Banks DIH Essequibo records 4% increase in sales

first_imgBeverage giant Banks DIH continues to live up to its name as a Guyanese company providing quality products to both local and international markets.For the financial year ending September 2016, the Essequibo branch had an increase in sales of four per cent or $45 million over the previous year. For theBranch Manager Munniram Singhfinancial year ending September2015, the branch had recorded sales of 797,659 physical cases or $1,157,000,000.This announcement was made by Banks DIH Limited Chairman Clifford Reis at the company’s 61st Annual General Meeting held recently at Airy Hall, Region Two (Pomeroon-Supenaam).According to the Chairman, because of Banks Essequibo’s efforts to turn its loss in 2015 into profits in 2016, the branch has earned the Chairman’s trophy.“Essequibo branch has contributed to the success of the company; it was through the support the branch received and the good management of Munniram Singh,” Reis said.He said too that the Essequibo branch continued to plug astonishing profits into the company. He commended Branch Manager Munniram Singh for the four per cent increase and commended the efforts of the team under his stewardship.During his address to shareholders, dealers and special invitees at the AGM, Reis said that the company recognised the advantage of adapting to changes and, as such, has implemented several new mechanisms to shape the future of the company. In presenting the report for the financial year ending September 30, 2016, the Chairman explained the company overall made an after-tax profit of $2.948 billion compared to 2015’s $2.569 billion.He said Banks DIH has managed to increase its revenue through the prudent management of its capital and resources, despite operating in a sluggish economy where there has been a reduction of export earnings.Reis added that due to the reduction of export earning in Guyana , there was a negative effect on the domestic environment, hence a reduction in public spending, which caused less demand for products. However, he explained to shareholders that Banks DIH has risen above the many challenges and has recorded growth, noting that the necessary steps were taken to strengthen and sustain the growth and development of the company.Alluding specifically to the products, Reis spoke of Guinness as one of the best-selling products within the company, and explained that staff from Guyana would be venturing to teach the GUINNESS company how to sell the product.Branch Manager Singh, during his address, said the outlet could not have achieved great success without the kind support of dealers and customers. Singh, therefore, called on the business community to continue to stand by Banks DIH.At the end of the AGM, Martindale Primary Secondary from Lower Pomeroon and Johanna Cecilia Secondary School were presented with monetary donations.last_img read more