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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » CIC Holdings reverses huge losses in 2014/2015

CIC Holdings reverses huge losses in 2014/2015

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Melissa Pereira


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
CIC Holdings PLC recorded an impressive performance for the financial year ending March 31, 2015.

Group profit after tax (PAT) was recorded at Rs. 1040.84 million, a strong improvement over last year's loss of Rs. 1,126.84 million.
The group recorded a revenue growth of 3%, a continuing business turnover growth of 9% 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% and 25% 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.

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% and this saving goes beyond interest rate reductions and can be attributed to careful financial management.

No dividend was declared in the previous year, however two interim dividend payments of Rs. 1 per share were paid in September 2014 and March 2015.
CIC's impressive performance is part of a new direction and strategy for growth that the group has undertaken.

CIC Holdings Chairman S.H.Amarasekera said the Board 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." CIC Holdings Managing Director and CEO S.P.S. Ranatunga said "Our success in this financial year is due to expertise of the Board and the dedication and hard work of the CIC team."

As part of its future plans, CIC Holdings will continue to focus on strengthening its core competencies in key sectors which have been selected for their growth potential.
Courtesy: Daily News 08 June 2015

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