Banks DIH to build new beer bottling plant this year 

Jan 27, 2025 News

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—construct new Qik Serv restaurant in Bartica, expand infrastructure

By Shania Williams  

Kaieteur News- Banks DIH has reported impressive financial results for the fiscal year 2024, reflecting a significant increase in profits and revenue, alongside continued strategic investments aimed at enhancing its position in the marketplace and expanding its operations. The beverage giant has also announced plans to build a new beer bottling plant this year as well as construct a new Qik Serv restaurant in Bartica.

These announcements were made at the Banks DIH Holdings Incorporated’s First Annual General Meeting held at its headquarters at Thirst Park on Saturday. Speaking at the AGM, Chairman and Managing Director, Clifford Reis, said that the company had a notable 17% increase in Profit Before Tax (PBT), which surged to $16.979 billion, compared to $14.509 billion in 2023.  Profit After Tax (PAT) attributable to shareholders of the parent company grew by 17.76%, from $8.970 billion to $10.563 billion. This strong financial performance underscores the company’s ability to deliver sustained growth despite challenging market conditions.

“This 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, 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,” Reis stated.

For the fiscal year, Banks achieved total revenues of $48.844 billion, marking an 11% increase from $44.048 billion in 2023. The company’s performance was particularly strong during the latter half of the year, driven by both its core operations and subsidiary growth. Notably, the revenue for the period from October 1, 2023, to July 18, 2024, stood at $39.079 billion, while the period from July 19, 2024, to September 30, 2024, contributed $9.765 billion to the total.

Additionally, new product introductions played a pivotal role in the company’s growth strategy in 2024. The company launched several new offerings, including XM Aged 25-Year-Old Caribbean Rum, Classic Beer, Minute Maid Fruit Cooler, and Kings’ Danish Pastry, all of which have been well-received by customers and have contributed positively to the company’s revenue.

Banks DIH’s performance was not limited to its core business operations. The company also made substantial investments in capital expenditures to strengthen its manufacturing capacity and operational efficiency.  Significant upgrades were made to both the No. 1 and No. 2 Soft Drink Plants to ensure compliance with Coca-Cola’s international standards. In addition, the Beer Plant underwent an overhaul of critical systems, and substantial investments were made in new equipment for rum and wine production. “These innovations not only reinforce our position as industry leaders, but also pave the way for future growth opportunities. This has allowed us to reduce cost, while maintaining high standards of quality,” Reis remarked.

The company’s commitment to enhancing its production capacity also extends to its power generation and transportation infrastructure. As part of its broader growth strategy, Banks DIH upgraded and replaced critical power generation equipment, including the addition of a 1.7 MW Hyundai Generator to boost capacity. Furthermore, the company expanded its fleet of trucks and forklifts to improve distribution efficiency.

In terms of workforce relations, the company also achieved a significant milestone. After just 30 hours of meetings, Banks DIH and the General Workers’ Union successfully concluded labour negotiations that resulted in wage increases and improved benefits for employees.

Under the new agreement, employees will receive an 11% wage increase in 2025, followed by 7% in 2026 and 5% in 2027.  “Our employees are the backbone of our success, and we are committed to ensuring that they are well-compensated for their hard work,” Mr. Reis stated. “The successful conclusion of these negotiations in such a short time reflects the positive relationship we have with our workforce and our commitment to their well-being.”

Reis said during the meeting, “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.”

Additionally, the Board of Directors declared a dividend of $2.60 per share unit, amounting to a total dividend payment of $2.210 billion, which marks an 18.18% increase over the previous year. This dividend pay-out demonstrates the company’s financial stability and ongoing commitment to delivering value to shareholders.

As regards sustainability, Banks DIH has placed a strong emphasis on meeting international quality and environmental standards. The company’s production plants underwent successful audits for ISO certifications, and it passed the US Army Food Safety Sanitation Audit for its Water Plant. Furthermore, Banks has continued to focus on enhancing safety measures across its facilities, including the implementation of fire safety upgrades and the commissioning of an elevated car park.

In the coming year, Banks plans to continue its strategic investments, focusing on further expansion in both its product lines and infrastructure.  The company’s capital expenditure for 2025 will include the acquisition of a new Beer Bottling Plant and Beer Canning Line, as well as the construction of a new Quick Serv restaurant in Bartica and additional land development to support future growth.

“Fellow shareholders, as we reflect on the recently concluded financial year, it is good to  celebrate the resilience of the group in overcoming the many challenges presented. Looking forward to the 2025 financial year and beyond, we aim to unlock the full potential of our global brand portfolio while solidifying our reputation as a consumer-focused entity. The group remains dedicated to enhancing our core competencies, particularly in the areas of manufacturing, marketing,” Reis said.

(Banks DIH to build new beer bottling plant this year )

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• Annual General Meeting, Annual Meeting, Banks DIH Ltd, Clifford Reis

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