Thursday, 5 February 2015 00:00
CIC Holdings PLC continued its momentum of growth in the third quarter of the FY 2014/2015 ending 31 December 2014. Both the company and group turnover increased by 19.77% and 7.86% respectively to Rs. 5,355 million and Rs. 17,746 million.
Key contributors to the company’s revenue growth were the Consumer and Healthcare segment and the Crop Solutions segment. The Consumer and Healthcare segment and the Agriculture and Livestock segment were the main contributors to the group turnover.
CIC Holdings PLC also recorded an impressive increase in profits in Q3 of 2014/2015, with Profit After Tax (PAT) for the company being recorded as Rs. 326 million up from a negative Rs. 453 million last year and PAT for the Group being recorded at Rs. 820 million up from a negative Rs. 395 million last year. The increase in company and group profits have largely been attributed to an increase in revenue along with the group’s ongoing effort to control costs and spending across all CIC business units.
Profits in the Consumer and Healthcare segment, the Packaging segment and the Agriculture and Livestock Industry segment increased by 352%, 51% and 29% respectively. Despite a reduction in the share of profit of equity accounted investees, these businesses have contributed significantly to the group’s overall improved financial performance.
Both the company and group’s efficient working capital management policy, along with favourable economic conditions in the country resulted in the reduction of the financing cost. Additionally the improvement in working capital was represented by the positive operating cash flow figures of the company and group amounting to Rs. 702 million and Rs. 1,738 million respectively.
CIC Managing Director/CEO S.P.S. Ranatunga commenting on the group’s performance for Q3 of the FY 2014/2015 said, “I am pleased to report yet another fruitful and successful quarter for CIC Holdings PLC. CIC has grown over the last few years and is now yielding impressive financial results. Both company and group profits and revenue have increased significantly and we are well poised to meet our annual financial targets.
“As we look ahead to the future, we will continue to nurture life in all aspects of our business operations, in order to effectively support the well-being of our nation and the people of Sri Lanka. I am also confident that the policies put in place by the Government, will helps us work towards the common goal of further uplifting key industries and the country at large.”
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.