Despite COVID-19, CIC posts highest-ever PAT of Rs.3.84 bn

CIC Holdings PLC has braved the COVID- 19 pandemic and an extraordinarily challenging year to record its highest ever profit of Rs. 3.84 billion for the financial year 2020/21, a phenomenal 250 percent increase over the previous year.

The diversified conglomerate which consists of several key sectors 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 which was a 22 percent increase over the previous year and the highest in its history, the company said in an announcement.

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 strong performance which contributed to the group’s top and bottom line.

“The year under review 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,” it said.

During a year in which the entire country was plagued with the COVID-19 pandemic, CIC 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, the company ensured that all health guidelines as set out by the government authorities were strictly adhered to all times.

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