CIC braves pandemic year to post highest PAT of Rs. 3.84 b

Monday, 24 May 2021 00:22 - - {{hitsCtrl.values.hits}}

CIC Chairman Harsha Amarasekera

CIC Holdings PLC has braved the pandemic and an extraordinarily challenging year to record its highest-ever profit of Rs. 3.84 billion for the financial year 2020/21, reflecting a massive 250% increase over the previous year.

The diversified conglomerate, which consists of several key sectors which are aligned with a developing Sri Lanka, inclusive of agriculture, livestock solutions, health and personal care and industrial chemicals completed the financial year recording a turnover of Rs. 37.2 billion, up 22% from FY20.

CIC said buoyed by favourable weather conditions and a continued emphasis by the Government towards the country’s agriculture, the company’s Crop Solutions sector comprising plant nutrients, seeds and other inputs delivered a commendable performance which contributed to the Group’s top and bottom line.

FY21 also witnessed a marked improvement in the Livestock Solutions business segment which experienced a steady growth in profits following a previously lean year. The Health and Personal Care business too continued its momentum and contributed positively towards the Group’s turnover and profits while the Industrial Solutions segment and the Agri Produce business also showed signs of positive growth in the year under review.

CIC said during a year in which the entire country was plagued with the COVID pandemic, the Group overcame numerous obstacles and continued to operate almost all of its facilities continuously, ensuring that all products and services were available to its distributors and customers island wide. In doing so, CIC ensured that all health guidelines as set out by the Government authorities were at strictly adhered to all times.

As the pandemic situation continues to evolve and bring fresh challenges, CIC said it is optimistic of its ability to further strengthen and grow its businesses and continue with its positive contribution towards the country’s economy while enhancing the value of all stakeholders.