CIC delivers landmark 9-month after tax profit of Rs. 2.8 b

Saturday, 23 January 2021 00:33 - - {{hitsCtrl.values.hits}}

CIC Holdings PLC said yesterday it had recorded the strongest performance in its operating history to post a landmark Profit After Tax figure of Rs. 2.8 billion for the nine months ending in December 2020, which is a 155% increase over the corresponding period last year. The group concluded a successful three months that recorded a turnover of Rs. 11.1 billion and a PAT of Rs. 1.4 billion, largely buoyed by an excellent cultivation season.

“This exceptional performance is even more noteworthy since it stems entirely from profits generated from operations alone and is a result of a dedicated effort by all sectors of the management as well as the re-strategising process, cost optimisation and efficiency that has been implemented across the Group,” CIC said in its statement.

The diversified conglomerate posted a turnover of Rs. 28.1 billion for the nine months and witnessed top line and bottom line growth in the Crop Solutions, Livestock Solutions, Agri Produce and Health and Personal Care segments.

CIC said favourable weather conditions that prevailed during the last nine months, coupled with the Government’s greater emphasis on agriculture, helped the Crop Solutions sector comprising plant nutrients, seeds and agro chemicals to deliver exceptional results that contributed heavily towards the group’s turnover and profit.

Faced with tough macro-economic conditions and a challenging environment the Health and Personal Care cluster, Livestock Solutions cluster and the Industrial Solutions cluster also recorded significant growth.

Despite numerous issues stemming from the outbreak of the COVID-19 pandemic, CIC said the Group ensured continuity of all its business operations which were carried out under strict guidelines from the Health and relevant local authorities thereby ensuring an uninterrupted service to all its consumers islandwide.

The Group also carried out a revaluation of its retail estate, and the revaluation surplus of Rs. 0.9 billion is reflected outside the PAT of Rs. 2.8 billion.

“CIC will continue to focus on enhancing shareholder value through cost optimisation, efficiency and continued focus on every area of growth across all its businesses,” the statement added.