Banks DIH nets over $10B in after-tax profits last year 

Jan 15, 2025 News

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Kaieteur News-   The Banks DIH Group has recorded an after-tax profit attributable to shareholders of the company of $10.563B last year an increase of $1.593B from the previous year, Chairman of the beverage giant, Clifford Reis has said.

Banks DIH will host its shareholders meeting on January 25 and ahead of the conference the company released its annual report. In his report Reis said Banks DIH holdings Limited has recorded an overall increase of $2.470 billion for 2024.  According to him the group saw a 17 % increase by recording a profit before tax of $16.979 billion compared to $14.509 billion in 2023. According to the chairman, upon the commencement of the operations of Banks DIH Holdings Inc. on July 19, 2024, the revenues for Banks DIH Limited for the period October 1, 2023 to July 18, 2024 was $39.079 billion while the revenue for Banks DIH Limited for the period July 19, 2024 to September 30, 2024 was $9.765 billion resulting in an overall revenue generation of $48.844 billion compared to $44.048 billion in 2023, reflecting an increase of $4.796 billion or 11%.

The profit before tax for Banks DIH Limited for the period October 1, 2023 to July 18, 2024 was $10.544 billion while the profit before tax for Banks DIH Limited for the period July 19, 2024 to September 30, 2024 was $2.858 billion resulting in an overall profit before Tax of $13.402 billion compared to $11.393 billion in 2023, reflecting an increase of $2.009 billion or 17.63%.

Reis said the achievement is a testament to “our commitment, dedication and the strategic initiatives we implemented in 2024. Our customer satisfaction programmes that were implemented during the year have also seen significant improvement, thanks to our commitment to quality service and continuous improvement. It also reflects the trust our customers place in us and our unwavering focus on meeting their needs.”

As it relates to dividends, the Board of Directors of Banks DIH Limited declared a dividend of $0.60 per share unit which was paid to all Shareholders whose names appeared on the Share Register as at May 24, 2024. The cost of this dividend payment was $509.9 million. On October 30, 2024, a dividend payment of $0.60 per share unit was made to Shareholders of Banks DIH Holdings Inc. The cost of this dividend payment was $509.9 million. The Board of Directors has now recommended a dividend payment of $1.40 per share unit to our Shareholders of Banks DIH Holdings Inc.  The total dividend paid to shareholder during the year was $2.60 per share unit.  This resulted in an overall cost of $2.210 billion compared to $1.870 billion in 2023, an increase of $340million or 18.18 %.

Among other things, Banks DIH Limited successfully launched new products: XM Aged 25 Year Old Caribbean Finest Rum, Classic Beer, Minute Maid Fruit Cooler and Kings’ Danish pastry, which have been well received by its customers. These innovations not only reinforced the company’s position as industry leaders, but also pave the way for future growth opportunities.

On the operational side, Reis said the company focused on the processes so as to increase efficiencies. This has allowed the company to reduce cost, while maintaining high standards of quality. He said too that Banks DIH Limited and the General Workers’ Union were able to conclude negotiations within thirty hours of meetings. “This can be recorded as an historical achievement, which has resulted in increased Salaries/Wages and benefits for all employees,” the chairman said in his report.

During the year, Reis said capital works were completed including the upgrade of the No. 1 and No. 2 Soft Drink Plants making both plants Coca Cola compliant as well as facilitating the production of Minute Maid Fruit Coolers. The Beer Plant underwent an overhaul of the Labeler, Unpacker and Packer Systems. He said too that the Utilities Services including Steam Generation, Thirst Park Water, Carbon Dioxide (COz) Plant, Engine Room and Light Refrigeration were all upgraded with new equipment. In the Building aspect of the operation, the Elevated Car Park was commissioned and officially opened on July 26, 2024. Additionally, he said several other buildings, including “our Linden and Bartica Branches and Industrial Site Location, were upgraded. Further, there was the commencement of a New Stores Structure on Mandela Avenue.”

“As part of our route-to-market programme, our transportation capabilities were enhanced with the acquisition of new trucks and forklifts. Hundreds of coolers, freezers and water dispensers were once again distributed to Mom-and-Pop Shops, Supermarkets, Grocery Stores, Offices, Hospitals and Government Departments nationwide. As the company reflected on its growth it said it is looking forward to the 2025 financial year, there is cause to celebrate the resilience of the group in overcoming the many challenges presented, Mr. Reis said.

(Banks DIH nets over $10B in after-tax profits last year )

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• after-tax profit, Banks DIH, Board of Directors, Soft Drink Plants, XM Aged 25 Year Old Caribbean Finest Rum

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