CIC posts Rs. 1.4 bn PAT for first six months
CIC Holdings PLC successfully braved the COVID 19 Pandemic with a sterling performance during the first half of the current financial year to record a Profit After Tax (PAT) of Rs. 1.4 billion, an increase of 150% over the corresponding period in the previous year.
The exceptional performance comes on the backdrop of the Group recording aRs.1.1 billion PAT at the end of the last financial year, and is the result of the Group restructuring that commenced over the last two financial years.
The diversified conglomerate which has a strong presence in the islands agricultural sector saw its revenue reach Rs. 17 billion, an increase of 16% over the previous year.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 favorable 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.
Despite facing unprecedented challenges during the lockdown and post lockdown periods, the Company navigated its resources giving utmost importance to Health Guidelines that were in place and strictly followed all safety measures in conducting its island wide, operations.