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CIC Holdings reported a group turnover of Rs. 10.5 billion for the period for the September quarter against Rs. 8.9 billion a year earlier while net profit for the period reached Rs. 480 million, an improvement from the Rs. 458 million profit a year ago. by the strong financial showing, the group has declared a dividend of 80 cents on the second quarter earnings. The group achieved this stellar performance despite a challenging start to FY2011/12 over concerns regarding arsenic in agri products," the company said yesterday.
CIC Holdings’ agriculture and livestock arm and its consumer and pharmaceuticals segments were the best performing businesses, contributing Rs. 7 billion and Rs. 2.2 billion respectively to the total group turnover as against Rs. 6 billion and Rs. 1.7 billion for the corresponding period in the previous year. Profits for the agri sector came mainly from CIC Feeds Group and CIC Agri Business Group.
S. P. S. Ranatunga, Managing Director / CEO of CIC Holdings PLC, commenting on the group’s performance said, "I am proud to declare these exciting financial earning figures for September quarter. This outstanding performance comes close on the heels our recent dynamic rebranding initiative to move to a holding company status - CIC Holdings PLC. As we forecasted, we were confident this new branding would serve to rejuvenate the brand identities of our diverse businesses.
"Agriculture and related businesses remains our key focus and we are heartened to note that our efforts are contributing to the nation’s march to achieve food security for all its citizens. The government too has identified agriculture as the pivot on which Sri Lanka can leap frog to economic prosperity and we are proud to say that sustainable methods in our operations are ensuring viability in the sector. The rise in global commodity prices has worked to our strategic advantage emboldening us to invest in core sectors.
"I am confident that the rest of the FY 2011/12 will fulfil our high aspirations further, fuelled by the fact that the two upcoming quarters are considered the salient months which witness the high sales due to the seasonal buying in the sector along with the fact that it will be the peak period for the food industry as well.
We are expecting to make record profits at the end of FY 2011/12 as a direct result of consumer acceptance of our comprehensive value chain of products and services."
The Agriculture and Livestock business segments remains the key drivers of the group’s turnover and both the respective companies are keen to further expand their presence in these segments. New investments in the dairy industry are being currently earmarked to gain a foothold in the dairy industry as well. The group’s confidence in the natural resources that the country is blessed with has resulted in CIC leasing an 800 acre farm in the North that grows diverse fruit crops. This acquisition will further enhance the food business, thereby restoring livelihoods for farmers in the north.http://island.lk/index.php?page_cat=article-details&page=article-details&code_title=39209
CIC Holdings’ agriculture and livestock arm and its consumer and pharmaceuticals segments were the best performing businesses, contributing Rs. 7 billion and Rs. 2.2 billion respectively to the total group turnover as against Rs. 6 billion and Rs. 1.7 billion for the corresponding period in the previous year. Profits for the agri sector came mainly from CIC Feeds Group and CIC Agri Business Group.
S. P. S. Ranatunga, Managing Director / CEO of CIC Holdings PLC, commenting on the group’s performance said, "I am proud to declare these exciting financial earning figures for September quarter. This outstanding performance comes close on the heels our recent dynamic rebranding initiative to move to a holding company status - CIC Holdings PLC. As we forecasted, we were confident this new branding would serve to rejuvenate the brand identities of our diverse businesses.
"Agriculture and related businesses remains our key focus and we are heartened to note that our efforts are contributing to the nation’s march to achieve food security for all its citizens. The government too has identified agriculture as the pivot on which Sri Lanka can leap frog to economic prosperity and we are proud to say that sustainable methods in our operations are ensuring viability in the sector. The rise in global commodity prices has worked to our strategic advantage emboldening us to invest in core sectors.
"I am confident that the rest of the FY 2011/12 will fulfil our high aspirations further, fuelled by the fact that the two upcoming quarters are considered the salient months which witness the high sales due to the seasonal buying in the sector along with the fact that it will be the peak period for the food industry as well.
We are expecting to make record profits at the end of FY 2011/12 as a direct result of consumer acceptance of our comprehensive value chain of products and services."
The Agriculture and Livestock business segments remains the key drivers of the group’s turnover and both the respective companies are keen to further expand their presence in these segments. New investments in the dairy industry are being currently earmarked to gain a foothold in the dairy industry as well. The group’s confidence in the natural resources that the country is blessed with has resulted in CIC leasing an 800 acre farm in the North that grows diverse fruit crops. This acquisition will further enhance the food business, thereby restoring livelihoods for farmers in the north.http://island.lk/index.php?page_cat=article-details&page=article-details&code_title=39209
