CIC Holdings 3Q24 revenue up 30.4% YoY

• Revenues of crop solutions, agri produce, health and personal care segments expand
• Industrial and livestock segments witness contraction
• Group operating profit down 18.9%

Diversified conglomerate CIC Holdings PLC, for the quarter ended on December 31, 2023 (3Q24), saw its revenue expand 30.4 percent year-on-year (YoY) to Rs.25.36 billion. In the corresponding period (3Q23), the company reported a revenue of Rs.19.45 billion.
The entity has its roots deeply embedded in the agriculture and livestock industries.
The segment-wise analysis shows that the revenues of crop solutions, agri produce and health and personal care expanded by 43 percent, 20 percent and 31 percent, while the industrial solutions and livestock solutions contracted by 19 percent and 22.9 percent. 
The group reported an operating profit of Rs.3.95 billion, which is a decrease of 18.9 percent when compared with the corresponding period of the previous year.

The net finance cost contracted by 35.4 percent YoY to Rs.674 million, from Rs.1.04 billion in 3Q23. This was brought about by the finance income expanding by a staggering 557 percent to Rs.2 14 million, from Rs.32.58 million in the corresponding period of the previous year. Meanwhile, the finance cost contracted by 17.46 percent YoY to Rs.888 million.

The profit before tax for the quarter ending on December 31, 2023 expanded by 122 percent to Rs.8.68 billion, whereas the profit after tax expanded by 210 percent to Rs.7.68 billion.
The earnings per share increased by 245 percent to Rs.19.09 in 3Q23, from Rs.5.52 in 3Q22 and the profit attributable to shareholders amounted to Rs.7.2 billion.
Captain family-controlled Paints & General Industries Limited has a 53.31 percent stake in CIC, while the Employees’ Provident Fund, the company’s second largest voting shareholder, holds 9.06 percent.