Wednesday, 29 July 2020 20:11

CIC Holdings records stellar performance in first quarter

CIC Holdings successfully overcame the Covid-19 pandemic to record a near fourfold increase in after tax profit for the first quarter of the 2020/21 financial year.

The diversified conglomerate which has a significant presence in the Agriculture Sector recorded a turnover of Rs 7.87 billion- a 17% increase in relation to the corresponding period of the previous year.

Profit after tax for 2020/21 first quarter increased to Rs. 542 million as against Rs 137 million in the corresponding previous quarter while Profit before tax for 2020/21 Q1 was recorded as Rs 854 million as against Rs 263 million in the previous year.

Despite facing unprecedented challenges during a quarter in which the entire country was in lockdown and under a 24- hour curfew, CIC Holdings was able to deliver exceptional results.

The Company continued to operate most of its facilities with limited and restricted resources during the Pandemic, with the aid of the regulatory authorities inclusive of the Sri Lanka Police, in a bid to make available urgent and important products to their customers.

(LIN)

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