Banks DIH turns profit of $2.54b for 2013

Beverage giant Banks DIH registered an after-tax profit of $2.543b for last year, marginally down from the $2.558b figure from 2012.

The company’s annual report said that included in the 2013 profit figure was a one-off gain of $167m  from the sale of its Camp Street property – the former Camp Site building – to its sister company Citizens Bank Guyana Inc.

Chairman/Managing Director Clifford Reis in his report for the year ended September 2013 attributed the company’s performance to “increased production availability” from efficiencies accruing from capital investments and the strong demand for products from its customer base. He said that recognition should also be given to the excellent market systems backed up by an efficient pre-selling and distribution network.

Banks DIH is to hold its 58th Annual General Meeting at Thirst Park on January 25th 2014.

During 2013, the Chairman’s report said that Banks DIH continued with its brewery modernization programme which is the second phase of its strategic capital investments. Included in this programme were major capital works in the Brewhouse and Cellars’ operations. In addition, the company is in the process of installing a palletiser, a de-palletiser, a pasteurizer with conveyor system and a labeller.

Other capital expenditure went towards equipment for the bakery, the dairy plant, winery and the water plant.  The drilling and development of a new water well was concluded during the year. Also started during the year were the installation and commissioning  of  1.7 MW Hyundai Generator to cover increased power demands and a new Cleaver Brooks boiler to up steam generation. The Stabroek Sports Bar was opened for business in October 2012.

Citizens Bank Guyana Inc, a 51% owned subsidiary of the company upped its revenue from $2.879b to $3b, an increase of 4.5%. Profit after tax for Citizens was $1b compared to $922m the previous year.

Profits after tax for the Banks DIH group rose from $2.8b to $2.9b, a rise of 4%.

At Saturday’s meeting, a final dividend of $0.30 per share will be up for consideration.  Two interim dividends of $0.17 each were paid in May and October last year.  Once the $0.30 per share dividend is approved, the overall dividend payment will be $640m.

The report said that dividends received from Banks Holdings Ltd, Barbados for the year were $30.8m and dividends paid by Banks DIH to Barbados Holdings amounted to $122.1m based on  investments made by each company.

Among new products introduced by the company last year were three flavours of the Crème Select ice cream.

Providing a breakdown of the Social Distribution of its gross income for 2013, the Banks DIH report said that 46% went to the government, 28% to the future, 21% to employees, 4% to shareholders and 1% to public causes.

 

 

Latest in Local News

default placeholder

Stealth flight plane grounded in Anguilla

One of two planes that left Guyana illegally under the cover of darkness on Saturday has been given clearance to leave Anguilla and the other was grounded in the British overseas territory, Minister of Public Infrastructure David Patterson has said.

The remains of the home Satesh Jagmohan was occupying when tragedy struck

De Willem teen burns to death in house fire

A 19-year-old labourer perished in a mysterious fire which destroyed a two-bedroom house in the De Willem, West Coast Demerara (WCD) squatting area on Saturday night.

default placeholder

ExxonMobil set to drill more oil wells

American oil firm ExxonMobil will be drilling more wells after an appraisal well confirmed the presence of a significant deposit of oil in the location close to where the first well was drilled.

default placeholder

Implement anti-discrimination laws quickly – outgoing US Embassy Deputy

It is important that Guyana move quickly to enact anti-discrimination laws as discrimination and homophobia “is a very real problem” for the Lesbian, Gay, Bisexual and Transgender (LBGT) community here, outgoing Deputy Chief of Mission at the US Embassy here, Bryan Hunt has said.

Ishaan Caines

Coverden cop dies in Bamia accident

A police rank died on Saturday afternoon after he lost control of the car he was driving and it flipped over in the vicinity of the Bamia Creek on the Linden/Soesdyke highway.

A section of the gathering (Ministry of the Presidency photo)

Protected zones to be set up in all 10 regions

President David Granger on Friday said that protected areas will be established in all 10 regions of the country. The Ministry of the Presidency said in a release on Saturday that he was speaking at the Tourism and Hospitality Association of Guyana’s (THAG) President’s Awards Ceremony 2016.

default placeholder

GPL invites bids for 11 MW Anna Regina plant

The Guyana Power and Light is inviting bids for the construction of an 11 MW plant at Anna Regina on the Essequibo Coast and one for 5.5 MW at Canefield on the East Berbice.

default placeholder

Waste management soaking up BV/Triumph NDC funds

Waste management is taking up over 50% of the revenues of the Beterverwagting /Triumph Neighbourhood Democratic Council (NDC) and councillors who were elected at historic local government polls are now confronting problems which have led to frustration with one already contemplating resignation.

Comments

About these comments

The comments section is intended to provide a forum for reasoned and reasonable debate on the newspaper's content and is an extension of the newspaper and what it has become well known for over its history: accuracy, balance and fairness. We reserve the right to edit or delete comments which contain attacks on other users, slander, coarse language and profanity, and gratuitous and incendiary references to race and ethnicity.

Stay updated! Follow Stabroek News on Facebook or Twitter.

Get the day's headlines from SN in your inbox every morning: