In a financial year that was mostly ravaged by the Coronavirus pandemic, local conglomerate Banks DIH Limited has still been able to record hefty profits.
In the 2020 annual report of the Company, BANKS DIH Chairman and Managing Director Clifford Reis, reveals that the company saw an increase in its after-tax profit by $747 million representing a 16% increase over the previous year.
Mr. Reis in his report also highlighted the challenges faced by the pandemic and the post-election situation in the country. He said the financial year which ended in September 2020 presented new and varied challenges and experiences for the Banks DIH Limited because of the COVID-19 pandemic and uncertainties following the elections.
Still, the Chairman said, Banks DIH Limited was able to come together as a team with a commitment to overcome the challenges. He said the company’s success in the past year could be attributed to the strengths of its workforce and the market acceptance of its brands along with effective selling and a loyal customer base.
“The combined contribution of this resource base, enabled us to achieve increased revenue streams, better control of operational expenses and optimal use of our financial resources”, Reis said in the report.
The company has also recorded growth in shareholder value, according to the Chairman. He explained that from the net profit of $5.666 billion attributable to shareholders, a dividend payment of $985.8 million was made leaving more than $4.6 billion which was transferred to retained earnings.
Citizens Bank, which is owned by Banks DIH, also saw an increase in its after tax profits by more than 26%.
On the issue of quality, the company has maintained its good standing with the international standards for manufacturing and production. The company has also retained the top spot within emerging markets of the Coca-Cola Latin America operations.
Moving forward, the company intends to continue the diversification of its business model, which will include ventures in the transportation and alternative energy sectors.
Banks DIH, according to the Chairman, will also continue its community relations and partnerships projects with various groups, educational institutions and initiatives.
The company is Guyana’s oldest and most successful conglomerate, celebrating 65 years in business.