CIC Holdings posts Rs. 1.98 b PAT in 1H of FY24

Wednesday, 25 October 2023 00:26 - - {{hitsCtrl.values.hits}}

CIC Holdings said yesterday it continued the onward journey despite a challenging environment to post a revenue of Rs. 34.78 billion and a profit after tax of Rs. 1.98 billion at the end of the first six months of the current financial year 2023/24.

“As the country continues to emerge from the economic crisis, grappling with a high cost of living and a declining consumer demand coupled with high distribution and administration costs impacted the CIC Group’s bottom line, despite recording a marginal increase in revenue over the corresponding period last year,” the company said in a statement.

CIC Holdings operates its businesses under five business verticals, namely Crop solutions, Agri produce, Livestock solutions, Industrial solutions, Health and Personal Care.

The Group’s key Crop solutions business which comprises plant nutrients, seeds and other inputs recorded a positive top line growth although it witnessed a decline in its bottom line due to compressed margins and lower prices with intense competition, mainly for conventional plant nutrients. The Health and Personal Care sector recorded steady growth in its top line and a marginal increase in its bottom line mainly due to the locally manufactured branded generics being offered at an affordable price.

The other two clusters within the CIC Group, Industrial solutions and Livestock solutions witnessed a decline in both top line and bottom line.

With a focused and consistent strategy along with the ability to stay agile and optimise opportunities presented in a dynamic and challenging operating environment, CIC is optimistic of continuing on a positive trajectory for the current year and in contributing towards Sri Lanka’s economic recovery and growth, enhancing the value to all its stakeholders.