CIC reports stellar performance; 1H after tax profit up by 150% to Rs. 1.4 b

CIC Holdings PLC said yesterday it had successfully braved the COVID-19 pandemic with a sterling performance during the first half of the FY21 to record a profit after tax of Rs. 1.4 b, an increase of 150% from a year earlier. 

It said the exceptional performance comes in the backdrop of the group recording a Rs. 1.1 billion after tax profit in FY20. “This is the result of the group restructuring that commenced over the last two financial years,” CIC said in a statement. 

The diversified conglomerate which has a strong presence in the island’s agricultural sector saw its revenue increase by 16% to Rs. 17 billion in 1H. 

CIC Holdings which operates its businesses under five categories – Crop Solutions, Agri Produce, Livestock Solutions, Industrial Solutions and Health/Personal Care – witnessed top-line and bottom-line growth in all businesses.

The Crop Solutions sector comprising Plant Nutrients, Seeds and Agro Chemicals was the standout performer. With the Government laying more emphasis on agriculture, together with the favourable weather conditions that prevailed during the last six months, CIC was able to record a significant growth in both the top-line and bottom-line in the Crop Solution Businesses.

The Health and Personal care segment comprising of Link Natural, Pharmaceutical, Surgical and Medical Devices also contributed significantly towards the groups’ overall performance.

CIC said despite facing unprecedented challenges during the lockdown and post-lockdown periods, the company navigated its resources giving utmost importance to the health guidelines that were in place, and strictly followed all safety measures in conducting its islandwide operations.

“The group will continuously focus on its many operations during the remainder of the financial year with a view of reaching greater heights,” CIC added.