– cites strong demand for products by Guyanese
Beverage giant Banks DIH posted Gy$2.543 billion in after-tax profits last year, a marginal decline of Gy$15 million compared to the Gy$2.558 billion achieved in 2012.
The company’s profit before taxes was Gy$3.862 billion, compared to Gy$3.700 billion the preceding year, an increase of Gy$162 million, Banks DIH Chairman Clifford Reis said in his chairman’s report to be delivered at this weekend’s annual general meeting.
According to Reis, included in the after-tax profit for the previous year was the one-off gain of Gy$167 million arising from the disposal of the Camp Street property to the conglomerate’s banking subsidiary. After deducting the impact of that gain, the company’s profit after tax increased by Gy$152 million or six percent.
Reis said his report comes against a backdrop of continued sluggish global economic recovery and tensions which continue to be manifested across the globe, especially in those areas which are prime petroleum producers.
He said as a result of comprehensive planning and prudent management of resources, the overall performance of the group improved, with an operational profit before taxes of Gy$5.340 billion compared to Gy$4.966 billion in 2012, a seven percent increase of Gy$374 million. Profits after taxes for the group attributable to shareholders grew from Gy$2.812 billion to Gy$2.930 billion, an increase of Gy$118 million or four percent.
Capital expenditure
Meanwhile, within the year under review, Reis said the company continued with the implementation of the brewery modernisation programme, which is the second phase of its strategic capital investments for the period. Included in this programme to improve production capacity and availability were major capital works within the brewhouse and cellars’ operations, including the installation of Wort Kettle, CIP Plants, Brewhouse Control Systems, BOTEC software upgrade and the new Unitanks.
Reis said the installation and commissioning of the new 1.7 megawatt Hyundai generator to satisfy increased demand, and a new Cleaver Brooks boiler to increase steam generation for the production areas were started in the 2012/2013 period and will be completed within this year.
In terms of construction work, the Stabroek Sports Bar was opened for business in October 2012 and works were done on the sales office and the credit and internal audit departments.
Further, Reis said over the past five years, shareholders’ equity value increased from Gy$13.721 billion to Gy$21.558 billion, a 57 percent spike of Gy$7.837 billion. Shares are currently being traded at Gy$20.00 per share.
