Robust standards, new products propel Banks DIH Group to historic $2.5B profit
BANKS DIH Limited Group of Companies last year recorded a profit of $4.938 billion before taxes thereby improving its overall performance over 2011 when the group recorded a $4.036 billion profit, Banks DIH 2012 Annual Report noted.
According to Chairman and Managing Director, Clifford Reis, Banks DIH Limited for the first time in its history achieved a profit before tax of $3.5B profit after tax of $2.5 billion.
He said profits after tax for the Group attributable to Shareholders increased significantly from $2.298 billion to $2.776 billion, an increase of $478.0 million or 21 per cent.
The Company’s profit before tax was $3.672 billion compared to $2.802 billion in 2011, an increase of $870.0 million or 31per cent. Profit after tax increased from $1.934 billion in 2011 to $2.522 billion by $588.0 million or 30 per cent.
Included in the profit before tax is a one-off profit of $167 million arising from the disposal by the Parent Company of the Camp Street property to the Banking Subsidiary.
In February 2012, Banks DIH soft drink production facility was accredited with the Food Safety System Certification (FSSC) which is an upgrade of ISO-22000, as required by Coca-Cola International. In pursuit of the Certification, the Company had to achieve Certification in PAS 220 (Publicly Available Specification) which specifies the requirements for establishing Good Manufacturing Practices (GMP) to assist in controlling food safety hazards. In July 2012, ISO 90001 Quality Management Systems was achieved by the Soft Drink Plant, while the Dairy Plant passed the Surveillance Audit for its previously accredited ISO 22000-2005 compliance.
The beverage giant noted that in 2012 the year the acquisition of new trucks enabled the company to maintain efficiencies and improve our delivery service.
“We also launched the 12 oz package of Coca-Cola and Sprite products, as well as the X.M. Family of Aged 7, 10, 12 and 15 year rums. During the period the accounting and financial reporting and internal control systems continue to direct attention to critical areas of operations and strengthen the stewardship within the Company. To this end an Operations and Standards Committee has been formed.”
Further upgrades in the Information Technology infrastructure also complemented the processing of financial, production and other operating information. In addition, training of junior and management staff continues to be a priority as the company strives to maintain responsive succession planning and the maintenance of sustained leadership for long term success.
Commitment to social partnerships has again been reflected in the significant contributions to and sponsorship of educational, cultural, sporting, religious and environmental projects. The continued success will depend on the company’s ability to respond to the needs of a rapidly emerging middle class market in society, and to be the active supplier of products and services to customers, suppliers and other stakeholders.