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.