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Banks DIH records $5.3B pre-tax profit in 2013
– Chairman lauds excellent market systems, efficient pre-selling and distribution network
Against the backdrop of a sluggish global economic recovery and continuing tensions which continue to be manifested around the world, the Banks DIH Group recorded a pre-tax profit of $5.340 billion last year compared to $4.966 billion in 2012.
This was disclosed in the Chairman’s Report for the fiscal year ended 30 September 2013.
Chairman and Managing Director Clifford Reis
Chairman and Managing Director Clifford Reis underscored that the increase of $374.0 million or 7% was because of the overall performance of the Group. He stated that profits after taxes for the Group attributable to shareholders, increased from $2.812 billion to $2.930 billion showing an increase of $118.0 million or 4%. However, the profit after tax for the Company was $2.543 billion, as compared to $2.558 billion achieved in 2012.
The Company’s profit before taxes was $3.862 billion as compared with $3.700 billion for the preceding year, an increase of $162.0 million.
“Included in the profit after tax for the previous year was the one-off gain of $167.0 million arising on the disposal of the Camp Street property to the banking subsidiary. After deducting the impact of that gain the Company’s profit after tax would have increased by $152.0 million or 6%…I previously alluded to the measured global growth and by extension, the economies of many smaller countries. Despite this influence, our improved results were possible in part due to increased production availability resulting from efficiencies garnered from our capital investments, and in part due to the strong demand for our products from our loyal customer base,” the Chairman stated.
He added recognition should also be given to the excellent route to market systems supported by an efficient pre-selling and distribution network.
BREWERY MODERNISATION
The chairman further noted that with the implementation of the Brewery modernisation programme which is the second phase of the company’s strategic capital investments, Banks DIH has improved production capacity and availability.
Capital works within the Brewhouse and Cellars’ operations, include: Wort Kettle, CIP Plants, Brewhouse Control Systems, BOTEC Software upgrade and installation of the new Unitanks. “Additionally we are in the process of installing a palletiser, a de-palletiser, a pasteuriser with conveyor system and a labeller.”
The Chairman explained that expenditure was also directed towards equipment for the Bakery, the Dairy Plant, the Winery and the Water Plant. The drilling and development of a new water well, restaurant equipment and additional trucks and forklifts were completed in the year. The installation and commissioning of the new 1.7 MW Hyundai Generator to satisfy increased demand, and a new Cleaver Brooks boiler to increase steam generation for the production areas were started in the 2012/2013 period and will be completed within this New Year. The Stabroek Sports Bar was opened for business in October 2012. Building works were also done on the Sales Office and the Credit and Internal Audit Departments.
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