Banks Holdings Limited (BHL) and its main subsidiary Barbados Dairy Industries Limited (BDIL) are reporting millions of dollars in losses for 2025.
Company directors attributed the decline mainly to lower investment values and increased costs at subsidiary BDIL at a time when management opted not to increase prices.
This information is shared in BHL’s unaudited financial results for Banks Holdings Limited for the financial year ended December 31, 2025.
“The group has continued to be consistent in revenue with 2025 being in line with corresponding period of 2024. However, it is important to note that there was a two per cent drop in sales volume compared to the prior year’s performance mainly driven by a decline in export juices and beer,” the beverage conglomerate reported.
The director’s report said that profits from operations for the parent and subsidiaries “saw significant decreases, declining by $20.88 million to a loss of $5.5 million”.
“This decline is primarily driven by reduction in the fair value of investments of $9.54 million and increases the cost of sales at the diary, which were not matched by increased selling prices as the company tried to maintain pricing to trade,” it noted.
“The loss from operations for the parent and subsidiaries stood at $6.38 million, declining from a profit from operations of $14.72 million in the prior year. After a taxation charge of $0.72 million, the net loss for the period from continuing operations was $7.09 million.”
BHL said that at December 31 its total equity was $227.81 million, compared to $235.51 million at the end of December 2024.
“The company’s financial position remains solid, providing a stable foundation for future operations and strategic initiatives,” the report added.
Net cash used in operating activities for the year ending December 31, 2025, was $21.84 million, while cash and cash equivalents at the end of the period stood at $88.39 million.
The report said that the BHL board continued to “focus on prudent cash management to support our operational needs and investment plans”.
“We remain focused on driving revenue growth, managing costs effectively, and enhancing shareholder value,” the directors shared.
“The economic environment presents both opportunities and challenges, and we are committed to navigating these with strategic foresight and operational excellence.”
In a separate financial report for BDIL, better known as Pine Hill Dairy, that company’s directors were pleased with revenue growth despite the challenging operational environment.
There was, however, an operating loss on the books.
“Sales for the year ended December 31, 2025 were $54.57 million, a notable increase from $52.29 million in the corresponding period of 2024 driven primarily by dairy product volume increases. Despite this, there was an increase in operating loss of $1.25 million over the same period,” the report stated.
“Despite a challenging environment with uncertainties in raw material supply and costs we continue to balance absorption of these costs without passing on the full impact
to consumers.
“This continued approach was taken to maintain our competitive pricing, preserve customer loyalty, and ensure the continued stability of our market position, which we believe is essential for long-term value creation for our shareholders.
“Shareholders’ equity stood at $28.42 million at the end of 2025, compared to $33.66 million at the end of 2024. The decrease from the $33.66 million at December 31, 2024, is attributable to the total comprehensive loss for the period of $5.24 million.”
Regarding cash flow, the report said that net cash used in operating activities for the year ended December 31, 2025, was $1.03 million.
“Net working capital changes contributed negatively, decreasing by $1.99 million mainly driven by increased holding level of inventories,” it stated.
“Cash and cash equivalents at the end of the period stood at $2.56 million, a decrease of $2.57 million. The board continues to focus on prudent cash management to support our operational needs and investment plans.”
The directors said 2025 was “demanding with significant challenges” but that management would “continue to address the factors that impacted our performance”.
“Milk availability continues to be a concern despite some improvements noted over prior year period. We remain focused on continuing to increase revenue generation and operational efficiency in the last quarter,” they stated.
