CIC Holdings
{{Infobox company
| name = CIC Holdings PLC
| logo = CIC_Holdings_logo.png
| logo_size =
| logo_caption = Logo of CIC Holdings PLC
| type = Public
| traded_as = {{Colombo Stock Exchange|CIC.N0000}}
| ISIN = {{ISIN|sl=n|pl=y|LK0045N00001}}
| industry = Materials
| founded = {{Start date and age|1964}}
| founder = Imperial Chemical Industries
| hq_location_city = Colombo
| hq_location_country = Sri Lanka
| key_people = {{Unbulleted list|S. H. Amarasekera (Chairman)|P. A. Seresinhe (CEO)}}
| revenue = {{increase}} LKR68.275 billion
| revenue_year = 2023
| operating_income = {{increase}} LKR16.843 billion
| income_year = 2023
| net_income = {{increase}} LKR10.052 billion
| net_income_year = 2023
| assets = {{increase}} LKR55.803 billion
| assets_year = 2023
| equity = {{increase}} LKR27.829 billion
| equity_year = 2023
| owners = {{Unbulleted list|Paints & General Industries Ltd (53.31%)|Employees' Provident Fund (9.06%)|Chacra Capital Holdings (Pvt) Ltd (4.49%)}}
| num_employees = {{Steady}} 2,109
| num_employees_year = 2023
| parent = Paints & General Industries Ltd
| subsid = {{Unbulleted list|Chemanex PLC|CIC Agri Businesses|CIC Feeds|Link Natural Products (Pvt) Ltd}}
| website = {{URL|https://cic.lk/}}
}}
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.{{cite web |title=Financial Profiles Top 100 |url=https://lmd100.lk/2021/03/20/top-100-financial-profile-lmd100-2020/ |website=lmd100.lk |publisher=Media Services Pvt Ltd |access-date=20 January 2022}} The company also ranked 31st in Business Today's Top 40 for 2020–21 financial year.{{cite news |title=31. CIC Holdings |url=https://www.businesstoday.lk/article.php?article=13487 |access-date=20 January 2022 |work=Business Today |issue=December 2021 |date=December 2021}}
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.{{cite news |last1=Sirimanna |first1=Bandula |title=CIC looks for new name |url=https://www.sundaytimes.lk/090802/FinancialTimes/ft300.html |access-date=20 January 2022 |work=Daily FT |publisher=Wijeya Newspapers |date=2 August 2009}} 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.{{cite news |title=CIC Holdings PLC signs agreement with SLINTEC to commence ground-breaking research project |url=https://www.dailymirror.lk/other/cic-holdings-plc-signs-agreement-with-slintec-to-commence-ground-breaking-research-project/117-88657 |access-date=20 January 2022 |work=dailymirror.lk |publisher=Wijeya Newspapers |date=24 September 2015}} The company appointed Dinesh Weerakkody as an Independent non-Executive Director and Amal Cabraal as the non-Executive Chairman of CIC Feeds in 2015.{{cite news |title=Top professionals join CIC Group |url=https://www.sundaytimes.lk/150222/business-times/top-professionals-join-cic-group-136491.html |access-date=20 January 2022 |work=The Sunday Times |publisher=Wijeya Newspapers |date=22 February 2015}} In November 2015, the company sold its subsidiary, Chemifix, a PVAc adhesive business to Pidilite Industries.{{cite news |title=Pidilite Industries buys some assets of CIC Holdings |url=https://economictimes.indiatimes.com/industry/indl-goods/svs/chem-/-fertilisers/pidilite-industries-buys-some-assets-of-cic-holdings/articleshow/49985400.cms |access-date=20 January 2022 |work=The Economic Times |publisher=Bennett, Coleman & Co. Ltd. |date=30 November 2015}}
Operations
CIC Holdings acquired 70% of stake of Unipower (Pvt) Ltd in 2017 for LKR238 million.{{cite news |title=CIC acquires 70% stake in Unipower |url=https://www.dailymirror.lk/article/CIC-acquires-stake-in-Unipower--138970.html |access-date=20 January 2022 |work=dailymirror.lk |publisher=Wijeya Newspapers |date=23 October 2017}} 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.{{cite news |title=CIC Holdings wins award for agri research work |url=https://archives1.sundayobserver.lk/2018/01/14/business/cic-holdings-wins-award-agri-research-work |access-date=20 January 2022 |work=Sunday Observer |publisher=Associated Newspapers of Ceylon Limited |date=14 January 2018}} 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.{{cite news |title=CIC Holdings records strong second quarter performance |url=https://www.dailymirror.lk/business-news/CIC-Holdings-records-strong-second-quarter-performance/273-223197 |access-date=20 January 2022 |work=dailymirror.lk |publisher=Wijeya Newspapers |date=25 October 2021}} The company appointed Prashantha Aroshan Seresinhe as the new Group CEO in December 2021.{{cite news |title=CIC gets new Group CEO |url=https://www.ft.lk/business/CIC-gets-new-Group-CEO/34-728214 |access-date=20 January 2022 |work=Daily FT |publisher=Wijeya Newspapers |date=27 December 2021}}
See also
References
{{Reflist}}
External links
- [https://cic.lk/ Official website]
{{S&P SL20}}
{{All Share Price Index}}
Category:1964 establishments in Ceylon
Category:Companies listed on the Colombo Stock Exchange
Category:Companies in the S&P Sri Lanka 20 Index
Category:Chemical companies established in 1964
Category:Holding companies of Sri Lanka