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GUYANA-BUSINESS-Local conglomerate to branch out into energy sector.

The Guyana-based conglomerate, Banks DIH Limited, says it is entering the energy and auto sales industries in keeping with the needs and demands of the local economy.

'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,' the company's chairman, Clifford Reis, said at the annual general meeting over the weekend.

'The motto of this subsidiary will be on the future of transportation and alternative energy,' he said, noting that with Guyana's new oil-producing status, science and technology the world over are also changing.

He said to deny this reality will be to lose out in the long run and that the company must get with the changing times.

The chairman said that the company is seeking to secure a car dealership agreement with a recognised manufacturer and talks are also underway with another company for the importation and sale of a new brand of motorcycles to the Guyanese market.

Regarding the energy sector, Reis said Banks DIH has already begun the installation of solar energy at its restaurants and it is also now involved in 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 conglomerate has reported increased revenue of GUY$2.4 billion (One Guyana dollar=US$0.004 cents) or 7.9 per cent increase last year, with total revenue being estimated at GUY$32.9 billion. The company's trading profit also moved up to GUY$7.5 billion last year, up from GUY$6.8 last year.

The company also reported that the after tax for last year stood at GUY$4.8 billion, compared to the GUY$4.2 billion the previous year.

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Publication:CANA News
Geographic Code:3GUYA
Date:Jan 27, 2020
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