Banks DIH New Amsterdam records $45M profit

first_imgBanks DIH New Amsterdam outlet recorded $2.9 billion in sales last year, surpassing its 2017 sales by $214 million. The company also announced a $45 million profit in Berbice.A section of the shareholders at Sunday’s AGMThe announcement was made on Sunday during its Annual General Meeting (AGM) in Berbice, Region Six. Shareholders were told that for the period of October 1, 2017, to September 30, 2018, the branch sold 1,865,000 units of products, representing an increase of 88,000 units over the previous year.Branch Manager Ronald Mathews told the gathering that the Berbice Branch surpassed last year’s performance as a result of premium quality products by employing an efficient distribution service to customers and consumers.Mathews noted that the Demico Qik Serv in New Amsterdam also created a record despite the competition it faced.“The New Amsterdam Qik Serv Restaurant sold $115 million as compared to $108 million the previous year, representing a revenue growth $7 million thus attaining the Chairman’s Trophy for honourable mention.”Mathews praised the staff of that branch for the achievement. He referred to them as the company’s greatest asset.In 2017, the New Amsterdam Branch sold 1,600,011 items and recorded a profit of $13.7 million which was an increase of $8.5 million over 2016.Meanwhile, Chairman of the Board of Directors, Clifford Reis, acknowledged the efforts of the New Amsterdam Branch. Commending of the Berbice Branch’s performance, the Chairman noted that the profits recorded represent in excess of a fifty per cent increase from the previous year.Overall, Banks DIH recorded a profit of $4 billion. The group’s third-party revenue was $30.923 billion when compared with $30.006 billion in 2017, representing an increase of $9 million or 3 per cent. The trading profit from operations for the Group was $6.8 billion when compared with $6.196 billion achieved in 2017, representing an increase of $641.0 million or 10 per cent.Profit after tax attributable to the shareholders of the parent was $4.286 billion compared to $3.888 billion in 2017, an increase of $398 million.The value of shares increased from $34.33 to $40.15 which is an increase of 16 per cent over the year. Shareholders were given a dividend proposal of $1.10 per share representing $934.8 million. Revenue generated by the company was $27.863 billion compared to $26.548 billion in 2017, an increase of $1.315 billion or 5 per cent.Citizens Bank, which is a subsidiary of the company, recorded a before-tax profit of $1 billion. The after-tax profit was $602 million.According to Reis, within the year, the company examined and evaluated new business models which are compatible with its existing business model to create wealth and value for shareholders.“These new business models will bring into our existing business portfolio, a new generation of products and services which will foster job creation and added value.”“We continue to evaluate our traditional business model to create wealth for shareholders through the creation of new synergies, the implementation of finance and marketing initiatives and, continuing emphasis on cost reduction strategies.” He added.The company continued its tradition of presenting monetary donations to two schools – this time Winifred Gaskin Secondary and Number Five Primary School.last_img read more

Moyes appointed new West Ham manager

first_imgThe Hammers sacked manager Slaven Bilic on Monday after a poor run of results that have left the east London side languishing in the relegation zone.Saturday’s chastening 4-1 loss at home to Liverpool convinced Sullivan and co-owner David Gold that Bilic’s time was up, with the pair banking on the 54-year-old Moyes’s understanding of the English game to keep the club in the top flight.“We need somebody with experience, knowledge of the Premier League and the players in it, and we believe David is the right man to turn things around and get the best out of the players at the club,” said Sullivan.“He is highly regarded and respected within the game, and will bring fresh ideas, organisation and enthusiasm.”Moyes has been out of management since he resigned from his post Sunderland at the end of last season, having failed to prevent the northeast club being relegated from the Premier League.Despite that, and an underwhelming stint in Spain with Real Sociedad, the Hammers are backing the Scot to help shore up a leaky defence as well as getting the best out of big-money summer signings Marko Arnautovic and Javier Hernandez.West Ham sacked manager Slaven Bilic after a poor run of results that have left the club in the Premier League relegation zone © AFP/File / Ian KINGTONAfter Moyes emerged as the leading contender to replace Bilic, many West Ham fans regarded his proposed arrival at the London Stadium with scepticism.But Moyes, whose first game in charge will be at Watford a week on Sunday following the international break, urged them to get behind him and his squad.“I’m really looking forward to meeting the supporters and being in the stadium with them,” Moyes said in comments published on West Ham’s Twitter feed.“I’m looking forward to seeing them get right behind the team, and my team also. We need the support, we need everybody with us.”He added: “It’s a big job we have in hand now but I’m sure with everybody together we can get the right results between now and the end of the season.”Former West Ham defender Bilic is the fourth Premier League managerial casualty of the season, the Croatian’s exit following those of Frank de Boer (Crystal Palace), Craig Shakespeare (Leicester) and Ronald Koeman (Everton).0Shares0000(Visited 1 times, 1 visits today) 0Shares0000David Moyes has been unveiled as the manager of West Ham United. Photo/DAILY MAILLONDON, United Kingdom, Nov 7 – West Ham have appointed former Everton and Manchester United boss David Moyes as their new manager, the struggling Premier League club announced on Tuesday.“We believe David is the right man to turn things around and get the best out of the players at the club,” joint chairman David Sullivan said.last_img read more