Thursday Nov 14, 2024
Thursday Nov 14, 2024
Tuesday, 26 July 2022 02:01 - - {{hitsCtrl.values.hits}}
CIC Holdings PLC has succeeded in boosting its pre-tax profit in 1Q of FY23 by 200% to Rs. 3.66 billion. The impressive achievement comes on the back of a 69% jump in Group revenue to Rs. 15.3 billion. Gross profit rose by 196% to Rs. 6.8 billion with margin improving from 25% in FY221Q to 44% in FY231Q. After tax profit was up 204% to Rs. 2.77 billion.
Profit attributable to equity holders of the parent rose by 188% to Rs. 2.11 billion. Net profit margin rose from 8% to 14%. All of CIC’s business segments have performed well, thereby making an all-round contribution.
Crop Solutions reported a profit of Rs. 2.7 billion, a massive jump in comparison to Rs. 541 million in the 1Q of last financial year. Livestock solutions profit crossed the Rs. 1 billion mark as against Rs. 256 million a year ago.
Industrial solutions improved its profit from Rs. 123 million in FY221Q to Rs. 997 million in FY231Q. Health and Personal care profit grew from Rs. 278 million to Rs. 372 million and agri produce from Rs. 32.5 million to Rs. 121 million.
On revenue, crop solutions saw near doubling (82%) to Rs. 5.15 billion from Rs. 2.8 billion a year ago, Livestock rose by 68% to Rs. 4.3 billion, Health and personal care products revenue grew by 28% to Rs. 2.6 billion, Industrial Solutions by 156% to Rs. 2.47 billion and agri produce by 26% to Rs. 1.2 billion.
Group CEO P.A. Seresinhe in FY22 Annual Report, said in the Crop Solutions sector CIC’s priority will be to develop expertise in technology-based sustainable agricultural methods, while in the Agri Produce cluster, the company will look to leverage on science-based technology to tap into the global superfoods trend.
“Export orientation will be a major priority in our herbal/personal care segment as well. Equally importantly we will focus on proactively tackling supply chain disruptions in order to strengthen our industrial solutions and medical and pharmaceutical operations,” Seresinhe added.
In FY22, CIC Holdings achieved its best results with an after tax profit of Rs. 4.35 billion, up from the previous record of Rs. 3.85 billion in FY21. The achievement in FY22 was notwithstanding the recognition of a net exchange loss of Rs. 1.5 billion on overseas vendor payables as at 31 March 2022 following the sharp depreciation of the rupee. Group revenue rose by 12% to Rs. 41.75 billion.
Backed by healthy profits, total shareholder funds increased to Rs. 20.11 billion in FY22 up by 24% from the Rs. 16.30 billion in FY21. Group declared Rs. 758.16 million as dividend to its shareholders prompting CIC Chairman Harsha Amarasekera to note in the FY22 Annual Report that it was in honouring the company’s long standing tradition of consistent profit distribution.
CIC Holdings Board of Directors comprises of Chairman S.H. Amarasekera, R.S. Captain, S.M. Enderby, J.R. Gunaratne, D.T.S.H. Mudalige, M.P. Jayawardena and P.R. Saldin.
