CIC Holdings records impressive Q2 results

Monday, 17 November 2014 00:00 - - {{hitsCtrl.values.hits}}

CIC Holdings PLC recorded impressive financial results during the second Quarter of the FY 2014/2015 ending 30 September 2014. Group Turnover of the diversified entity grew to Rs. 11,235 million for the period 1 April to 30 September 2014 a 7% increase against the corresponding period in 2013. Profit After Tax (PAT) from continuing operations was Rs. 513 million at the end of Q2, an eight fold increase over the previous year. Consumer, Healthcare, Agriculture & Livestock segments contributed significantly to the group’s turnover.

Profits from the continuing businesses have increased by 149% and 723% 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%, 52% and 13% 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. Improvement in the group’s continuing operations has resulted in the increase of the earning per share-continuing operations five folds to Rs. 3.93. CIC Holdings’ Agriculture and Livestock arm and its Consumer and Healthcare segments contributed to 86% of turnover and 81% of operative results. CIC CEO and Managing Director S.P.S. Ranatunga commenting on the group’s exceptional Q2 performance said, “I am pleased with the impressive financial results the company has achieved in this financial Quarter. The outstanding performance of each business unit has helped CIC Holdings PLC excel as a group and following our dynamic re-strategising 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.

CIC Holdings PLC makes new appointments to Board of Directors

CIC Holdings PLC recently appointed A.V.P. Silva, R.C.W.M.R.D. Nugawela and K.B. Kotagama to the Board of Directors of CIC Holdings PLC, as Non-Independent, Non-Executive Directors. The new appointments were made effective from 9 November 2014.

Joining CIC’s Board of Directors with a wealth of financial and accounting experience, A.V.P. Silva is a Fellow Member of the Institute of Chartered Accountants (F.C.A.) and he is also a Fellow Member of the Association of Accounting Technicians of Sri Lanka (F.M.A.A.T.). At present Silva is the Managing Director/CEO of CIC Feeds Ltd., CIC Vetcare Ltd., CIC Poultry Farms Ltd. and CIC Bio Security Breeder Farms Ltd. Additionally he is a Director of Chemanex PLC, Chemanex Adhesives Ltd., Crop Management Services Ltd., and CAL Exports Lanka (Pvt) Ltd. He is also a Non-Executive Director of Asia Broadcasting Corporation Ltd. Silva has a Certificate of Professional Study (Project Analysis) from Arthur De Little Management Education Institute, USA and has attended the Executive Program on Corporate Management (EPCM) from the Association for Overseas Technical Scholarship (AOTS) Japan. Recognised for pioneering the production of quality essential oils, herbal healthcare products and Ayurvedic pharmaceuticals for both export and domestic markets, D. Nugawela has been the Founder Managing Director of Link Natural Products Ltd since 1982. He is currently the Chairman/Managing Director of Link Natural Products Ltd. Nugawela received an honours degree in Chemistry from the University of Ceylon and won a Commonwealth scholarship to pursue his postgraduate studies in the UK. He received his PhD from the University of Manchester and also obtained an MBA from the University of Colombo. He is a past Chairman of the Spices & Allied Products Producers & Processors Association of Sri Lanka and a member of the Board of Management of the Postgraduate Institute of Management of the University of Sri Jayawardenepura. Nugawela is also a member of the Executive Council of International Federation of Essential Oils and Aroma Trade (IFEAT) and is the Honorary Consul for the Republic of Zambia. With extensive experience in the agriculture industry, K.B. Kotagama has been the Managing Director/CEO of CIC Agri Businesses Ltd. since 2006. He also serves as the Chairman of Lanka Sugar Company Ltd., and Galoya Plantations Ltd., which are under the Ministry of Sugar Industry Development. He is also a member of the Board of Directors of the Coconut Cultivation Board and is on the Board of CSR Sri Lanka. Kotagama is a member of the National Pay Commission, and is a member of the Steering Committee (Food Security) of the National Science Foundation of Sri Lanka. He obtained a BSc in Agriculture (Hons) from the University of Peradeniya and also has an MBA (Finance & Management of Technology) from the Asian Insititute of Technology in Thailand. Kotagama has been awarded and recognised for his professional services and contributions by several local and international organisations. He was the recipient of the Responsible Business Leader Award 2012 presented by Enterprise Asia Malaysia and the Outstanding Entrepreneurship Award 2012, which was presented by Enterprise Asia Sri Lanka. 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.