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Banks DIH focuses on sharpening tactics to reduce expenditure
Banks DIH Limited has sharpened its tactics to reduce expenditure and increase profits even as the company has rebranded itself as ‘Banks Country’.
Banks DIH Limited Chairman Clifford Reis
This was disclosed as the company hosted its 58th Annual General Meeting (AGM) at Thirst Park, Saturday last.
Chairman Clifford Reis told the hundreds of stakeholders that dividends increased from 17 to 30 cents and the company won gold medals in international quality control competitions in which it participated.
“Volume growth was not achieved only by providing our customers with quality products, additionally our focus has been the anticipation of and response to the rapidly changing dynamics in the market in which we operate,” he asserted.
Adding that customer service is one of the company’s main priorities, Reis also noted that as a result of comprehensive planning and prudent management of resources, the overall performance of the group improved, with an operational profit before taxes of $5.340 billion compared to $4.966 billion in 2012, a seven per cent increase of $374 million. Profits after taxes for the group attributable to shareholders grew from $2.812 billion to $2.930 billion, an increase of $118 million, or four per cent.
He however underscored that while the company has recorded some $2.5 billion in profits, it is disappointing that as a consequence of the national economy it did not meet its targets in the second half of the year, hence not garnering the expected results.
The Banks DIH chairman noted that one area the company will be looking to expand in, is the field of technology. He noted that this year more emphasis will be placed on the utilisation of new technology.
Modernisation
The Chairman further noted that with the implementation of the brewery – the modernisation programme which is the second phase of the company’s strategic capital investments -Banks DIH has improved production capacity and availability.
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 also 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.
He also underscored the company’s continued support for “the sustaining of meaningful relationships with our shareholders, employees, customers, and wider society which is demonstrated in our continuing commitment to, and involvement in, the many educational, cultural, sporting, religious and environmental activities undertaken in several communities across our country.”
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