Beverage company Banks DIH registered after-tax profit of $7.58b for 2022, a 12% increase over 2021.
In his statement to shareholders contained in the Banks’ 2022 annual report, Chairman Clifford Reis said that the profit was achieved despite the continued challenges globally.
“The Financial year which ended on 30 September 2022, had many ongoing challenges of Supply Chain Issues, which resulted in the rising cost of Raw Materials, Spares, Production, Distribution and the rising cost of living on Workers’ income. However, through our strategic planning and leadership skills, the Company was able to rise above these difficulties by managing our manufacturing processes to make consistent quality Beverage and Food Products, the engineering of efficient plant and equipment operations and the selling of our products “Better and Smarter” so as to manage growth. Employee engagement continues to be high and agile in a volatile market”, he stated.
Revenue generated by the company in 2022 was $39.6b compared to $35.8b, an increase of 10.6%.
The board of directors has recommended a dividend of $2 per share unit at an overall cost of $1.7b as compared to $1.445b last year, an increase of 17.6%.
Reis said that during the year, the company continued to make capital investments. Works were completed on the installation of a centrifuge system in the brewery to ensure higher yields and quality. Four ninety-tonne silos were also erected to increase malt storage capacity. The soft drink plant syrup room and production line was completed to enable bottling of Minute Maid drink products.
In addition, the rum plant was fitted with a new labeller, storage tanks and a ten column carbon filter. A new dough divider was acquired for the food division along with cooling/proving racks for bread production and packaging equipment for biscuits.
The company also purchased a storage bond at Drysdale Street and works continued on the elevated car parking facility. New trucks and minivans also arrived for the transport fleet. The information and communication technology department was also upgraded with computers, firewalls and security equipment.
The Banks Automotive and Services Inc, a 100% owned subsidiary of the company produced revenues of $117m compared to $57.5m last year.
In the new financial year, Reis said that major capital works will be carried out on the Coca Cola and Icee soft drink plants together with a new oven for the bakery and new land for future development.
The report showed that the majority of revenues come from the sale of beverages. This figure was $36.6b this year compared to $33.5b last year. The sale of food items accounted for $2.9b compared to $2.2b last year.
The company’s Annual General Meeting will be held on January 27, 2023 at 2 pm at Thirst Park.
