Banks DIH profit at $3.5B

AS Banks DIH prepares for its 62st Annual General Meeting (AGM) on January 27, 2018, the beverage giant has announced that the company’s profit after tax increased from $2.9 billion in 2016 to $3.5 billion 2017- being $636M or 21.6 percent.

According to the Chairman and Managing Director, Clifford Reis in his report he stated that in the prior year the company benefitted from the one-off gain of $1.4 billion accrued as a result of the disposal of the Investment Securities held in Banks Holdings Ltd and Desnoes and Geddes (Jamaica) Ltd and the dissolution of BCL (Barbados) Ltd.

The group’s net assets value per share has increased from $31.72 to $33.33 and the company has increased its dividend proposal to shareholders to $1.04 per share unit resulting in an overall cost of $884M. “The improved results were made possible as a result of the increase in sales of our malt products, aerated and liquo

Artificial increase in foreign exchange
Reis stated that the company weathered the effects of an artificial increase in foreign exchange rates which affected the acquisition costs for raw and packaging materials, plant and machinery spares and capital equipment; in addition to foreign exchange and payment of goods and services.