Connect with us

Business

CIC Holdings delivers robust FY24 results, records Rs. 76.4 b top-line with 12% growth

Published

on

S.H.Amarasekara, CIC Holdings Chairman (L) / Aroshan Seresinhe, CIC Holdings Group CEO (R)

Agriculture-rich diversified conglomerate CIC Holdings PLC (CSE: CIC) reported robust revenue growth amidst moderately stable macroeconomic conditions, reporting notable top- line growth during the year ended 31st March 2024. Group’s Crop Solutions, Agri Produce and Health and Personal Care sectors led growth, while the Crop Solutions segment remained the major contributor to total Group revenue in FY24.

CIC recorded a consolidated Group revenue of Rs.76.4 billion for the year ended 31st March 2024, an increase of 11.9% over last year. Profit after tax (PAT) for the period in review increased by 9.6% to Rs. 11 billion.

The gross profit decreased by Rs.3.7 billion, down 15.4% YoY, compared to the previous year. Gross profit margin for the period stood at 27%, a contraction of 880 basis points against the corresponding period last year, largely attributed to margin pressure on increased competition and higher input costs.

During the fourth quarter of FY24, CIC Group’s consolidated revenue rose by 3.74% to Rs. 16.2 billion and profit before tax (PBT) by 7.47% to Rs. 1.3 billion. Additionally, the Group’s finance cost declined to Rs. 630 million during the fourth quarter from Rs. 790 million, reported during the same period in FY23, with reductions in overall borrowing rates attributed to ongoing Government’s fiscal reforms and greater macro stability in the economy.

The Group’s Crop Solutions business emerged as the largest contributor to CIC’s revenue, accounting for 40.8% of the total, while Livestock Solutions, Health and Personal Care, Industrial Solutions, Agri Produce sectors of the Group contributed 21.1%, 21.2%, 9.9% and 7.1% respectively of the total Group revenue. The Group operating profit (EBIT) closed at Rs. 10.7 billion, an /decrease of 36.6% YoY. Additionally, the Group’s finance cost for the period in review decreased to Rs. 3.3 billion from Rs. 4.8 billion in the previous year.

During the period in review, key Group businesses under the five industry sectors, which are Crop Solutions, Agri Produce, Livestock Solutions, Industrial Solutions and Health/Personal Care, performed resiliently. Crop solutions revenue grew from Rs.23.3 billion to Rs. 31.2 billion, agri produce revenue grew from Rs.4.3 billion to Rs. 5.4 billion, and health and personal care revenue grew from Rs. 13.2 billion to Rs. 16.2 billion. Livestock solutions revenue declined from Rs.18.7 billion to Rs. 16.1 billion, and industrial solutions revenue declined from Rs. 8.7 billion to Rs. 7.6 billion.

CIC Holdings Group CEO Aroshan Seresinhe commented on the results, “The Group had to face and overcome tough economic factors and adverse market conditions which were more persistent in the first half of the year. These headwinds impacted some core sector performances.

“However, through robust cost management initiatives, prudent working capital management and process reengineering efforts supported by integrating digital technologies, CIC has delivered a strong performance in FY23. Despite the difficulties, the Group has displayed resilience and agility in taking an optimistic outlook on fortifying operations to further strengthen overall performance.” (CIC Holdings)



Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Charting a worker-centered AI future: Colombo hosts landmark ITF conference

Published

on

The ITF’s first-ever AI-focused global conference and the first of its kind hosted in Sri Lanka

By Sanath Nanayakkare

Artificial intelligence and automation present serious challenges for workers – such as job consequences seen in docks and rail systems – and emphasises that workers cannot simply stop technological progress. By gathering young trade unionists in Sri Lanka, the ITF aims to establish key principles for engaging with technology, ensuring workers have a strong voice at the bargaining table, and encouraging constructive social dialogue with corporations and governments.

These compelling words from ITF General Secretary Stephen Cotton underscored the urgent reality facing modern labor as rapid technological advancements sweep across global industries.

Confronting this shifting landscape head-on, the International Transport Workers’ Federation (ITF), in partnership with the National Union of Seafarers of Sri Lanka (NUSS), convened a ground-breaking conference on artificial intelligence in Colombo from September 15–17.

