Despite difficult circumstance Banks DIH Berbice Branch record significant profit over previous year

Feb 06, 2020 News

Despite having one of their most challenging years due to various circumstances, Banks DIH Berbice Branch was still able to make a significant profit.
This was told to shareholders when the company held its 64th Annual General Meeting (AGM) and 25th in New Amsterdam at the Berbice Branch Headquarters at Main and Peter D’Aguiar Street, New Amsterdam on Sunday.
Speaking in front of a large gathering of shareholders that included Acting Mayor Wainwright Mc Intosh, Banks DIH Chairman Clifford Reis told shareholders that the company made a profit of $32.917B in 2019 and increase of 7.9% over 2018.
Reis noted that the improved results were achieved despite rises in fuel prices toward the end of the year. He said that despite the success, there are many challenges which require prudent management of the Company’s financial and human resources.
Berbice Branch Manager, Reginald Matthews, said that it has been one of the most challenging years for the Branch in his more than four decades of working with the company.
He said the impact of the closure of two sugar estates in East Berbice as major challenge among others.
Despite the challenges, the Branch was able to surpass last year’s performance. The figures show that the revenue was $2.94 billion, an increase of $29 million over the last financial year.
Unit sales were 1.7 million, an increase of 9800 units. The New Amsterdam Qik Serv restaurant sold $119.8 million compared to almost $115 million, the previous year.
Matthews added that the difficulties created an unfavourable local economy in a region where the major economic drivers were under-performing.
He stated that Banks DIH Limited has managed to overcome through powerful, astute and visionary leadership. He however cautioned that success does not come easy and will require the support of each and every one.
He cautioned, however that “everyone must remain cognisant and alert, bearing in mind that despite the achievements, there must be left no room for complacency”.
“He who is content with what has been done is an obstacle in the path of progress.’’
Matthews and his leadership team that includes Sales Manager, Nandram Basdeo, and others were able to achieved success in the face of intense competition from long existing as well as newly opened entities.
Over the past six months, five new restaurants were opened in close proximity to the Qik Serve two on each side and one opposite.
Citizens Bank New Amsterdam Branch, which is in its fifth year of operation, increased gross revenue by $5 million, reaching $32 million.
“As of September 30, 2019, the total deposits were $669.5 million, an increase of $153 million or 30%. Loans and advances given were $192 million, an increase of $83 million or 26 percent.”
Banks DIH Limited owns 51% of Citizen Bank.

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