Local food and beverage manufacturing company Banks DIH Limited on Saturday announced plans to enter the energy and auto sales industries, noting that it hopes to meet the demands and needs of Guyanese and the country’s growing economy.
The corporation’s chairman Clifford Reis made the announcement on Saturday at its Annual General Meeting (AGM) at Thirst Park.
“The motto of this subsidiary will be on the future of transportation and alternative energy,” the chairman declared to shareholders and other special invitees.
With Guyana’s new oil-producing status, Reis noted that science and technology the world over are also changing. To deny this reality, he stated, will be to lose out in the long run. According to him, the company must get with the changing times.
“The economy, which is poised to undergo dramatic changes, will bring new challenges, demands and realities. We have already seen an increase in the demand for additional housing and industrial zones to satisfy the increasing manufacturing capacity,” he told the AGM.
The chairman reported that the company is seeking to secure a car dealership agreement with a recognised manufacturer. Talks have already commenced with another company for the importation and sale of a new brand of motorcycles to the Guyanese market.
For the changing energy sector, Banks DIH has already begun the installation of solar energy at its restaurants. Reis said the positive results will now see the conversion of all areas within the company to the use of solar energy – utilising solar panels to be mounted on the manufacturing plant and office buildings. The company is also exploring the sourcing and importing PV panels and related equipment, to provide service.
He noted that the transportation and energy activities will be spearheaded by the company’s new Banks Automotive and Service Incorporated which will be located at the group’s Demerara Park.
The conglomerate has seen a $2.4Billion or 7.9 percent increase in its revenue for 2019, moving from $30.518Billion in 2018 to $32.917Billon last year. The company’s trading profit also moved up to $7.5Billion in 2019 from 2018 $6.8Billion that growth represents a $692Milion or 10.1 per cent increase.
He said the profit after tax for last year stood at $4.8Billion, compared to the $4.2Billion in 2018, an increase of $611Million or 14.3 percent.
Meanwhile, revenue generated by Banks DIH (the company) was $29.5Billion compared to $27.4Billion in 2018, an increase of $2.1Billion or 7.8 percent. The profit after tax for the company increased from $4Billion to $4.5Billion, reflecting an increase of $439Million or 10 percent.