Pointing out that the business environment was adversely affected by political unrest and protests in the aftermath of the 2001 general elections, Persaud said political and economic stability are absolute imperatives in order to create a climate of confidence that would attract local and foreign investments necessary for the creation of wealth and increased employment opportunities for the Guyanese people.

According to him, the growth in Guyana's Gross Domestic Product (GDP) for last year was less than two per cent.

He said Guyana needs an annual growth rate in the order of eight per cent more "if any significant impact is to be made on improving the standard of living of our people to a level at which each citizen can with confidence look forward to a better way of life".

"I repeat - it is critical to create an atmosphere of political stability. This in turn will result in economic stability along with public and investor confidence, elements so necessary to attract local and foreign investments, to create wealth and jobs that would keep our people at home, thus putting a brake on the continuing exodus of skilled professionals and business people to North America, and better still to motivate a return of human and capital resources to Guyana," he stated.

And stressing the importance of human resources, Persaud told shareholders that "Guyana today is a very sad state of affairs (whereby) all our young people, and some of the older ones, are packing up and leaving".

"And we are very short of skills and professionals so we hope that this `outflow' will cease and we will see some development in the positive directions whereby our politicians will start talking, and acting in the interest of the country and not in the interest of politics and self-interest," the Chairman said.

He, however, assured shareholders that despite all the problems faced in the country, the Board of Directors was "confident that DDL will continue to fly the flag of Guyana and retain its premier place in the local and globalised market".

The Directors Report at the AGM yesterday indicated that revenue from sales to third parties increased to $8B from $7.1B in 2000. Despite significant price increases for some major raw materials, the group's pretax profit increased by 10 per cent to $1.15B from $1.05B in 2000, the report said.

It noted that the profit attributable to shareholders increased by 22 per cent to $0.79B from $0.65B in 2000.

Regarding dividends, the Directors recommended a final dividend of 20 per cent per share, which, with the interim of 10 cents per share already paid makes a total of 30 cents per share for the year. With this being approved, the total dividend for last year amounts to $231M, an increase of 33 per cent from the previous year.

In terms of increase in share capital, the report said $385M was transferred from the amount standing as credit in the profit and loss account to the share capital in the books of the company, to effect the issue of bonus shares authorised at the last AGM. It said the credit in the profit and loss account in the books of the company is now $4.4B.

Regarding Capital Expenditure, the report said that in 2001, the company spent in excess of $1.2B in its expansion programme and expenditure in excess of $2B has been planned for this year.

The Directors indicated that as part of its commitment to employees, the company continues to place emphasis on employee relations and technical and personal development of employees. It was noted, too, that employee benefits increased to $1.4B during last year.

Meanwhile, the Chairman said DDL has achieved international recognition as a producer of the finest quality products conforming to the highest standards required for the international markets.

"Our products are being sold in over forty-eight countries of the world (and) your company now has the distinction of being the only Guyanese company with an international standing," Persaud told the appreciative shareholders.

He also noted that the 1991 Strategic Plan to convert DDL into a diversified International Company producing quality goods and services has borne excellent fruit.

"From a one-product company prior to 1991, DDL is now a highly diversified Group of Companies including the Distillery, Wine and Spirits and New Age alcoholic products, Mineral Water, Fresh Fruit Juices and other Food Products, Shipping, Warehousing, Distribution and Internet Services," he said.

"Additionally, the company has interests in fishing and shrimp processing, banking, insurance and trust services," he said.

He also praised the Directors who had the wisdom of setting up subsidiaries in the European Union, Trinidad and Tobago, St. Kitts and Nevis and quite recently, linkages in Latin America and the USA.

In this regard, Persaud said additional plans include the formation of linkages in the globalised market in order to expand the base of the company in the 21st Century.

On the issue of restructuring DDL, he noted that the company has "grown many fold" over the years and it is no longer a distilling company but a highly diversified Group with overseas subsidiaries.

He indicated that the Directors are in consultation with an international firm of experts to restructure the company to maximise the benefits of its international business.

He also noted that during last year, the company continued to support young people in all aspects of sports and $32M was spent in the areas of softball cricket, both locally and internationally; football, boxing, cycling, and car racing, volleyball, basketball, regatta and hockey.

Persaud also stressed that quality is one of the important pillars on which DDL was built and the company is absolutely committed to producing only goods of the highest quality.

"During the year, our bottling operations for both beverage and liquor were accredited ISO 9002 certification - a significant achievement indeed," he told the shareholders.

Additionally, he said more comprehensive policies were put in place to ensure that customers' expectations are always met.

The Chairman also expressed satisfaction in reporting that the company's El Dorado 15 Year-old rum was once again adjudged the Best Rum in the World at the International Wine and Spirits Competition held in London for the fourth consecutive year - 1998, 1999, 2000 and 2001.