Banks DIH Essequibo branch records increased sales

Banks DIH Limited’s Essequibo branch recorded a $65 million increase in product sales last year, the company’s chairman, Clifford Reis told shareholders in the area on Tuesday. Giving a detailed report on the company’s progress and future plans, Reis said he was proud to say that the Essequibo branch was able to sell 853,292 cases/units of products as compared to 830,387 cases in 2012. This, he said, represents an increase of 23,000 cases or three per cent. The chairman, speaking to directors, executives, shareholders, dealers, special invitees, and employees, at the Essequibo branch, congratulated branch manager Munniram Singh and staff for their sterling contributions towards the success of the branch.

Efficiency

Reis said in the financial year 2014, emphasis will be placed on making stocks available to the Essequibo branch in an effort to obtain more efficiency from the distribution fleet, hence controlling operational expenses. Singh, in his presentation, said the performance in Essequibo for the financial year ending September 2013 reflects an increase of 5.6 per cent or ($65 million) over the previous year. Singh complimented his 30 “hard-working staff”, and thanked shareholders, dealers and customers for their support. He said he is looking forward to similar dedication this year.

At the event, two schools, Martindale Nursery from the Pomeroon River and Taymonth Manor Primary were also presented with cheques. The cheques were presented to the children and teachers of the respective schools by Reis and Singh. Each year, the company contributes to the improvement of two schools. Reis had earlier told his audience that the success of the company was a result of comprehensive planning and prudent management of resources. He noted that the overall performance of the group improved, with an operational profit before taxes of $5.340 billion compared to $4.966 billion in 2012, a seven per cent increase of $374 million.

Profits

Profits after taxes for the group attributable to shareholders grew from $2.812 billion to $2.930 billion, an increase of $118 million or four per cent. Reis said it was the company’s desire to provide quality products to its customers. The chairman said Bank DIH is committed to manufacturing “fresh Banks beer”. He noted in the continued battle to maintain market share and brand visibility, there must be an ideal strategic model to make Banks beer visible. “Every Banks beer leaving the company must be fresh and of quality, there must be attractiveness,” Reis said.

Shareholders

He said the impression that one is entering a Banks’ Country must, at all times, be maintained. Reis told the audience that over the 58 years of its existence, Banks’ focus has always been to create value for shareholders. In updating shareholders on the operations of another member of the Banks DIH Group, the chairman revealed that business at the Charity branch of Citizens Bank has been quite favourable since its establishment. He said the bank operating out of the complex of Alfro Alphonso Supermarket in Charity has earned success as well. For the financial year thus far, the bank earned revenue of $25 million, with $170 million disbursed in loans and advances.

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