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The BHL Group Records Stronger Q1 Results
May 1, 2023
Board Chairman Caio Miranda and Country Manager, Shafia London were pleased to report stronger Q1 2023 performance across The Banks Holdings Limited Group of Companies (BHL) as compared to 2022. In addition, strong fiscal management and control, and improved manufacturing efficiencies resulted in a 25% growth in profit from operations. The improved result was achieved despite the challenging macroeconomic conditions.
The senior BHL representatives are quick to credit the first quarter results of a 9.8% or $ 36M improvement in revenue over the corresponding period with improved sales performance in the post-COVID environment and through the strength of its diverse investment portfolio.
With a strong balance sheet representing a 6.7% increase in capital gains heading into the second quarter, the board representatives were committed to sustained growth for 2023.
The consolidated results represent the performance of the BHL’s diverse subsidiary operations (the flagship brewery, Banks (Barbados) Breweries Limited, the dairy Barbados Dairy Industries Limited, the shell corporation Banks Distribution Limited and property rental company, Plastic Containers Limited) as well as from the associated interests which include local and overseas investments including a global procurement/sourcing entity, a regional brewery, and in the local joint-venture distribution company, Delivery & Handling Services Limited.
Acknowledging that the Q1 results for the BHL dairy operations (also recently published in the press) fell short of expectations, Ms. London confirmed that the dairy management is currently reviewing and implementing several initiatives – including cost adjustments and price adjustments to the trade – to reverse this trend. Overall, she expressed confidence in the dairy’s improved performance for the full year.
In the published unaudited financial statement, Ms. London also thanks the employees of the businesses for their unwavering dedication and focus on living the company’s purpose to – Dream big to create a future with more cheers.