CIC Holdings PLC, country’s biggest agri-business with a history of over 50 years, has posted its best ever results in the year ended March 31, 2016 growing revenue 13% to Rs. 26.7 billion and profit after tax 57% to Rs. 1.63 billion, the company’s recently released annual report revealed.
"In addition to the organic growth from the existing business ventures, the group has invested Rs. 2 billion in growth sectors enhancing future earning potential," the Company’s Chairman, Mr. S. H. Amarasekera has said. "Increased earnings and timely risk management initiatives enhanced the asset quality by improving the Net Asset Value per share from Rs. 75. 40 to Rs. 94.44 - a 44% increase."
CIC is into agro produce, livestock solutions and crop solutions in addition to health and personal care and industrial solutions. With new innovations in rice breeding and development programs, CIC grains has invested a billion rupees in a facility for drying and storage of maize in Talawa and Siyambalanduwa with an aggregate capacity of 50,000 MTs.
CIC also developed a red basmati rice released to the market in 2009 which is now exported to the USA, Canada and Australia. It has also produced a rice with ultra small grains having higher eating quality which is now being tested and is at the final stage of development.
Amarasekera has reported that the group which posted the first loss in its history in 2013/14 entrusted its board to play a key role in formulating an enabling and monitoring strategy for the group. This continues with particular emphasis on driving growth as well as positioning the group taking to account forces shaping the business environment globally and locally.
He said that working with external consultants they had critically assessed their business portfolios and their current position. Consequently, they have modified and rearranged the group’s structure into five clear business segments in order to enhance group synergies and to facilitate a sharper focus on potential areas of high growth.
In addition to the billion rupees invested for drying and storing maize, they were making another strategic investment of a billion rupees in cultivating vegetables in greenhouses using the latest technology.
"Higher value vegetables may be grown for export supporting the country’s export drive and building CIC’s reputation as an exporter of high quality vegetables," Amrasekera said.
He explained that investment in greenhouses seeks to mitigate the impact adverse weather, land and labour shortage which regularly hampers the output of the agricultural sector.
CIC is also into pharmaceuticals and health care having bought Link Natural Products (Pvt) Ltd in 2003. The pharmaceutical sector indicates significant potential for growth with a steady income throughout the year, Amaraskera said. The Group’s pharmaceutical manufacturing plant produces generic lifestyle medications used on a continuous basis, including medication for diabetes,hypertension, cholesterol and gastric reflux among others.
CIC has a stated capital of slightly over Rs. 1 billion with total assets of the company standing at Rs. 9.45 billion and of the group at Rs. 32.3 billion. Total liabilities of the company stood at Rs. 5.24 billion and of the group at Rs. 21.4 billion.
Paints and General Industries Ltd (a Sohli Captain company) with 53.31% is the controlling shareholder followed by the EPF with 8.26%. The EPF with 12.7% is the top non-voting shareholder with Paints and General Industries holding 3.3%.
The Directors of the Company are Messrs: S.H. Amarasekere (Chairman), S.P.S Ranatunga (MD/CEO), R.N. Asirwatham, R.S. Captain, S.M. Enderby, M.P. Jayawardena, K.B. Kotagama, Prof. P.W.M.B.E Marambe, Dr. R.C.W.M.R.D Nugawela, A.V.P Silva and D.S Weerakody.
"In addition to the organic growth from the existing business ventures, the group has invested Rs. 2 billion in growth sectors enhancing future earning potential," the Company’s Chairman, Mr. S. H. Amarasekera has said. "Increased earnings and timely risk management initiatives enhanced the asset quality by improving the Net Asset Value per share from Rs. 75. 40 to Rs. 94.44 - a 44% increase."
CIC is into agro produce, livestock solutions and crop solutions in addition to health and personal care and industrial solutions. With new innovations in rice breeding and development programs, CIC grains has invested a billion rupees in a facility for drying and storage of maize in Talawa and Siyambalanduwa with an aggregate capacity of 50,000 MTs.
CIC also developed a red basmati rice released to the market in 2009 which is now exported to the USA, Canada and Australia. It has also produced a rice with ultra small grains having higher eating quality which is now being tested and is at the final stage of development.
Amarasekera has reported that the group which posted the first loss in its history in 2013/14 entrusted its board to play a key role in formulating an enabling and monitoring strategy for the group. This continues with particular emphasis on driving growth as well as positioning the group taking to account forces shaping the business environment globally and locally.
He said that working with external consultants they had critically assessed their business portfolios and their current position. Consequently, they have modified and rearranged the group’s structure into five clear business segments in order to enhance group synergies and to facilitate a sharper focus on potential areas of high growth.
In addition to the billion rupees invested for drying and storing maize, they were making another strategic investment of a billion rupees in cultivating vegetables in greenhouses using the latest technology.
"Higher value vegetables may be grown for export supporting the country’s export drive and building CIC’s reputation as an exporter of high quality vegetables," Amrasekera said.
He explained that investment in greenhouses seeks to mitigate the impact adverse weather, land and labour shortage which regularly hampers the output of the agricultural sector.
CIC is also into pharmaceuticals and health care having bought Link Natural Products (Pvt) Ltd in 2003. The pharmaceutical sector indicates significant potential for growth with a steady income throughout the year, Amaraskera said. The Group’s pharmaceutical manufacturing plant produces generic lifestyle medications used on a continuous basis, including medication for diabetes,hypertension, cholesterol and gastric reflux among others.
CIC has a stated capital of slightly over Rs. 1 billion with total assets of the company standing at Rs. 9.45 billion and of the group at Rs. 32.3 billion. Total liabilities of the company stood at Rs. 5.24 billion and of the group at Rs. 21.4 billion.
Paints and General Industries Ltd (a Sohli Captain company) with 53.31% is the controlling shareholder followed by the EPF with 8.26%. The EPF with 12.7% is the top non-voting shareholder with Paints and General Industries holding 3.3%.
The Directors of the Company are Messrs: S.H. Amarasekere (Chairman), S.P.S Ranatunga (MD/CEO), R.N. Asirwatham, R.S. Captain, S.M. Enderby, M.P. Jayawardena, K.B. Kotagama, Prof. P.W.M.B.E Marambe, Dr. R.C.W.M.R.D Nugawela, A.V.P Silva and D.S Weerakody.
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