Latest update August 23rd, 2024 12:59 AM
Dec 29, 2022 News
Kaieteur News – Despite external challenges on businesses here in Guyana, Banks DIH Group said that it has seen improvement in its performance with a 21 percent increase in its profit before tax.
The food and beverage company said it was able to increase its after-tax profits by 12 percent for the financial year 2022. In the Chairman’s report, Chairman and Managing Director, Clifford Reis reported that profit before tax was $10.506billion, an 11.3 percent increase compared to last year’s $9.439billion, profit after tax for this year increased from $6.777billion to $7.589billion, a 12.0 percent increase. The chairman noted that revenue generated by the Company was $39.653billion compared to $35.858billion last year, an increase of $3.795billion or 10.6 percent.
Banks DIH Group said that it has seen improvement in its performance with a 21 percent increase in its profit before tax
The chairman reported that the Company’s Board of Directors recommended a dividend proposal of $2.00 per share unit which resulted in an overall cost of $1.700billion as compared with the $1.445billion payout last year, an increase of $255million or 10.6 percent.
The revenue of Citizens Bank Guyana Inc. a 51 percent subsidiary of the Company was $4.847billion compared with $3.949 billion generated in 2021, an increase of $898 million or 22.7 percent. The profit before tax was $3.001billion compared to $1.782billion in 2021, an increase of $1.219billion or 68.4 percent, while profit after tax was $1.800billion compared to $1.056billion, an increase of $744million or 70.5 percent. Earnings per share for the Bank was $30.26 while the total asset base was $84.7billion. Loan Assets were increased from $33.8billion to $38.2billion, by 13 percent or $4.4billion.
Banks Automotive and Services Inc. a 100 percent owned subsidiary of the Company generated revenue of $117.0 million compared to $57.5million in 2021, an increase of $59.5million or 103. 5percent. The profit before tax was $5.9million compared to $2.7million, an increase of $3.2million or 118.5 percent. Next year, the company envisions the completion of its new multi-story vehicle parking facility and corporate offices and showroom of Banks Automotive and Services Inc.
It was explained to shareholders that’s during 2022, the Company continued to make capital investments in plant, machinery and equipment to sustain long term development and enhance its manufacturing capacity and efficiency in operations. The Company has completed the installation of a Centrifuge System in its Brewery, it completed works to facilitate the bottling of Minute Made drink products, fitted a new labeller and cleaning in place system in its Rum Plant as well as other upgrades.
The Chairman noted that the overall performance of the Banks DIH Group improved for this year as it recorded a Profit before tax to the tune of $13.398billion compared to the $11.078 it made last year, an increase of $2.320billion or 20.9 percent. Profit after tax for the Group attributable to shareholders of the Parent Company increased from $7.170billion to $8.395billion, by $1.225billion or 17.1 percent.
The Chairman said that continued challenges of the global economy continued to cause considerable instability and unpredictable impacts on businesses. Even as the restrictions of Covid-19 Pandemic unfold, the effects of the Geopolitical crisis in Europe continue to create difficulties in the way the Company is managed. He said that “the Financial Year which ended 2022 had many ongoing challenges of supply chain issues, which resulted in the rising cost of raw materials, spares, production, distribution and the rising cost of living on workers income.” The Chairman noted however that due to strategic planning and leadership skills, “the Company was able to rise above those difficulties managing our manufacturing processes to make consistent quality beverage and food products, the engineering of efficient plant and equipment operations and the selling of our products “Better and Smarter” so as to manage growth.”
The Chairman said that apart from its building works and facility upgrades, it also boosted its transport fleet with new international trucks and minivans, as well as the upgrade of its technology department among others. Next year, the Group intends on commencing capital works for its drink plants, new equipment for its rum and wine production as well as a new oven for its bakery. The Chairman further added that the company will also secure a new CO2 plant, power distribution, and new land for further development.
Exxon is fast becoming Guyana’s Landlord.
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