CIC Holdings, a group once famous for chemicals and now aggressively moving into agriculture in the big way, says that the rise in global commodity prices has worked to its strategic advantage spurning the group’s to invest in core sectors.
“The government … has identified agriculture as the pivot on which Sri Lanka can leapfrog to economic prosperity and we are proud to say that sustainable methods in our operations are ensuring viability in the sector,” noted S. P. S. Ranatunga, Managing Director/CEO of CIC Holdings PLC in a statement issued on the group’s quarterly results ending 30th September 2011.
Group turnover of the diversified entity grew to Rs. 10.5 billion for the period against Rs. 8.9 billion in the corresponding 2010 period. Post-tax profit reached Rs. 480 million compared to Rs. 458 million.
Agriculture & Livestock, and Consumer & Pharmaceuticals segments were the best performing businesses, contributing Rs. 7 billion and Rs. 2.2 billion, respectively to the total group turnover, the company said.
It said new investments in the dairy industry are being currently earmarked to gain a foothold in the dairy industry as well. Recently the group leased an 800- acre farm in the North that grows diverse fruit crops, further enhancing the food business and helping to restore livelihoods for farmers there. |
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