-figure is 17.7% above 2023
Banks DIH Holdings Incorporated has recorded an after-tax profit for 2024 of $10.563b.
In his report, Chairman/Managing Director Clifford Reis said that for the period ending September 30, 2024, after-tax profit compared to 2023’s $8.970 billion saw a $1.593b increase which translates to some 17.76 percent.
The company’s profit before tax was recorded at $16.979 billion compared to $14.509 billion in 2023, an increase of $2.470 billion or 17 percent.
Reis said that the board of directors has recommended a dividend proposal of $2.60 per share unit resulting in an overall cost of $2.210 billion as compared with $1.870 billion in 2023, an increase of $340 million or 18.18%.
He said that revenue growth has exceeded expectations with a “remarkable increase” of 11%.
Reis added that Banks DIH successfully launched new products namely XM Aged 25 Old Caribbean Finest Rum, Classic Beer, Minute Maid Fruit Cooler and Kings’ Danish pastry which he said have been well received by customers.
On the operational side, he said that the company has focused on its processes so as to increase efficiencies and this has enabled reduced cost while maintaining high standards of quality.
During the year, capital works were completed on the upgrade of the No.1 and No.2 soft drink plants making both Coca Cola compliant. The beer plant also underwent an overhaul. Expenditure was also incurred for the blowmoulder and conveyor for rum and wine production. The five-gallon water plant was also relocated to the Industrial Site while a new snack line was commissioned in the Trisco Division.
An elevated car park was commissioned on July 26, 2024. In the power sector there was an upgrade and replacement of generators and transformers and investment was made for a new 1.7 MW Hyundai Generator to boost power generation capacity.
Reis added that the Information and Communication Technology Department was enhanced with a new IBM Power 10 Server.
This year, Reis said that Banks DIH Limited’s capital expenditure will focus on the acquisition of a new beer bottling plant and a beer canning line, an upgrade of the existing beer bottling plant and construction of a new Qik Serv restaurant in Bartica among other areas.
Citizens Bank
Reis’ report said that the 2024 after-tax profit of Citizens Bank Guyana Inc – a 51% owned subsidiary of Banks DIH Ltd – was $2.24b compared to $1.94b, an increase of 15.3%. Loan assets increased from $52b to $60.1b.
Revenues for Banks Automotive and Services Inc for 2024 totalled $81.6m compared to $170.9m in 2023.
Looking forward to 2025, Reis said that the company aims to “unlock the full potential of our Global Brand Portfolio while solidifying our reputation as a Consumer-Focused Entity”.
