Banks DIH E’bo Branch records $12.2M increase in profits

Feb 02, 2018 News

Bank DIH Chairman, Clifford Reis

The year 2017 can be deemed a productive year for Banks DIH, Essequibo Branch. The branch concluded its year with increased profits of over $12.2 million. This announcement was made last Sunday by the company’s chairman, Clifford Reis.
At the time in which the announcement was made, Reis was addressing his fellow shareholders at the company’s 62nd Annual General Meeting.
Reis noted that the Essequibo Branch, Airy Hall, achieved total sales revenue of some $1.3 billion. The branch also made as profits for the year, $18 million – an increase of over $12.2 million. Speaking on the number of products sold, Reis noted that 843,000 cases of units were sold for the year 2017- an increase of 43,000 from the previous year.
During a brief interview with Kaieteur News, Reis credited this increase to the company’s distribution services. The chairman explained that the company has been distributing on a more regular basis. Reis added, “We don’t want our customers to run out of stocks, the more we supply to our customers, the less stock the company would hold. If we can supply our customers twice a week, it means better cash flow and a faster turn over for us.”
It would appear that the demand for Banks products on the Essequibo Coast is now on the increase. Over the years, businesses both large and small have been established in this small farming community, thereby propelling the demand for various good and services.
In an effort to keep up with the growing distribution of Banks products, however, Reis noted that this year, more trucks would be acquired to fast track local distribution. The Chairman also revealed to this publication that more money would be allocated for the Banks wharf–also located at the company’s Airy Hall Branch.
Reis said that the wharf is used generally to bring in products. As such, it is an integral investment which must be undertaken. Reis also underlined the fact that in an effort to further increase distributions, the Banks’ team must be involved in more merchandising and field studies.
At the conclusion of the company’s Annual General Meeting last Sunday, a thrilling revelation was made-the announcement of a new Branch Manager for Essequibo.
It was announced by Reis that Premaul Ritney was appointed Branch Manager. Reis noted that Premaul, who is now the successor to Gavin Jodham, is expected to maintain, and even accomplish more in the interest of the company.

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