CIC Holdings records impressive Q2 results
View(s):CIC Holdings PLC’s second quarter results for the year 2014/2015 ending 30 September 2014 saw group turnover of the diversified entity rise to Rs.11,235 million (for the period 1 April to 30 September 2014), a 7 per cent increase against the corresponding period in 2013.
File picture of a local farmer. CIC is heavily involved in agriculture
Post tax profit (PAT) from continuing operations was Rs. 513 million at the end of Q2, an eight fold increase over the previous year. Consumer, Healthcare, Agriculture and Livestock segments contributed significantly to the group’s turnover, according to a company statement.
Profits from the continuing businesses have increased by 149 per cent and 723 per cent for the company and group, respectively. This is mainly due to the increase in revenue and the company’s continuous focus on controlling operational costs. Profit increases in the Consumer and Healthcare segment, the Packaging segment and the Industrial Raw Material segment increased by 167 per cent, 52 per cent and 13 per cent, respectively. Despite the reduction of the share of profit of equity accounted, these businesses have contributed significantly to the group’s overall improved financial performance, the release noted.
CIC’s CEO and Managing Director S. P. S. Ranatunga commenting on the group’s Q2 performance said, “The outstanding performance of each business unit has helped CIC Holdings PLC excel as a group and following our dynamic re-strategizing initiative, we are well on track towards our annual revenue and profit targets. Agriculture, Livestock and Healthcare remain our key areas of focus as we continue to contribute to the well-being of the nation and its people. The government has put the necessary policies in place to support the growth of both the agricultural and healthcare industries and I remain confident that these policies will continue to assist us in our efforts to further develop these business areas”.
CIC has been a leading blue chip conglomerate in Sri Lanka for decades and its business portfolio extends into the areas of agriculture, animal feed, nutrition, healthcare, industrial materials and consumer products.