CIC Holdings PLC continued its onward journey despite a challenging environment to post a revenue of Rs.34.78 billion and a profit after tax (PAT) of Rs.1.98 billion at the end of the first six months of the current financial year 2023/24.
As the country continues to emerge from the economic crisis, yet grappling with a high cost of living and a declining consumer demand coupled with high distribution and administration costs impacted the CIC group’s bottom line despite recording a marginal increase in revenue over the corresponding period last year.
CIC Holdings operates its businesses under five business verticals, namely crop solutions, agri produce, livestock solutions, industrial solutions and health and personal care.
The group’s key crop solutions business, which comprises plant nutrients, seeds and other inputs, recorded a positive top line growth although it witnessed a decline in its bottom line, due to compressed margins and lower prices with intense competition, mainly for conventional plant nutrients. The health and personal care sector recorded steady growth in its top line and a marginal increase in its bottom line, mainly due to the locally manufactured branded generics being offered at an affordable price.
The other two clusters within the CIC group, industrial solutions and livestock solutions, witnessed a decline in both top line and bottom lines.
With a focused and consistent strategy along with the ability to stay agile and optimise opportunities presented in a dynamic and challenging operating environment, CIC is optimistic of continuing on a positive trajectory for the current year and in contributing towards the island’s economic recovery and growth, enhancing the value to all its stakeholders.
