CIC Holdings

Last updated
CIC Holdings PLC
Company type Public
CSE:  CIC.N0000
ISIN LK0045N00001
Industry Materials
Founded1964;60 years ago (1964)
Founder Imperial Chemical Industries
Headquarters
Colombo
,
Sri Lanka
Key people
  • S. H. Amarasekera (Chairman)
  • P. A. Seresinhe (CEO)
RevenueIncrease2.svg LKR68.275 billion (2023)
Increase2.svg LKR16.843 billion (2023)
Increase2.svg LKR10.052 billion (2023)
Total assets Increase2.svg LKR55.803 billion (2023)
Total equity Increase2.svg LKR27.829 billion (2023)
Owners
Number of employees
Steady2.svg 2,109 (2023)
Parent Paints & General Industries Ltd
Subsidiaries
  • Chemanex PLC
  • CIC Agri Businesses
  • CIC Feeds
  • Link Natural Products (Pvt) Ltd
Website cic.lk
Footnotes /references
[1]

CIC Holdings PLC is a Sri Lankan conglomerate holding company engaged in merchandising and manufacturing chemical products. The company was incorporated in 1964 and listed on the Colombo Stock Exchange in the same year. Initially, the company was a part of Imperial Chemical Industries and prior to 2011, was known as Chemical Industries (Colombo) PLC. The company ranked 41st in LMD 100 , an annual list of leading listed companies in Sri Lanka. [2] The company also ranked 31st in Business Today's Top 40 for 2020–21 financial year. [3]

Contents

History

Chemical Industries (Colombo) was founded in 1964 as a part of Imperial Chemical Industries, a former UK-based chemical company. The company shifted its business model by moving into agribusiness away from Dulux paints and fertilizer. To reflect the change the company was planning to change the name of the company. [4] The company followed up this by changing its name to the current name in 2011. The company signed an agreement with the Sri Lanka Institute of Nanotechnology to develop a new herbicide formulation. The initiative is one of the first attempts to synthesize and formulate a herbicide locally in Sri Lanka. [5] The company appointed Dinesh Weerakkody as an Independent non-Executive Director and Amal Cabraal as the non-Executive Chairman of CIC Feeds in 2015. [6] In November 2015, the company sold its subsidiary, Chemifix, a PVAc adhesive business to Pidilite Industries. [7]

Operations

CIC Holdings acquired 70% of stake of Unipower (Pvt) Ltd in 2017 for LKR238 million. [8] The company won the award for the most innovative research in the non-plantation agriculture sector in 2018. The award is conferred by the Sri Lanka Council for Agricultural Research Policy, the apex body of agriculture research in Sri Lanka. The award ceremony was held at the Institute of Policy Studies. [9] The company recorded strong revenue growth for the quarter ended in September 2021. The revenue of LKR9.54 billion is a 4.5 per cent year-on-year increase for the same period in 2020. [10] The company appointed Prashantha Aroshan Seresinhe as the new Group CEO in December 2021. [11]

See also

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References

  1. ↑ "Annual Report 2022/23" (PDF). cse.lk. CIC Holdings PLC. Retrieved 8 June 2023.
  2. ↑ "Financial Profiles Top 100". lmd100.lk. Media Services Pvt Ltd. Retrieved 20 January 2022.
  3. ↑ "31. CIC Holdings". Business Today. No. December 2021. December 2021. Retrieved 20 January 2022.
  4. ↑ Sirimanna, Bandula (2 August 2009). "CIC looks for new name". Daily FT . Wijeya Newspapers . Retrieved 20 January 2022.
  5. ↑ "CIC Holdings PLC signs agreement with SLINTEC to commence ground-breaking research project". dailymirror.lk . Wijeya Newspapers. 24 September 2015. Retrieved 20 January 2022.
  6. ↑ "Top professionals join CIC Group". The Sunday Times . Wijeya Newspapers. 22 February 2015. Retrieved 20 January 2022.
  7. ↑ "Pidilite Industries buys some assets of CIC Holdings". The Economic Times . Bennett, Coleman & Co. Ltd. 30 November 2015. Retrieved 20 January 2022.
  8. ↑ "CIC acquires 70% stake in Unipower". dailymirror.lk. Wijeya Newspapers. 23 October 2017. Retrieved 20 January 2022.
  9. ↑ "CIC Holdings wins award for agri research work". Sunday Observer . Associated Newspapers of Ceylon Limited. 14 January 2018. Retrieved 20 January 2022.
  10. ↑ "CIC Holdings records strong second quarter performance". dailymirror.lk. Wijeya Newspapers. 25 October 2021. Retrieved 20 January 2022.
  11. ↑ "CIC gets new Group CEO". Daily FT. Wijeya Newspapers. 27 December 2021. Retrieved 20 January 2022.
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