For the half year ended March 31st, 2021, Banks DIH registered unaudited profit after taxation of $2.275b compared to $1.982b in 2020, a rise of $293m or 14.8%.
According to the company’s interim financial statements published in yesterday’s Sunday Stabroek, the unaudited operating profit before taxation for the company was $3.262b this year compared to $2.788b last year, an appreciation of $474m or 17%.
Revenue generated by the company was $17.87b this year compared to $16.21b last year, a jump of $1.66b or 10.2%.
Beverages remain by far the largest revenue contributor to Banks DIH. Beverage sales for the half year up to March 31st 2021 were $16.8b compared to $14.9b in 2020. The sale of food items was the next biggest earner for the company even though there was a decrease in revenue. Food sales racked up $1.04b this year compared to $1.26b last year.
Citizens Bank Guyana Inc which is part of the Banks DIH Group registered an unaudited profit after taxation of $478.4m for the half year ended March 31st, 2021 compared to $452.1m registered in last year. This was an increase of $26.3m or 6%.
Chairman/Managing Director, Clifford Reis in his report said that the Directors of the company have approved an interim dividend of $0.30 per share unit to all shareholders and this will cost $255m.
Reis said that the economic and social uncertainty from the COVID-19 pandemic continues to pose many challenges for Citizens Bank which may impact the second six months of its financial year.
The Chairman disclosed that Banks Automotive and Services Inc, a subsidiary of the company generated revenues of $19.5m and made a profit before tax of $1.8m.
“My Fellow Shareholders, the Company has once again demonstrated its ability to deliver sound and sustained results. The improved performance was due to the growth in revenues derived from the increase in sales of our beverage and food products and the prudent management of operational expenses”, Reis said.
During the period under review, he said that the company’s capital expenditure was focused on completion of major machinery upgrades on the beer bottling and Coca Cola plants among others. A new truck washing facility was also commissioned. Work is continuing on the elevated car parking facilities.
