The three principal business functions of Banks DIH Limited are the production of beverages, food products and restaurant operations.
A fourth, and the most recent has been in banking services following the acquisition of 51% shares of Citizens Bank Inc. in December 1998.

Chairman’s Report on the performance of the Banks DIH Ltd Group for the period ended 30 September 2018.

The Group’s third party revenue was $30.923 billion when compared with $30.006 billion in 2017, representing an increase of $917.0 million or 3%.

The Trading Profit from Operations for the Group was $6.837 billion when compared with $6.196 billion achieved in 2017, representing an increase of $641.0 million or 10%.

Profit after Tax attributable to the Shareholders of the parent was $4.286 billion compared to $3.888 billion in 2017, an increase of $398.0 million or 10%.

The Group’s Net Asset Value per share increased from $34.33 to $40.15 by 16.9%. The Board of Directors of the Company has recommended a dividend proposal of $1.10 per share unit, resulting in an overall cost of $934.8 million.

Revenue generated by the Company was $27.863 billion compared to $26.548 billion in 2017, an increase of $1.315 billion or 5%.

The Profit before Tax for the Company was $6.032 billion compared to $5.079 billion, an increase of $953.0 million or 18.8%, while Profit after Tax for the Company increased from $3.584 billion to $4.085 billion by $501.0 million or 14%.

The improved results achieved were as a result of the increases in physical case sales of our Malt Products, XM Rums and Banko Wines; our Golden Harvest Bread and Baked goods and our Demico and Crème Select Ice-creams and Frostee products. Additionally, benefits were also accrued as a result of efficiencies achieved from raw material conversion and improved production throughput arising from capital expenditure investment over recent years.

The improved results were also as a result of lower prices negotiated for several raw and packaging materials as well as from the prudent management of our financial resources.

The introduction of an Environmental Levy of $10.00 per unit for all PET and returnable glass containers was gazetted during the last financial year and affected the selling prices and therefore the affordability of our soft drinks and bottled water products.

The recapitalisation of the Company’s Capital base was continued during the period under review.

The inclusion of state-of-the-art technology through the medium of plant, machinery and equipment on all of the Production Plants and in all of the service departments, enabled improved manufacturing and operational efficiencies.

The New Vehicle Workshop and Truck Parking Zone were commissioned along with the New Offices for the Workshop Administration, Environmental and Safety Departments and the Building and Property Departments. Also included in that development, was new PET and Plastics chipping equipment for our in-house generated plastics waste.

Our solar energy expansion programme was continued with the installation of a PV/Solar System at our OMG and Main Street Qik Serv facilities. These departments are now partially powered by solar generated electrical power.

In addition, my fellow shareholders, a new packaging line was installed on the Trisco Cookie and Cracker Plant and new production equipment was also installed

in the Dairy and Novelty Ice Plant. Our distribution fleet was further enhanced through the acquisition of new trucks and forklifts. In the new year, our Capital Expenditure thrust will be focused on increasing our potable water storage capacity, the addition of increased fermentation and storage capacity for the Winery and the installation of a new CIP system for the Bottled Water Plant. The project to transition to Solar Power across the Company will be continued.

Additionally, we will commence the construction of a new multi-story Car Parking Facility which will include space for planned future development. This construction will be housed at the Demerara Park Area.

Citizens Bank Guyana Inc

The Revenue of Citizens Bank Guyana Inc., a 51% owned subsidiary of the Company was $3.160 billion. The Profit before Tax was $1.009 billion and the Profit after Tax was $602.3 million. Net Interest Income was $2.24 billion. The Earnings per share was $10.12 while the total Assets base was $50.5 billion. Loan Assets decreased from $28.2 billion to $25.5 billion in 2018 and Customer Deposits were $40.9 billion compared to $40.6 billion in 2017.

The Board of Directors declared a first interim dividend of $0.28 per share unit which was paid on 31 May 2018. A second interim dividend of $0.28 per share unit was also paid on 25 October 2018; and now the Board recommends a final dividend of $0.54 per share unit, with the overall dividend per share unit held of $1.10 or an overall cost of $934.8 million.

Clifford Barrington Reis, C.C.H., Chairman / Managing Director

NB.. All figures expressed in Guyana Dollars

To view full 2018 Annual Report click HERE