The Banks DIH Group registered an unaudited profit before taxation of $3.48b for the six-month period ended March 31, 2020 compared to $2.98b in the preceding corresponding period, a rise of 16.7%.
In the group’s interim financial statements published in yesterday’s Sunday Stabroek, Chairman Clifford Reis cautioned about the challenges posed by the Coronavirus pandemic and the 2020 elections issues.
Revenue generated by the Banks DIH company was $16.21b for the half-year compared to $15.11b in 2019, an increase of 7.3%.
The unaudited operating profit before taxation for the company was $2.79b compared to $2.45b in the preceding period, a rise of 13.9% while the unaudited profit after taxation was $1.98b versus $1.68b in the preceding period, an appreciation of 18.2%.
The Group’s 51%-owned subsidiary, Citizens Bank Guyana Inc notched up an unaudited profit after taxation of $452.1m for the six-month period ending March 31, 2020 compared to $357.5m achieved in the preceding corresponding period. This translated into an increase of 26.5%.
In his report, Reis said that the Company’s half-year performance was buoyed by the increased demand for beverage and food products. During the period under review, Reis said that the Company’s capital expenditure was focused on completing the state-of-the-art cracker/ cookie plant and an overhaul of the soft drinks plant. There was also expenditure on fire suppressant systems for the power generation department and the new vehicle workshop. Work also continued on the elevated car parking facilities and the acquisition of new trucks and forklifts.
The report said that the directors have approved an interim dividend of $0.30 per share unit to all shareholders whose names appear on the share register as of May 18, 2020. The cost of this payout will be $255m. Reis sounded a cautionary note about the elections and the Coronavirus pandemic.
“My Fellow Share-holders, due to the outbreak of the Coronavirus pandemic and the post 2020 elections issues and their consequences, the second half year will pose many new challenges which will include the disruption of the supply chain, consequential shifting of consumer demand and additional initiatives in the way the Company and its Employees operate. The implications of social distancing may become an aspect of daily life which will impact the way our society operates in the future. These changes will impact the ways in which business activities are conducted in the foreseeable future”, he said.
