Chairman of the Board of Directors, Mr. Clifford Reis told shareholders yesterday that the profit after tax of $747 million was also a record achievement compared to the $694.8 million in 2001.

He told the large gathering at the company’s 47th Annual General Meeting (AGM) which was held at Thirst Park, Georgetown that earnings per stock unit were $0.95 up from $0.91 the previous year.

Reis also noted that Citizens Bank, a 51% owned subsidiary of the Company realised a remarkable 60% growth in after-tax profit, which facilitated the record achievement for the group.

Reis said the Board has also recommended a Final Dividend of $0.15 for each Ordinary Stock Unit in addition to the Interim Dividend of $0.12 paid on October 21, 2002. According to him, the total dividend of $0.27 per stock unit will cost $190,451 million.

The dividend was maintained similar to 2001 as the Board adopted a prudent dividend policy which is designed to take into account the already apparent decline in the economy and the Board’s continued commitment to the upgrading and expansion of our business so as to obtain greater efficiencies and shareholder equity.

The Chairman of Banks DIH further told shareholders that the company was able “to manufacture products to broaden our customer base, expand our market share and to establish our leadership in the major product markets”.

He pointed out that early in the financial year, machinery costing more than $70 million was installed to produce PET soft drinks in all sizes and flavours including Coca Cola.

However, the demand for our PET products exceeded expectations resulting in a further investment of $38 million.

The strategy to reduce the price of glass bottled products and reduced deposit on glass bottles all contributed towards ensuring that the company remains the leader in the ‘soft drink’ industry.

Reis said new I-Cee flavours and the introduction of Coco-Cola Light boosted consumption and market share.

He said the tremendous demand for Tropical Mist Water stretched the resources of the plant during the early part of the year.

Again, the decision was taken to invest over $30 million to double the production of water, which involved the expansion of the production area and the installation of additional pieces of machinery. Tropical Mist now dominates the local market for packaged water.

Guinness sales, according to the Banks DIH Chairman, was “exceptionally good” last year, doubling over the past three years.

Reis said the increased sales reflect the highest percentage growth rate within the Caribbean and the eight highest growing market in the world.

In this regard, he noted that an award was given to the Company by DIAGEO, owners of the Guinness Brand for the Best Entrepreneurial Idea to increase Guinness sales, that is, the creation of Guinness Bars, a concept now being developed in other Caribbean countries.

“Banks Milk Stout and Guinness individually dominate the competition in terms of consumption,” he proudly told shareholders.

He said, too, that during the year 2003, “we have projected to spend $909 million in further enhancement and improvement of our manufacturing operations and restaurant business”.

“The Group’s finances remain in a sound position (and) it must be noted that the present profitability represents only 8.2% on net assets of $8.2 billion,” he said, adding that steps are being taken to improve on this in the immediate future.

The Chairman also assured that the commitment to maintain a vigorous approach to investment in virtually all aspects of the business will continue.

“People, brands, modern efficient plants, information technology and quality are continuously aimed at underpinning our long-term future,” he posited.