Local conglomerate, Banks DIH Limited, has recorded after tax profits of $8.9 Billon, representing an increase in profits by 6.8%.

Before taxes were deducted, the company’s profit stood at $14.5 Billion.

Shareholders of the company will gather this coming Saturday for the Annual General Meeting.

In his report, Banks DIH Chairman and Managing Director, Clifford Reis said the company generated $44 Billion in revenue last year, which was up from $39.6 Billion in 2022.

“The Profit before Tax for the Company was $11.393B compared to $10.506B achieved in 2022, an increase of $887.0M or 8.4% while the Profit after Tax increased from $7.589B to $8.129B by $540.0M or 7.1%,” the Banks DIH Chairman reported.

Notwithstanding the company’s success, Reis said the complexity of the business environment is rapidly escalating. He said even as the world recovered from the COVID-19 pandemic, a number of challenges were encountered on the global landscape, impacting the company’s operations.

“The Financial Year, which ended on September 30, 2023 had many challenges which included supply chain delays and increased costs for raw and packaging materials, spares, energy, distribution and the retention of skilled employees,” Reis reported.

He said his company’s strategy was centered around its employees and customers, aimed at driving sustainable solutions while building resilience in the manufacturing processes and throughout its operations.

Meanwhile, Reis also said the company made significant capital investments in a production plant, machinery, and equipment, intended to strengthen long-term development and bolster its manufacturing capacity, as well as its operational efficiency.

“Capital works were completed with the acquisition of a 120 HL Brew House to enhance the brewing capacity of our Malt Products. There was the acquisition of a Blow Moulder, new on-line Blow Moulder for the Soft Drink Plant,” he reported.

It was also noted that Citizens Bank recorded after tax profits of $3.2 Billion. The Banks DIH group has a 51% majority stake in Citizens Bank.

Meanwhile, Banks Automotive and Services, which is a 100% owned subsidiary of Banks DIH, recorded $9.2M in before tax profits. The company is set to really take off this year.

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