Guyana’s brewing giant, Banks DIH Limited, delivered an outstanding performance at half year as its profits soared beyond $2B.
Financial statements published by the company noted specifically that its unaudited operating profit after taxation was $2.5B which reflects an increase of $258M over the same period in 2021.
The company’s unaudited profit before taxation for the period under review was $4.7B as compared to $3.9B in 2021. This represents an increase of $783M or 19.6 percent.
Revenue generated by the company was $19.5B compared to $17.9B in 2021, representing an increase of $1.7B.
As for the Group’s third party revenue for the six month period ended March 31, 2022 was $21.8B compared to $19.7B for the corresponding period in 2021, representing an increase of $2.1B or 10.7 percent.
According to Chairman of Banks DIH Limited, Clifford Reis, the company delivered enhanced results in the first half of 2022 due to revenue growth derived from the increase in sales of beverage and food products as well as restaurant operations.
Reis also attributed Banks’ success in spite of the economic implications of the pandemic and the Russia- Ukraine war to continuous efficiencies from production capabilities and management of operational expenses.
In the second half of the year, the Chairman said subsidiaries also performed well with the Banks Automotive and Services Inc., a 100 percent owned subsidiary generating revenue totaling $25.8M compared to $19.5M in 2021. Profit after tax came in at $1.6M compared to $1.1M in the previous year.
With respect to Citizens Bank, a 51 percent owned subsidiary, Reis said it recorded an unaudited profit after tax for the period totaling $722M compared with $478.4 for the previous year.
The Chairman was also pleased to report that Banks is now the sole distributor of Johnny Walker Scotch Whisky, Ciroc Vodkas, Zacapa Centenario Rums and Baileys Liqueur. Revenues are therefore projected to increase given the company’s large market share.
He was keen to warn shareholders that supply chain disruptions are forecast to continue globally which can affect the prices of key raw materials used by the company. The Chairman nonetheless expressed confidence that Banks will be able to rise above these and other challenges.
