Banks DIH Limited, a prominent player in Guyana’s business landscape, has reported impressive financial results for the fiscal year ending September 30, 2023, showcasing resilience and adaptability in the face of global challenges.
At the company’s Annual General Meeting held at Thirst Park, Chairman and Managing Director Clifford Reis shared the financial highlights with shareholders.
Banks DIH recorded a substantial surge in profit, reaching $8.970 billion, reflecting a notable 6.8% increase from the previous year.
The overall performance of the group demonstrated robust growth, with a profit before tax of $14.509 billion, marking an 8.29% increase from the $13.398 billion recorded in 2022.
The revenue generated by the company also showed significant growth, reaching $44.048 billion, an 11.1% increase from the previous year.
Profit before tax for the company increased by 8.4%, reaching $11.393 billion compared to $10.506 billion in 2022.
The profit after tax for the group increased from $8.395 billion to $8.970 billion, a 6.8% rise.
The AGM highlighted the outstanding efforts of various departments, particularly production, warehouse, and sales, which contributed to a 7.9% increase in product production and sales, totaling 20.095 million units.
Despite acknowledging the challenges posed by the business environment, compounded by the recovery from the COVID-19 pandemic, the company’s strengthened financial position underscores its commitment to effective financial management and operational excellence.