Agriculture rich diversified conglomerate CIC Holdings PLC has delivered a phenomenal performance at the end of the third quarter of the financial year 2022/23 to post the highest ever profit after tax of Rs. 8.3 billion up 158% from a year ago.
The group also witnessed its turnover reach a record high of Rs. 52 billion at the end of the third quarter, surpassing the Rs. 41.7 billion achieved at the end of the financial year 2021/22.
In the third quarter, CIC Group revenue rose by 71.7% to Rs. 19.45 billion and profit before tax by 116% to Rs. 3.9 billion. The latter was despite a sharp rise in finance cost to Rs. 1 billion from Rs. 198 million. After tax profit rose by 75% to Rs. 2.4 billion in the third quarter. CIC Holdings which operates its businesses under five sectors, Crop Solutions, Agri Produce, Livestock Solutions, Industrial Solutions and Health/Personal Care witnessed remarkable top line and bottom-line growth in all sectors during the period under review.
Crop solutions’ 9-months revenue more than doubled to Rs. 19.56 billion from Rs. 8 billion, livestock solutions grew from Rs. 9 billion to Rs. 14.2 billion and industrial solutions from Rs. 3.7 billion to Rs. 7.1 billion. Health and personal care revenue was Rs. 9.17 billion up from Rs. 7.1 billion and agri produce rose from Rs. 2.8 billion to Rs. 3.4 billion.
Crop solutions topped segmental results with Rs. 8.5 billion as against Rs. 1.7 billion in nine months of last year.
Industrial solutions grew to Rs. 2.5 billion from Rs. 0.5 billion and that of livestock solutions was Rs. 2.4 billion up from Rs. 0.9 billion. Health and personal care segmental results grew to Rs. 1.4 billion from Rs. 1 billion whilst agri produce saw a decline to Rs. 121 million from Rs. 246 million.
With the fertiliser ban lifted in late 2021 the Crop Solutions business witnessed steady top line and bottom-line growth as cultivation during the Yala and the Maha Season was once again in full swing. CIC which has been the market leader in Agricultural inputs like Fertiliser, Seeds and Crop Protection products continued to grow their market dominance in these products.
As the country overcame the fuel crisis, consumer demand for livestock products and Health and Personal Care products increased gradually enabling both these sectors to record satisfactory progress in their top and bottom lines.
The period under review also witnessed a significant growth of the Industrial Solutions sector which is a key input supplier to the Paint, Rubber, Plastics, Beverage and Textile Industries.
Despite numerous challenges ahead the CIC Holdings is optimistic of its ability to be resilient and strengthen its businesses and continue with its positive contribution towards the Island’s economy while enhancing the value of all stakeholders.