subsidiary of the company, improved its revenue from $1.944B to $2.465B, an increase of $521.0M or 27 per cent. Profit after tax was $805.0M as compared to $535.0M an increase of $270.0M or 50 per cent.
“The improved profitability was due to increased net interest income and prudent financial management. Total assets increased by $7.8 billion from $27.2 billion to $35 billion, or a 29 per cent increase. Loan assets increased by 53 per cent over the previous year to $30.6 billion, an increase of $7.2 billion or 31 per cent. Earnings per share were $13.53 compared to $8.99 the previous year,” the Chairman’s report said.
As it relates to dividends, Reis’s report said that the board of directors declared a first interim dividend of $0.15 per share, which was paid on May 20, 2011, while noting that a second interim dividend of $0.15 per share was paid on October 17, last the board recommends a final dividend of $0.25 share payable on January 23, bringing the total dividend for the year to $0.55 per share with the overall cost being $550M.
“Dividends received from Banks Holdings Ltd Barbados for the year were $52.3 million, and dividends paid to Banks Holdings Ltd Barbados were $102.1 million based on investments made with each other.”
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