Banks DIH Linden Branch sold $912.9M in 2014

Feb 03, 2015 News

By Jacquey Bourne
Under the theme ‘Refreshing Partnerships’ for the financial year 2013 to 2014, Banks DIH Linden branch total sales was $912.9M, an increase of 7.3%, according to the Branch Manager, Shondell Easton.
She was addressing the Company’s 59th Shareholder’s Annual General Meeting at the Linden branch at Republic Avenue, Mackenzie Linden last Friday.
Ms. Easton said the physical sales were 710,244 cases of product, an increase of 7.6%. For this achievement, she was awarded the Chairman’s trophy and for her outstanding contribution towards Education, she was awarded a Certificate of Excellence by the Region Ten Department of Education.
Chairman Clifford Reis, in his report, congratulated the Branch Manager for her sterling performance. “Shondell is our only female Branch Manager and I don’t know how she does it, if she bribes her customers, takes them to lunch or what, but what makes her a good Manager is, she never takes all the credit. It is always ‘we’ never ‘I’. That is why she was awarded the Chairman’s trophy.”
Mr. Reis also noted that when GT Beer was first introduced in November 2013, Linden Branch sold 12,256 cases and that was a great achievement.
He added that the number of units sold in 2014 was 15 million a reduction of 55,000 units over the past year.
“In December the company broke all records and sold 1.2 million cases of Banks DIH beverages in one month. The GT Beer which got in November 2013 has met all expectations of the company. It was budgeted to sell 330,000 cases but actually the company sold 462,000 cases, an increase over the budget of 132,000 cases or 40%.”
He noted that the investment of the packaging of the GT beer in glass bottles cost the company $500M, but the company classified it as a long term investment.
The Chairman told the shareholders that the financial year was challenging in many respects but as a result of the decision making and the implementation of cost saving measures and swift financial controls, results were produced which yield more success than the previous years.
The shareholders were told that during the 59 years of Banks DIH brewery, the company could be likened to the opening of Charles Dickens novel ‘A Tale of Two Cities’. “It was best of times, it was worst of times, it was the age of wisdom and it was the age of foolishness, it was the shade of light and the shade of darkness, it was the spring of hope, it was the winter of despair, we had everything before us and we had nothing before us.”
He claimed the financial year was challenging in many respects and Banks DIH was not exempt from that reality.
According to the Chairman of the beverage giant, the company pays the government $14.5M per day in taxes. “Our company Banks DIH seems to be the cash flow of the private sector. The time is now fellow shareholders, to level the playing field for the excise tax calculation. The time is now to go after the smugglers and the illegal importers of alcoholic beverages.
“The time is now shareholders, to remove the tax to register Fast Food restaurants because it is somewhat difficult to compete with the food vendors in the market place. We must remember that Fast food restaurants are for the working class.”
He said that GRA has already taken action to level the playing field on excise tax and he looks forward to the next decision of when they would take the VAT off the Banks products.
He lauded the Linden branch of Citizen’s Bank for the increase of $34M for the financial year. He noted that the loans and advances grew by $284M or 78%. The deposits increased by $118M bringing the total in the bank to $565M.
Towards education Wismar Christianburg Secondary School and South Amelia’s Ward Nursery School, were the recipients of one hundred thousand dollars each which would be used to benefit the students and the institutions in a meaningful way.

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Banks DIH Linden Branch sold $912.9M in 2014

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