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Prime Lands records its highest ever H1 revenue

09 Nov 2021

Amidst challenging economic conditions, Prime Lands Residencies PLC, a subsidiary of Prime Group, posted a revenue of Rs. 2.4 billion for the second quarter of FY 2021/22, up by a commendable 86% from the first quarter of the year. Accordingly, the profit before tax (PBT) for the period in review was Rs. 573 million, while profit after tax (PAT) came in at Rs. 506 million, an increase of 151% in comparison to Rs. 201 million in the previous quarter. Prime Group Chairman Premalal Brahmanage stated: “Prime Lands Residencies has yet again continued its strong growth momentum during the second quarter with a revenue of Rs. 2.4 billion, delivering exceptionally on both financial and operational indicators during a period of high social and economic turbulence. This reiterates the stability and resilience of our portfolio as well as the effectiveness of our business strategies to deliver enhanced shareholder value.” Bringing a strong close to the first half of FY 2021/22, Prime Lands Residencies reported a total revenue of Rs. 3.7 billion. PBT stood at Rs. 802 million, while PAT came in at Rs. 708 million. Gross profit margin was maintained at 30% over the first half of the year, while earnings per share (EPS) stood at Rs. 0.78. “Further, we have a very comprehensive and unique price model that ranges from Rs. 20 million all the way to Rs. 300 million for residential units catering to different market segments, most of which we have completed. Our strong brand manifestation over the last 25 years has been our biggest forte. This has undoubtedly built a high level of customer confidence over the years, which has translated into exceptional sales volumes over the last quarter,” Brahmanage added.


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