CIC Holdings PLC: Reports 25% increase in Earnings for FY2023/24

To analyze CIC Holdings PLC’s profitability and financial position for the year ended 31st March 2024, we can refer to the data provided in the interim financial statements.


  • Revenue for the year ended 31st March 2024 was LKR 76,424.24 million, an increase from LKR 69,274.72 million in the previous year, indicating growth in sales.
  • The cost of sales decreased to LKR 55,706.04 million from LKR 43,781.97 million, which is a significant increase and could impact gross profit margins.
  • Gross profit for the year was LKR 20,718.20 million, a decrease from LKR 24,492.75 million in the previous year, suggesting a reduction in profitability.
  • Basic/diluted earnings per share (EPS) for the year was LKR 25.70, up from LKR 20.58 in the previous year, indicating an improvement in profitability per share.

Financial Position:

  • As at 31st March 2024, the net assets attributable to CIC Group were LKR 357,867.31 million, which is an increase from LKR 339,228.63 million as at 31st December 2023, showing an improvement in the company’s net asset position (Page 10).
  • The profit for the period was LKR 11,021.40 million, with LKR 9,743.26 million attributable to equity holders of the company and LKR 1,278.14 million to non-controlling interest, which is an increase from the previous year’s profit of LKR 10,052.56 million (Page 9).

From the data provided, CIC Holdings PLC has shown an increase in revenue and net assets, indicating growth. However, the increase in the cost of sales has led to a decrease in gross profit. Despite this, the company’s EPS has improved, suggesting that it has become more profitable on a per-share basis. The financial position has strengthened with an increase in net assets. It is important to review the full financial statements, including the notes and management’s discussion, to gain a comprehensive understanding of the company’s financial health and the reasons behind these changes.


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