Banks DIH- Banks profits up
Banks DIH Limited is reporting overall profit before taxes of $5.3 billion, a seven percent increase over last year.
Chairman and co-managing Director Clifford Reis credited this achievement to comprehensive planning and prudent management of resources.
In the company’s annual report, which will be released to shareholders Saturday, he said the improved results were also in part due to increased production driven by a strong demand for its products from a loyal customer base.
Within the past year, the company continued with its brewery modernisation programme, which is the second phase of its strategic capital investments. The investment in the brewery was intended to reinforce quality, brewery freshness and to also cut costs. The company also spent money on equipment for its Bakery, Dairy Plant, Winery and Water plant.
The company’s most recognised product is Banks Beer, which started production in 1956, and further improvements to the bottling operation is intended, the company stated, to ensure Banks Beer retains its freshness and quality.
During the 2013 financial year, sixteen million cases of products were delievered to over ten thousand customers.
Citizens Bank, a 51% owned subsidiary of the company recorded a 9% growth in after tax, adding up just over a billion dollars.