Banks DIH profits soar to $6.7B in 2021

STRATEGIC planning and prudent decisions by the Banks DIH Group has resulted in the company overcoming challenges created by the COVID-19 pandemic to record a profit after tax of $6.7 billion in 2021.

According to the company’s annual report, the profits recorded in 2021 reflect an increase of $1.5 billion or 28.6 per cent when compared with its profit of $5.2 billion in 2020.
Referencing this performance, Chairman/Managing Director of the Banks DIH Group, Clifford Reis, in his message to shareholders, said: “Banks DIH Group continues to excel by showing consistent sustained growth over the past year ended 30 September, 2021.”

Increased profits were attributed to an increase in physical sales by six per cent, the increase in dollar sales turnover by 17.7 per cent, management of operational expenses and better yields derived from raw material utilisation.

Overall, revenue generated by the company was $35.8 billion compared to $30.4 billion in 2020, an increase of $5.3 billion or 17.7 per cent.