Business
CIC Holdings delivers robust FY24 results, records Rs. 76.4 b top-line with 12% growth
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)
The Delegation of German Industry and Commerce in Sri Lanka (AHK Sri Lanka) proudly facilitated the first-ever Sri Lankan delegation’s participation at Drupa 2024, the world’s largest trade fair for the printing industry and technology. Held after an eight-year hiatus, Drupa 2024 was a landmark event, marking significant advancements and opportunities in the global printing industry.
AHK Sri Lanka played a pivotal role in organising and supporting the delegation, which comprised 17 members from the Sri Lanka Association for Printers (SLAP), representing eight companies from the commercial, newspaper, stationery printing, and packaging industries. This pioneering effort by AHK Sri Lanka not only showcased the diverse capabilities of Sri Lanka’s printing sector but also facilitated vital bilateral discussions with key stakeholders from the German printing industry.
Business
Unveiling Ayugiri: Browns Hotels & Resorts sets the stage for a new era in luxury Ayurveda Wellness
In a captivating reimagining of luxury wellness tourism, Browns Hotels & Resorts proudly unveiled the exquisite Ayugiri Ayurveda Wellness Resort Sigiriya. This momentous occasion, celebrated amidst a vibrant and serene grand opening on the 6th of June, heralds a new chapter in the Ayurveda wellness tourism landscape in Sri Lanka. Nestled amidst 54 acres of unspoiled natural splendour, Ayugiri features 22 exclusive suites and stands out as the only luxury Ayurveda wellness resort in the country offering plunge pools in every room, rendering it truly one-of-a-kind.
The grand opening of Ayugiri Ayurveda Wellness Resort was an enchanting event, where guests were captivated by the melodies of flutists and violinists resonating through Sigiriya’s lush landscapes. As traditional drummers and dancers infused the air with vibrant energy, Browns Hotels & Resorts’ CEO, Eksath Wijeratne, Kotaro Katsuki, Acting Ambassador for the Embassy of Japan and General Manager, Buwaneka Bandara, unveiled the resort’s new logo, marking a significant moment witnessed by distinguished guests from the French Embassy, Ayurveda and wellness enthusiasts along with officials from the Sigiriya area, LOLC Holdings and Browns Group.
“Our strategic expansion into wellness tourism with Ayugiri Ayurveda Wellness Resort Sigiriya symbolises a significant milestone for Browns Hotels & Resorts. Wellness tourism has consistently outperformed the overall tourism industry for over a decade, reflecting a growing global interest in travel that goes beyond leisure to offer rejuvenation and holistic well-being. By integrating the timeless wisdom of Ayurveda with modern luxury, we aim to set a new standard in luxury wellness tourism in Sri Lanka. Whether your goal is prevention, healing, or a deeper connection to inner harmony, Ayugiri offers a sanctuary for holistic well-being” stated Eksath Wijeratne.
Ayugiri encapsulates the essence of life, inspired by the lotus flower held by the graceful queens of the infamous Sigiriya frescoes. Just as the lotus emerges from the murky depths, untainted and serene,
Ayugiri invites guests on a journey of purity and rejuvenation, harmonised with a balance of mind, body and spirit, the essence of nature, echoes of culture and the wisdom of ancient Ayurvedic healing.
HNB General Insurance, one of Sri Lanka’s leading general insurance providers, has been honored as the Best General Bancassurance Provider in Sri Lanka 2024 by the prestigious Global Banking and Finance Review – UK.
The esteemed accolade underscores HNB General Insurance’s unwavering commitment to excellence and its outstanding performance in the field of bancassurance. Through dedication and hard work, the HNB General Insurance team has continuously endeavored to deliver innovative insurance solutions, cultivate strong relationships with banking partners, and provide unparalleled service to customers nationwide. This recognition is a testament to the team’s dedication and relentless pursuit of excellence in the bancassurance business.
“We are honored to receive this prestigious award, which reflects our team’s tireless efforts and dedication to delivering value-added insurance solutions and exceptional service through our bancassurance partnerships,” said Sithumina Jayasundara, CEO of HNB General Insurance. “This recognition reaffirms our position as a trusted insurance provider in Sri Lanka and motivates us to continue striving for excellence in serving our customers and communities.”
US sports envoys to Lanka to champion youth development
Rahuman questions sudden cancellation of leave of CEB employees
