Banks DIH Group recorded $8.9B in profits last year

Jan 23, 2024 News

Banks DIH Limited

Kaieteur News – Banks DIH Limited, a leading player in the manufacturing industry in Guyana, net profit grew by 6.8% to $8.970 billion up from 2022, for the financial year ending September 30, 2023.

This was revealed in the beverage giant’s Annual Report. The Company distributed the report to its shareholders ahead of its Annual General Meeting which is scheduled for Saturday. Chairman Clifford Barrington Reis said that 2023 had many challenges which included supply chain delays and increased cost for raw and packaging materials, spares, energy, distribution and the retention of skilled employees.

“Our strategy was centered around our employees and customers to drive sustainable solutions and build resilience in our manufacturing processes, maintaining the production of high quality products and efficiency in operations,” the Chairman stated. Reis said too that demonstrating adept leadership skills, Banks DIH Limited exercised prudent financial management and leveraged information technology resources for real-time decision-making.

The Group’s overall performance showcased a commendable uptick, recording a profit before tax of $14.509 billion, marking an 8.29% increase from the previous year’s $13.398 billion. Profit after tax for the Group, attributable to shareholders of the parent company, witnessed a surge from $8.395 billion in 2022 to $8.970 billion, reflecting a 6.8% increase.

The Board of Directors proposed a dividend of $2.20 per share unit, amounting to $1.870 billion – a notable 10% increase from the previous year’s $1.700 billion. Moreover, revenue generated by the company stood at $44.048 billion, up by $4.395 billion or 11.1% from 2022. The profit before tax for the company was $11.393 billion, an 8.4% increase from the $10.506 billion achieved in 2022.

Notably, despite the impressive financial figures, Banks DIH Limited acknowledged the escalating complexity of the business environment, attributing challenges to the ongoing global recovery from the COVID-19 pandemic. The geopolitical crisis in Europe was highlighted as a significant factor influencing commodity prices and supply chain operations.

The Chairman said, “The recently concluded year has once again demonstrated the Company’s resilience in overcoming challenges. As we anticipate the upcoming Financial Year and beyond, our strategic approach involves maximising the potential of our global brand portfolio as well as solidifying our standing as a consumer-focused entity.”

He said that the company is committed to building upon its well-established foundations by prioritising the reinforcement of their core strengths, including advancements in marketing, innovation, revenue growth, management, and execution. Reis underscored that this dedicated focus aims to enhance value for shareholders, suppliers, employees and customers.

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Banks DIH Group, Chairman, Clifford Barrington Reis, Guyana, Manufacturing

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