Banks DIH announces $4B in profits

Beverage giant Banks DIH Limited has recorded a profit before tax of $4.036 billion, compared to $3.081 billion in 2010, a 31 per cent or $955 million increase in revenue. According to the company’s Annual Report for 2011 to be delivered at its 56th Annual General Meeting on Saturday, January 21, Banks delivered excellent results over the past year, demonstrating continuous growth in both revenue and profit beyond that of previous years.

Banks DIH Chairman and Managing Director Clifford Reis, in his report, said, “Banks DIH Group of Companies continues to deliver excellent results by recording exemplary growth in revenue and profit over that of previous years.”
He said the company gained a profit after tax of $2.298 billion in 2011, compared to $1.602 billion in 2010, an increase of $696 million or 43 per cent increase. The company’s net profit increased from $1.362 billion in 2010 to $1.934 billion in 2011. This increase represents a 42 per cent hike in net profit of $572 million.
Profit before tax for the beverage company was $2.802 billion as against $2.226 billion last year, an increase of $576 million or 26 per cent. Reis said though the company faced several challenges over the past year, being dedicated and focused on its mandate to provide quality products and services to customers ensured the positive financial results quoted.
“The improved results can be attributed to revenue garnered from the increase in physical sales, efficiencies derived from plant and machinery upgrades, an improved presell and distribution system, the installation of capital equipment, and the increase of Citizens Bank Guyana Inc’s net profit by 50 per cent,” he explained.