Leading importer and distributor of industrial chemicals and intermediaries Chemanex PLC recorded a Rs. 724 million group turnover during 2017/2018 financial year, reporting a Rs. 230 million profit for the same period.
Considering the challenges, Rs. 2.03 billion worth Company faced, in the recent past a decision was made in 2017/2018 to carry out a strategic restructuring with a far-sighted vision.
Chemanex took a number of salient measures including the discontinuation of non-competitive operations, placing strong emphasis on core competencies and inducinggrowth in the relevant areas.
The Company also carried out a voluntary retirement scheme reducing the number of employees significantly and will obtain support services from within the CIC Group.
Chemanex also took steps for the disposal of unutilised assets during the same year, garnering a significant amount of cash and short term investment for the Company. Careful analysis of variousoptions available is being carried out in order to utilize the funds effectively.
“The steps required for restructuring the organization were carried out during the Financial Year, and the Company will now focus on its core business of distributing chemicals to selected industries.
It will exploit synergies with the chemical business of CIC Holdings and obtain support services within CIC Group.
The Board is confident that these steps will result in the Company making a profit on operations in the near future,” Chairman, Chemanex PLC, P. R. Saldin said.
Chemanexa subsidiary of CIC Holding PLChas maintained a strong position as the industry leader in the sphere of trading chemicals and industrial intermediates backed by four decades of expertise.
www.dailynews.lk
Considering the challenges, Rs. 2.03 billion worth Company faced, in the recent past a decision was made in 2017/2018 to carry out a strategic restructuring with a far-sighted vision.
Chemanex took a number of salient measures including the discontinuation of non-competitive operations, placing strong emphasis on core competencies and inducinggrowth in the relevant areas.
The Company also carried out a voluntary retirement scheme reducing the number of employees significantly and will obtain support services from within the CIC Group.
Chemanex also took steps for the disposal of unutilised assets during the same year, garnering a significant amount of cash and short term investment for the Company. Careful analysis of variousoptions available is being carried out in order to utilize the funds effectively.
“The steps required for restructuring the organization were carried out during the Financial Year, and the Company will now focus on its core business of distributing chemicals to selected industries.
It will exploit synergies with the chemical business of CIC Holdings and obtain support services within CIC Group.
The Board is confident that these steps will result in the Company making a profit on operations in the near future,” Chairman, Chemanex PLC, P. R. Saldin said.
Chemanexa subsidiary of CIC Holding PLChas maintained a strong position as the industry leader in the sphere of trading chemicals and industrial intermediates backed by four decades of expertise.
www.dailynews.lk
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