Chairman and Managing Director of Banks DIH, Clifford Reis, was pleased to announce recently that the firm’s operating and financial results for the first half of the Financial Year 2019 is certainly one to be proud of as revenue generated by the company was $15.11B compared to $14.28 B in 2018. This represents an increase of $830M or 5.81%.
With respect to the company’s unaudited profit before taxation, it was recorded to be $2.98 Billion as compared to $2.61 Billion achieved in 2018, an increase of $377.0 Million or 14.5 %.
The Managing Director was also thrilled to share with shareholders that the unaudited operating profit before taxation for the company was $2.45 B compared to $2.21 B in 2018, an increase of $237.6 Million or 10.8%. As for the unaudited profit after taxation, this stood at $1.68 B, compared to $1.43 B, in 2018, an increase of $242.7 Million or 16.9%.
Further to this, Chairman reported that Citizens Bank Guyana Inc., a 51% owned a subsidiary of the Company recorded an unaudited profit after taxation for the period ended 31 March 2019 of $357.5Million compared to $277.7 Million achieved in 2018 resulting in an increase of $79.8 Million or 29.0 %. The official noted that Citizens Bank’s future efforts will be directed to providing solutions to the challenges which the emerging petroleum sector and technological innovations will provide. Reis articulated, “We are optimistic that the Bank will generate an improved performance which will result in increased shareholder value.”
Commenting on the company’s continued good performance; Reis said that this was due to the increase in revenues which came from the growth in physical case/unit sales. He noted that there were also better yields derived from the conversion of raw material into quality finished products and efficiencies achieved in route to market distribution systems.
