CIC Holdings records turnaround performance in 2014/2015
View(s):Group profit after tax (PAT) at CIC Holdings PLC showed a figure of Rs. 1040.84 million, a strong improvement over last year’s loss of Rs. 1,126.84 million for the financial year ending 31 March 2015. The group said in a media statement that it recorded a revenue growth of 3 per cent, a continuing business turnover growth of 9 per cent and profit before tax of Rs. 1,423.12 million, demonstrating a turnaround business performance.
CIC’s Agriculture and Livestock division and its Consumer and Pharmaceutical division contributed to 60 per cent and 25 per cent of the group’s total revenue respectively. “The company’s improvement in profitability from a loss of Rs. 847.25 million to a profit of Rs. 512.55 million is a testimony to its strength and ability to implement effective change,” the release said.
CIC Holdings’ profitability has also had a positive impact on the group’s operating cash flow. The group interest cost has reduced by more than 50 per cent and this saving goes beyond interest rate reductions and can be attributed to careful financial management.
CIC said its impressive performance is part of a new direction and strategy for growth that the group has undertaken. S.H. Amarasekera, Chairman of CIC Holdings PLC said, “The Board of Directors has re-strategized the way forward for CIC and embarked on a much needed restructuring programme during the period under review. Our focus was on ensuring sustainable business growth and long-term returns. The past year has been immensely challenging and has tested the resilience of both the company and the group. Now we are well on track to performing at an even higher level in the year ahead. CIC Holdings will continue to focus on innovation, product development, market development and technology to drive our business forward”.
S.P.S. Ranatunga, Managing Director/CEO of CIC Holdings PLC noted, “Our success in this financial year is due to expertise of the Board and the dedication and hard work of the CIC team. I would also like to extend our appreciation to our stakeholders, banking partners and shareholders who supported us in our efforts to deliver an exceptional financial performance this year.”
As part of its future plans, CIC Holdings PLC will continue to focus on strengthening its core competencies in key sectors which have been selected for their growth potential. These sectors include Fertilizer, Rice, Seeds and Farms, Feeds and Poultry, Cropcare, Industrial Solutions, Healthcare and Strategic businesses.