
Local conglomerate Banks DIH Limited has recorded yet another good year in sales and profits. In its 2024 annual report, which will be presented to shareholders later this month, the company’s Chairman and Managing Director, Clifford Reis has announced a 17.76% increase in after-tax profit.
The after-tax profit increased from $8.970 Billion in 2023 to $10.563 Billion in 2024. The company paid out more than $6 billion in taxes last year.
In his report, Mr. Reis revealed that the company generated total revenue of $48.844 Billion in 2024, representing an 11% increase over the previous year’s revenue.
He stated that the revenue growth exceeded expectations and the achievement is a testament to the company’s commitment, dedication and the strategic initiatives that were implemented in the last financial year.
Mr. Reis stated that a number of new products were launched last year and have all been well received by customers. On the operational side, the Chairman said the company has been focusing on various processes to increase efficiency, and he highlighted a three-year salary increase agreement that was inked with the union representing workers of the company.
It was also noted that the company has been making various capital investments, particularly in acquiring a new plant and machinery and equipment.
“These investments are aimed to reinforce long-term growth, increase our manufacturing capacity and enhance our operational efficiency”, the Chairman noted in the report.
He said the company has also invested in improving its power generation system with the addition of upgraded generators to boost its power generation capacity.
In the 2025 financial year, Mr. Reis stated that the company will focus on the acquisition of a new Beer Bottling plant and a beer canning line, that are both expected to boost production to meet growing demand.
Banks DIH Limited owns 51% of Citizens Bank and it was noted that the bank recorded a 15% increase in after-tax profit.
Reis has stated that the company will celebrate its resilience while overcoming challenges. It will be seeking to further build and promote its global brand.
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