Banks DIH Reports Record $10B in After-Tax Profits for 2024

Banks DIH Limited announced a 17.76% surge in after-tax profit, totaling $10.563 billion in 2024, fueled by strong revenue growth and strategic product launches, including the XM Aged 25-Year-Old Rum and Classic Beer. Revenues climbed 11% year-on-year to $48.844 billion, with dividends increasing by 18.18%. Managing Director Clifford Reis attributed the success to customer satisfaction programs and innovation, projecting further growth and solidifying the company’s leadership in the market.

Guyana ‘Poised and Set’ for FLEGT Licensing, Says Natural Resources Minister

Guyana is on track to receive its Forest Law Enforcement, Governance, and Trade (FLEGT) License within 12–18 months, according to Minister of Natural Resources Vikram Bharrat. This milestone, underpinned by the Voluntary Partnership Agreement (VPA) with the EU, aims to boost credibility, ensure traceability, and promote sustainability in timber exports. Once implemented, the FLEGT Licensing System will mandate compliance with the Guyana Timber Legality Assurance System (GTLAS) for all timber exports to the EU, significantly enhancing the country's forestry sector's global standing.

Business Opportunities Based On Today’s Developments

Small Enterprises (SEs)

1. Timber Product Customization and Export Support

   • Opportunity: With Guyana nearing FLEGT licensing, small enterprises can create niche products like custom furniture, craft items, or timber-based packaging solutions tailored for EU markets.

   • Notes: Focus on high-value, traceable timber products. Partner with certified suppliers to align with traceability and sustainability requirements. Consider building relationships with local artisans to emphasize craftsmanship.

2. Safety Equipment Supply for Miners

   • Opportunity: The GGMC’s emphasis on improving mining safety creates demand for safety gear, including helmets, boots, harnesses, and specialized tools for hazardous conditions.

   • Notes: Small businesses can target local mining communities with affordable, durable safety equipment. Creating mobile supply units for remote regions could increase accessibility and sales.

3. Eco-Friendly Tourism in Iwokrama

   • Opportunity: Leverage the Iwokrama-BritCham pact to launch small-scale eco-tourism businesses such as guided rainforest tours, birdwatching trips, or craft sales.

   • Notes: Highlight the ecological and cultural value of the region. Small eco-lodges or nature-based retreats with minimal environmental footprints could be highly appealing to international tourists.

Medium Enterprises (MEs)

1. Training and Certification for Mining Safety

   • Opportunity: Establish a training company specializing in miner safety certifications, offering courses on compliance, safe practices, and technical training for mining equipment.

   • Notes: Partner with GGMC and the Ministry of Labour to offer government-backed certifications. Expand offerings to include environmental impact training, aligning with the increasing focus on sustainable mining.

2. Timber Processing for Export

   • Opportunity: Medium enterprises can invest in value-added processing of timber (e.g., kiln drying, treatment, and precision cutting) to supply pre-finished wood products for export under FLEGT regulations.

   • Notes: Consider long-term investments in machinery and staff training. Collaborate with international buyers for consistent orders. Stay updated on EU regulatory changes to ensure compliance.

3. Forensic Laboratory Services

   • Opportunity: Provide outsourced forensic testing services using advanced technologies like SEM. Offer services for private entities, insurance companies, or regional governments lacking such infrastructure.

   • Notes: Use Guyana’s lead in SEM technology to market services regionally. Develop expertise in areas beyond forensics, such as material testing for industrial applications.

Large Enterprises (LEs)

1. Mass Production of Sustainable Timber Products

   • Opportunity: Large-scale investments in timber product manufacturing, such as flooring, plywood, or modular housing materials, to cater to growing demand from FLEGT-compliant markets.

   • Notes: Establish an integrated supply chain with certified logging operations. Promote sustainability as a core value to attract EU buyers and secure CSR funding.

2. Renewable Energy Solutions for Mining and Forestry

   • Opportunity: Invest in renewable energy infrastructure, such as solar-powered equipment or off-grid solutions, tailored for miners and forestry operations in remote areas.

   • Notes: Collaborate with government initiatives to align with Guyana’s Low Carbon Development Strategy. Offer leasing or financing options to make renewable solutions more accessible.

3. Luxury Eco-Lodges in Iwokrama

   • Opportunity: Develop premium eco-tourism accommodations, combining luxury with sustainability, to attract high-spending international tourists.

   • Notes: Incorporate local materials and craftsmanship to support the community while maintaining a low ecological footprint. Partner with international travel agencies to market the property globally.

Additional Notes

• Cross-Category Opportunities: All categories can benefit from collaborating with government initiatives like GGMC safety training, the FLEGT program, and Iwokrama’s conservation efforts.

• Marketing Strategy: Highlight environmental and social responsibility in marketing efforts, which aligns with the global push for sustainability and transparency.

• Timing: Prioritize ventures aligned with programs set to launch in 2025, as early positioning will yield a competitive advantage.

Side Hustle Ideas Based On Today’s Developments

1. Specialized Training Workshops in Safety and Compliance
   Host targeted training sessions for miners and forestry workers focusing on safety protocols and sustainable practices. Partner with organizations like GGMC or Iwokrama to ensure credibility and outreach.
   

   Why It’s High Impact: Mining and forestry are critical industries in Guyana, and with heightened focus on safety and compliance, this venture positions you as an essential service provider.

2. Event Bartending and Cocktail Garnish Kits
   Offer premium bartending services for private events alongside DIY cocktail garnish kits using local ingredients like dehydrated citrus and herbs. Market the kits for home entertainers and tourists.
   

   Why It Works: Combines Guyana’s burgeoning nightlife and tourism with a growing interest in craft beverages and unique experiences.

3. Freelance Compliance and Sustainability Consulting
   Help small and medium enterprises align with Guyana’s upcoming FLEGT licensing or other compliance standards. Offer affordable advice on sustainable practices, record-keeping, and certification preparation.
   

   Why It Works: Capitalizes on the growing need for local businesses to meet international standards, while requiring minimal overhead to start.

Final Thoughts:

These high-impact side hustles not only cater to Guyana’s growing economy but also address real, underserved needs in sustainability, connectivity, and industry. Each idea is scalable, with potential for significant income and long-term growth.