Brewery giant Banks DIH Limited crossed the $2 billion profit mark in 2009. This is according to Chairman Clifford Reis who will present his annual report to shareholders this Saturday.
Before tax, profit for the conglomerate reached $2.3 billion in 2009, Reis reports in the company’s annual report. This represents a 19.2 percent increase over 2008.
The profit after tax attributable to shareholders was $1.2 billion – an increase of $244 million over 2008.
For the first time in its history, the company’s net profit exceeded $1 billion, amounting to $1.1 billion.
In the financial year 2009, Reis said the company continued to derive very substantial savings from its independent power generation system. Physical sales both local and export were also higher than the previous year and meaningful savings and efficiencies were achieved in almost all areas within the company, he said.
The company projects significant investments in plant and equipment in 2010 as it seeks to meet increasing demand for its products.
Banks DIH plans to phase out the soft drinks glass line this year and invest in expanding the output of the PET line. The bottle washer in the Beer Bottling Plant will be replaced with technology which will give the Company a greater degree of flexibility to produce a wider variety of malt related products.
The company’s contractual agreement with Coca-Cola will require capital investment in a Waste Water Treatment Plant, which is budgeted to cost $200 million this year. Citizens Bank Guyana Inc. a 51 per cent-owned subsidiary of the Company achieved an after tax profit of S390.8 million compared to $ 437.7 million in 2008, a decrease of $46.9 million or 10.7 per cent. The profit for the year at Citizens Bank Guyana Inc. declined because the sum of $1,702 million was recognised as an impairment loss arising from investments made overseas.
Had this loss not arisen the profit for the Bank would have surpassed the level achieved in 2008, Reis stated.
Dividends received from Banks Holdings Ltd. Barbados for the year was $361 million and dividends paid to Banks Holdings Ltd. Barbados were $390 million based on investments made with each other.
The Board of Directors declared a first interim dividend of $O. 12 per share which was paid on May 18, 2009: second interim dividend of $0.12 per share on October 19, 2009 and has recommended a final dividend of $0.21 per share payable on January 25, 2010.
The total dividend for the year is $0.45 per share with the overall cost being $450 million.
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