Banks DIH’s profit increases to $ 5.2B in 2020 despite COVID
Group Chairman, Clifford Rice
Kaieteur News – Despite the challenges posed by the COVID-19 pandemic and the controversial March 2, 2020 General and Regional elections, DIH Banks Group of Companies managed to accumulate $ 5.271 billion in after-tax profits for the financial year ahead on September 30, 2020.
Group Chairman Clifford Reis outlined in the company’s annual report that the pre-tax profit for the company was $ 7.329 billion compared to $ 6.167 billion achieved in 2019, an increase of $ 1.162 billion or 18.8% while the profit after tax increased $ 4.524 billion to $ 5.271 billion by $ 747.0 million or 16.5%.
According to Rice, the company faced many challenges, chief among them were the uncertainty after elections and the nationwide mitigation measures put in place to counteract the effects of the COVID-19 Pandemic.
“I can report that, having experienced those challenges, the Group, by virtue of teamwork and commitment, has been able to overcome the barriers presented, utilizing the combined strengths of the workforce, market acceptance of our Brands, sales and distribution effective. network, and our loyal customer base, ”he said.
The report outlined that revenue generated by the company last year was $ 30.468 billion compared to $ 29.597 billion in 2019, representing an increase of $ 871.0 million or 2.9%.
In addition, the Group’s third-party revenue was recorded at $ 34.222 billion compared to $ 32.917 billion in 2019 representing an increase of $ 1.305 billion or 4.0%.
Trading profit from raised operations was 17.6% with $ 8.851 billion recorded for 2020 compared to $ 7.529 billion achieved in 2019. Rice also revealed that the company’s profit after tax is attributable to shareholders of the parent company were $ 5.666 billion compared to $ 4.897 billion in 2019.
The Group’s net asset value per share also increased from $ 45.25 to $ 50.89 by 12.5%.
In addition, during the review period, Rice noted that capital investment projects were carried out without production and associated facilities which led to more efficient conversion of raw materials to finished products.
Several capital projects were also undertaken during the 2020 financial year and are expected to be completed in the coming months.
“These include upgrading Beer Bottles and Soft Drinks, installing the new CIP System for the Rum and Winery Factory, installing additional Record Storage Facilities, completing a New Motor Truck Washing Facility and ongoing construction. of the multi-level parking facility and headquarters for the Banks Automotive and Services Inc. new, ”explained Rice.
Also for the year 2020, the Group’s shareholder, Citizens Bank Guyana, which has a 51 percent stake, recorded a profit of $ 982.2 million, an increase of $ 26.9 million or 2.8% compared to $ 955.3 million in 2019.
The Bank’s revenue was recorded at $ 3.749 billion compared to $ 3.422 billion generated in 2019, an increase of $ 327.0 million or 9.6% with net income recorded at $ 2.835 billion.
According to the report, the earnings per share was recorded at $ 16.51 while the total asset base was $ 63.8 billion. Loan Assets increased from $ 29.8 billion to $ 31.7 billion reflecting an increase of 6.4% or $ 1.9 billion.