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Banks DIH 59th AGM… Company maintains policy to upgrade production capacity
A student receives a cheque from Chairman/Managing Director Clifford Reis
Banks DIH Limited objectives are to create value shareholders, sustain meaningful relationships with employees and customers, and to provide quality products that can compete on the international market.
The Net Asset Value per share increased from $21.55 to $23.20, an eight per cent increase.
The company offered the dividend payment of $0.64 per share with the overall cost being $640.0 million.
This was disclosed by Chairman/Managing Director Clifford Reis on Saturday at Banks DIH 59th Annual General Meeting (AGM) at Thirst Park, Georgetown.
“As a corporate entity we have a continuing commitment to contribute to sustainable economic development while improving the quality of life of our workforce and their families as well as our communities and society at large. In this regard, we are committed to supporting environmental sustainability by complying with all applicable statutory and other requirements,” Reis emphasized.
The company, he said, will continue its efforts to strengthen its community partnership by upholding its corporate responsibility to its suppliers, employees, customers, government bodies, trade unions and shareholders.
In delivering the company’s report, the Chairman underscored that throughout 2014, Banks DIH maintained its policy to upgrade and when necessary replace its production capacity through the installation of a state-of-the-art manufacturing plant and other machinery that enhanced its competencies that will ensure competitive advantage regarding the conversion of raw materials into quality fresh, finished products.
In addition, the beverage giant managed to complete the brewery and cellars modernization programme and also commissioned the palletiser and a new pasteuriser for the Beer Plant.
However, the chairman noted that the company had faced challenges over the last year due to what was described as a sluggish global economic recovery and continuing tensions which continue to be manifested across the globe.
Banks DIH recorded an operational profit before tax of $4.971 billion while the profit after tax paid to shareholders was $2.660 billion.
The Chairman has emphasized that the company’s 2014 economic performance was negatively affected by crime and a series of flash floods that affected the nation.
He noted that the relevant authorities should put effective measures in place that would bring this age old problem to an end.
“In this age of the 21st century with the availability of science and technology, why should our capital city experienced flooding after a short period of rain?” Reis questioned, while noting that many businesses were forced to close their doors due to the series of flash floods that affected not only Georgetown but other vulnerable communities.
The beverage giant also presented Long Service Awards to employees. One student each from Belladrum Primary, Patentia Secondary, East Ruimveldt Secondary and Soesdyke Community High, was given monetary awards to develop their educational pursuits.
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