Prime Land Residencies over Rs. 1 b after tax profit

04 Feb 2022

Prime Land Residencies over Rs. 1 b after tax profit

04 Feb 2022

Prime Lands Residencies PLC (PLR) has made a profit after tax (PAT) of Rs. 1,158 million for the nine month period ending at the fiscal year (FY) 2021/22 while maintaining a PAT of Rs. 450 million for Quarter 3 (Q3) of FY 2021/22. Commenting on the results, Prime Land Residences Co-Chairman Brahmanage Premalal said: “It has been a remarkable achievement for us in the third quarter as this has been achieved during such a turbulent period. This portrays the trust and confidence placed on Prime Lands Residencies PLC by our customers who we are extremely grateful for. Moreover, this is also a significant achievement to us in terms of achieving our shareholder’s expectations as we exceeded the forecast given to our investors at the initial public offering (IPO) launched this year. These numbers signify that we will be ending the financial year with a remarkable achievement. Further Prime Lands Residencies PLC has lined up with upcoming projects in key locations such as properties adjoining the Kurunegala highway entrance, Peliyagoda highway entrance, Seeduwa/Katunayake highway entrance with a lagoon view, Nuwera Eliya within city limits, and Borella Chandraleka Mawatha are few projects to look forward to for year 2022.” Among the highlights reported by the company for the third quarter of 2021/22 is a revenue generation of Rs. 2.6 billion. The company’s earnings per share (EPS) during the nine month period was Rs. 1.28. “Our brand equity is strong. As a real estate developer, we have earned the highest trust. This is due to our completion and handing over of thirty six (36) apartment developments and building strong credentials along the way,” Prime Land Residences Co-Chairperson Sandamini Perera added. “The availability of relatively low-cost financing opportunities from banks and financial institutions on prevailing low interest rates together with real estate, which has been a secured investment with high return on investment, has increased the demand for real estate. In fact, Prime Lands Residencies PLC became the only real estate developer in the country to have its issuer rating of [SL] A-(Stable) reaffirmed by ICRA Lanka Ltd., a group company of Moody’s Investors Services,” she added. Prime Lands Residencies has made a profit before tax (PBT) of Rs. 514 million in Q3 FY 2021/22 reporting a PAT of Rs. 450 million. There is also a 9% increase in revenue over Q2 FY 2022.” The company while maintaining a gross profit margin of 29.87% in Q3 FY 2021/22, has also recorded a return on equity (ROE) of 18.78%, a net profit margin of 18.25%, and a return on assets (ROA) of 7.46% for the same period signifying a strong showing as it moves into Q4. This demonstrates an increase of 58% In comparison to the previous year’s Q3 with a PAT of Rs. 285 million. Prime Group is Sri Lanka’s largest and most diverse real estate developer with a rich history of 26 years of excellence. Being Sri Lanka’s only ICRA [A-] Stable rated real estate company proving its financial stability, the group was also crowned Sri Lanka’s best developer for two consecutive years by the largest and most respected real-estate awards programme; PropertyGuru Asia Property Awards. Recognised as one of LMD’s Most Respected Entities in Sri Lanka for four consecutive years, and as a Great Place to Work® for five consecutive years, Prime Group leads with a vision of “Creating A Better Place on Earth”. To date, the group claims a portfolio of 30-plus individual housing projects, land projects spread across 18 districts in the country, and 41-plus apartment projects located in Colombo and the suburbs. Prime Group was also honoured among Asia’s Best Brands and as The Best Entrepreneur in the year 2018 by Asia One magazine.

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Prime Land Residencies over Rs. 1 b after tax profit

Prime Land Residencies over Rs. 1 b after tax profit

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