As the ITF’s first-ever AI-focused global conference and the first of its kind hosted in Sri Lanka, the landmark event marked a critical milestone in balancing technological innovation with worker-centered safeguards.

Representing over 16.6 million transport workers worldwide, the ITF designed the gathering to tackle the multifaceted impacts of AI on safety, operations, workforce development, and governance. Rather than resisting progress, the conference focused on proactive engagement, establishing guiding principles to protect workers’ rights and privacy both at sea and on land.

Key discussions centred on sharing best practices for upskilling and reskilling transport personnel, ensuring that human oversight remains central to AI-driven logistics, routing, and maintenance.

Reflecting on the historic nature of the event, Boa Athu, CEO of National Union of Seafarers Asia Pacific, noted that the conference represented a monumental moment as AI emerges as a permanent fixture of contemporary life.

Highlighting NUSS’s pride in hosting the event in Colombo, Athu emphasised that AI offers transformative potential when guided by strong social dialogue, equitable access to training, and robust governance safeguards.

Ultimately, the Colombo conference demonstrated that the future of transport must be shaped by those who keep the world moving. By uniting international labour leaders, affiliates, port operators, and regulators, the event laid a vital foundation for inclusive policy frameworks that champion fair labour standards, securing a powerful voice for workers in an automated tomorrow.

Continue Reading

Business

Bridging the digital divide: Sri Lanka’s airport licence challenge

Published

on

As tourism surges from digitally advanced markets like India, modern independent travelers arriving at BIA find themselves caught in a mismatch between cloudstored credentials and local paper-based transport protocols.

By Sanath Nanayakkare

As Sri Lanka experiences a surge in visitors from its largest tourist market, India, a modern administrative hurdle has emerged at Bandaranaike International Airport (BIA).

While nations like India and Pakistan have successfully transitioned to fully digital driving licences and cashless ecosystems, Sri Lanka’s Department of Motor Traffic counter still requires a physical card to issue temporary local permits, The Island Financial Review learns.

This mismatch creates significant friction for independent travelers who rely entirely on smartphones and cloud-stored credentials. Tourists turned away at the airport – and sometimes redirected to the Werahera office in vain – find themselves unable to legally rent and drive vehicles. Consequently, this policy gap harms local car rental operators, causes tourist frustration, and deprives the government of valuable permit revenue.

The situation highlights a distinct irony: Sri Lankan motorists easily travel abroad using International Driving Permits that are readily accepted in India and Pakistan, yet local infrastructure cannot reciprocate due to outdated verification systems.

Recognizing the problem, Department of Motor Traffic officials have noted that upgrades and new equipment are currently in the works to integrate foreign digital platforms.

For a nation aggressively pursuing a national digitalisation drive, rapidly modernising these transport protocols is essential to keeping pace with global travelers and unlocking the full potential of its tourism economy.

Continue Reading

Business

International Afro-Latin Dance Festival in Colombo to grow into a larger regional tourism draw

Published

on

Founder X Director – ALIF – J D RUBAN

ALIF-SL, Sri Lanka’s first-ever international Afro-Latin dance festival, returns for its 4th edition from 25 to 27 September 2026 at the Galle Face Hotel, Colombo. The festival will bring together over 30 international and national artists and 175–200 participants from more than 20 countries, reaffirming its place as the region’s leading platform for Salsa, Bachata and Kizomba.

This year’s edition is headlined by Tropical Gem, the world’s No. 1 salsa team, travelling from Italy to perform and teach alongside a stellar international line-up. Attendees can also look forward to the ALIF Cup Sri Lanka Open, a keenly contested competition judged by an international panel, giving local dancers a rare opportunity to compete and connect with world-class talent.

“Every year, ALIF connects Sri Lanka to the world. With this year’s artist line-up and the ALIF Cup competition, we’re not just hosting a festival, we’re putting Sri Lanka on the map as a top destination for dance,” said JD Ruban, Founder and Director of ALIF-SL

Beyond the dance floor, ALIF-SL continues to support Sri Lanka’s tourism sector, drawing dancers, judges and enthusiasts from across the globe to Colombo and positioning the capital as an emerging regional hub for social dance. Organizers plan to grow the festival into a larger regional tourism draw, introduce new competition categories, and bring in even bigger headline acts in future editions.

Continue Reading

Trending