Banks DIH’s after-tax profit zoomed by 10.7% from $4.085b last year to $4.524b this year.
This was revealed in the chairman’s report in the 2019 annual report. The company is set to hold its Annual General Meeting (AGM) on January 25, 2020.
In his report, Chairman Clifford Reis disclosed that capital expenditure for next year will be primarily for the beer bottling plant. This encompasses the procurement and installation of an uncaser, a case packer, conveyors and a labeler. Other aspects of the capital expenditure will include the acquisition of trucks and lift trucks to expand selling and distribution activities. Capital expenditure will also cover a new multi-level vehicle parking facility and Banks Automotive and Services Inc which will be sited at Demerara Park.
According to Reis, the group’s net asset value per share rose from $40.15 to $45.25 or 12.7%. The Board of Directors of the company has recommended a dividend proposal of $1.16 per share unit or an overall cost of $985.8m.
Reis said in his report that the improved financial results stemmed principally from the “increases in physical sales of our core products sold both in the domestic and export markets. For the greater part of the year just ended, we were challenged to adjust to the impact which rising fuel prices had on the Company’s revenue streams”.
Citizens Bank Guyana Inc, a 51%-owned subsidiary of the company registered revenue of $3.422b this year compared with the $3.160b last year. Profit after tax for the bank was $955.3m compared to $602.3m – an increase of $353m or 58.6%.
