Sri Lankan conglomerate records increase in PAT in first half this year over corresponding year
CIC Holdings PLC of Sri Lanka has reportedly recorded an impressive Profit After Tax (PAT) of Rs. 1.4 billion during the first six months this year despite the internal and external challenged faced due to the global Covid 19 pandemic. According to reports, it is an increase of 150% over the corresponding period in the previous year.
The exceptional performance comes in the backdrop of the Group recording aRs.1.1 billion PAT at the end of the last financial year and is the result of the Group restructuring that commenced over the last two financial years, local media reports stated.
The diversified conglomerate which has a strong presence in Sri Lanka’s agricultural sector has reportedly seen its revenue reach Rs. 17 billion, an increase of 16% over the previous year.
CIC Holdings which operates its businesses under five categories, Crop Solutions, Agri Produce, Livestock Solutions, Industrial Solutions and Health/Personal Care has witnessed top line and bottom line growth in all businesses.
The Crop Solutions sector comprising Plant Nutrients, Seeds and Agro Chemicals was the standout performer, reports noted. With the government of Sri Lanka laying more emphasis on agriculture together with the favourable weather conditions that prevailed during the last six months; CIC was able to record a significant growth in both the top line and bottom line in the Crop Solution Businesses, media reports further stated.
The Health and Personal care segment comprising of Link Natural, Pharmaceutical, Surgical and Medical Devices has also contributed significantly towards the Groups Overall Performance.
The increase in PAT recorded by the Sri Lankan conglomerate during the first half of this year in comparison to the corresponding period last year is a clear indication of the strength and growth of local businesses in Sri Lanka. It is also indicative of the development and growth of Sri Lanka’s overall economy. Foreign businesses/investors could therefore explore business/investment opportunities in Sri Lanka as well as look at forming partnerships with local businesses. Sri Lanka’s geographical positioning in the Indian Ocean, ease of doing business environment and the many trade agreements as well as trade concessions enjoyed by the country have made it a business hub in the South Asian region.
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