CIC Holdings ends financial year on a high | Daily News


CIC Holdings ends financial year on a high

CIC Holdings signalled a strong comeback to record an after tax profit of over one billion for the twelve months ending March 2020.

The diversified conglomerate which has a significant presence in the Agriculture Sector recorded a turnover of Rs 30.6 billion which was similar to the previous year but ended the financial year with an after tax profit of Rs 1,066 million which is a 133% increase over the corresponding period in the previous year.

Favourable weather conditions during the last two cultivation seasons contributed towards the success of the Agriculture Sector while all other Sectors also contributed significantly towards the top and bottom line of the Company during a challenging and eventful year which began in the aftermath of the Easter attack and ended with the outbreak of the Covid-19 Pandemic.

CIC continued to operate most of its production facilities during the lockdown under strict health guidelines and supplied essential Agri inputs to the Farming Community as well as other essential health care and food items to Consumers. Despite the disruptions experienced during the early part of the current financial year, the Company is confident of strengthening and growing its core businesses this year.

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