Adrian Dantley Jersey 2009

micevan1l6

Chairman of the Board of Directors of Banks DIH, Clifford Reis, will this Saturday at the Annual General Meeting, report to shareholders of the company that they have recorded a profit before tax of $3.081B compared to $2.345B in 2009,Kelly Olynyk Jersey, an increase of $736.0M or 31 percent.He will report that profit after tax for the Group attributable to shareholders showed a significant increase from $1.286B to $1.602B in 2010, an increase of $316.0M or 25 per cent.Chairman of the Board of Directors Clifford ReisThe Company’s net profit increased from $1.121B in 2009 to $1.362 Bin 2010 reflecting an increase of $241.0 M or 21 per cent.Profit before tax for the Company was $2.226B compared to $1.838B in 2009,Wholesale MLB Jerseys, an increase of $388.0 M or 21 per cent.Reis is expected to report that the improved financial results for 2010 were as a result of an increase in physical sales by 17 per cent, an increase in selling prices, higher export sales, efficiencies derived from the restructuring of the Company’s operations, the enhancing of the company’s distribution network by the acquisition of new vehicles for the Sales Fleet and the increase of Citizens Bank Guyana Inc’s net profit by 37 per cent.According to Reis during the year (2009) under review,Donovan Mitchell Jersey, the Company continued its programme to optimise its manufacturing processes to improve production and quality, and the distribution of its beverage and food products.This he will report is evidenced in the acquisition and installation of a new Krones Bottle Washer for the company’s Beer Bottling Plant and new equipment for food preparation at their Restaurants.“Our plant and machinery replacement policy will be continued in 2011 and beyond with a view of utilizing current technology to improve efficiencies and better respond to increasing demand for our products.”The Board Chairman will report to shareholders that the soft drink glass line will be de-commissioned and a new state of the art Krones 1500 BPM Soft Drink Plant will be installed.Capital expenditure within the new financial year will encompass the acquisition of additional vehicles,Chinanu Onuaku Jersey, the replacement of the CO2 Generating Plant, the installation of a new (EBI) Electronic Bottle Inspector and Checkmat System for the Beer Bottling Plant according to Reis.Citizens Bank Guyana Inc,Authentic Baseball Hoodies, which is a 51 per cent owned subsidiary of the Company,Utah Jazz Jerseys, also improved its revenue from $1.789B to $1.937B.Profit after tax was $535.0 M as compared to $391.0 M which is an increase of $144M.The improved profitability according to Reis was due to increased interest and other income. Total assets increased by $6.2B from S20.9B to $27.2B.Loan asset increased by 18 per cent over the previous year to $12.3B.Deposits for Citizens Bank Inc also increased from $17.9B to $23.4B by $5.5B or 31 per cent Earnings per share were $8.99 compared to $6.57 the previous year.The Board of Directors declared a first interim dividend of $0.14 per share which was paid on May 17, 2010; a second interim dividend of $0.14 per share was paid on October 18, 2010 and now recommends a final dividend of $0.22 per share payable on January 24, 2011.The total dividend for the year is $0.50 per share with the overall cost being $500.0 M.Dividends received from Banks Holdings Limited, Barbados for the year were $61.0M and dividends paid to Banks Holdings Limited, Barbados were $94.0 M based on investment made with each other.Quality ControlThe Company was also awarded a Gold Medal for its Premium Beer at the 2010 Monde Selection Awards Ceremony held in Brussels and was also recognised by Diageo as the Leader in volume sales for Guinness Stout in the Caribbean and Latin America by the Diageo Company at its Annual Awards Ceremony for 2010 held in Amsterdam, Holland.During the year, George Gladstone Mc Donald, the Marketing Director, was appointed to the position of Assistant Managing Director.