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Banks DIH auditors to get $12.5M per annum
Annual Shareholders’ Meeting…
Banks DIH has set aside $12.5M in remuneration for its auditors, while the beverage company will pay its non-executive vice chairman, $856,627 per annum. Non-executive directors will receive $713,856 per annum.
The auditors are Jack Alli and Sons.
Chairman of Banks DIH, Clifford Reis
The board of directors comprises Executive Directors who are Chairman/ Managing Director Clifford Barrington Reis, Assistant Managing/Marketing Director George Gladstone Mc Donald, operations Directors Michael Henry Pereira, Human Resources/Trisco Director Paul Andrew Carto, and Worker Management Participation Board Director, Henry Merchant. The Non-Executive Directors are Vice Chairman Roy Errol Cheong, Richard Berkeley Fields, Christopher Joseph Fernandes, Carl Richard Cozier and Dan Bryan Stoute.
At the 56th annual general meeting held at Thirst Park Saturday evening, it was disclosed that the beverage giant will be investing in a pasteurizer for the beer plant, a reverse osmosis system, a new malt handling system, new vehicles as well as modernization of the No 1 Bar at Demico House (to be renamed ‘Stabroek Sports Bar’)
Banks DIH recorded $4B profit in 2011compared to $3.081B in 2010, an increase of $955M or 31 percent.
The company’s net profit increased from $1.362B in 2010 to $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 $1.602B to $2.298B in 2011, an increase of G$696M or 43 percent.
Reporting to shareholders on Saturday, 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.
According to the Chairman of Banks DIH, Clifford Reis, the acquisition of a major plant and machinery during the year as part of the company’s ongoing modernisation programme enabled the efficient conversion of raw materials into food and beverage products, thereby contributing to the improved performance.
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