CIC Group bounces back to reach Rs. 1 b PAT

Tuesday, 11 February 2020 00:53 - - {{hitsCtrl.values.hits}}

After a difficult year following its restructure, CIC Holdings PLC reported a vastly-improved after tax profit of over Rs. 1 billion at the end of the third quarter of the current financial year, which is an increase of over 300% compared to the corresponding period of the last financial year.

Turnover for the nine months was recorded at Rs. 23,802 million and Profit After Tax as Rs. 1,103 million for the nine months ended 31 December.

The company has shown tremendous resilience in the face of tough times to grow all its businesses, with the Crop Solution sector being the stand-out performer. Favourable weather conditions during the year contributed largely towards the top line and bottom line growth of the Crop Solutions sector.

Despite challenging macroeconomic conditions, the Health Care and Personal care cluster and the Industrial Solutions cluster also recorded satisfactory growth.

Following the re-strategising of some of the businesses and the focus purely on the core business itself, the CIC Group is poised to complete the current financial year on a high.