Latest update December 23rd, 2024 2:56 AM
Banks DIH records $6.7 billion in after-tax profit for 2021
Kaieteur News – Local manufacturing company, Banks DIH in its 2021 Annual Report has documented a profit of $6.777 billion, after taxes, representing an increase of $1.506 billion or 28.6 percent when compared to 2020’s $5.271 billion after tax profits.
Chairman and Managing Director of Banks DIH, Clifford Reis
Chairman and Managing Director of Banks DIH, Clifford Reis in his report explained that the improvement in performance at the manufacturing company was as a result of an increase in physical sales by six percent, the increase in dollar sales turnover by 17.7 percent, management of operational expenses and better yields derived from raw material utilization.
Mr. Reis said “My fellow shareholders, I am pleased to report that the Banks DIH Group continues to excel by showing consistent sustained growth over the past year, ended September 30, 2021”. He added that the group’s profit before taxes also improved from $8.899 billion to $11.078 billion, an increase of $2.179 billion or 24.5 percent.
This means that the group’s net asset value per share also increased by 15.7 percent. “The Board of Directors has recommended a dividend proposal of $1.70 per share unit, resulting in an overall cost of $1.445 billion as compared with $1.147 billion in 2020, an increase of $298 million or 26 percent,” the Report stated.
On the other hand, the Chairman included in his report, that the company’s revenue generation also grew by $5.390 billion to $35.858 billion, when compared to 2020’s $30.468 billion. According to him, “The financial year which ended on September 30, 2021 again presented challenges mainly resulting from the COVID-19 lockdown and restrictions which contributed to curtailed market conditions. However, the company continues to supply its customers with a range of quality beverages and food products and innovative strategies with the ultimate objective of remaining at the forefront of the highly competitive market”.
He said that Banks DIH was able to deliver products in a post-lockdown period by encouraging the creation of further customer connection through its ‘Stay at Home message and Delivery packs’. Peter D’Aguiar founded Banks DIH, popularly known for its iconic Banks Beer, in 1969. However, its origin goes back to the early 1840’s with its chain of liquor stores. The company expanded in 1885 when it launched its Cocoa and Chocolate Factory and a Schooner Shipping Agency. It later ventured out with its soft drink plant and liquor bars. Some of the products manufactured by Banks DIH include Hop House 13 Premium Lager, Wave Pale Ale, Banks Beer, GT Beer, Banks Shandy, Guinness Stout and, Banks Malta Supreme among several others.
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