brand logo

Prime Lands records Rs. 1.68 bn profit 

30 May 2022

  • The Grand at Ward Place to be handed over by end-2022
Prime Lands Residencies PLC (PLR) has posted a record profit before tax of Rs.  1,848 million for FY 2021/22 while maintaining a profit after tax of Rs. 1,682 million. The company has announced an interim dividend of Rs. 0.70 cents per ordinary share for the year ended 31 March 2022. Commenting on the results, Co-Chairman Brahmanage Premalal stated: “It is a record performance for us to achieve a profit-after-tax of Rs. 1.682 billion for the year ending 31 March 2022, despite the many challenges we faced during the year. The year under review was quite turbulent due to the continuation of the Covid-19 pandemic, which resulted in multiple lockdowns and the challenges of severe currency devaluation, hyperinflation, and political instability. However, as the Interim Financial Statements show, Prime Lands Residencies PLC (PLR) was able to overcome these challenges to secure record results for our shareholders.” Prime Lands Residencies PLC posted a year-on-year (YoY) growth of 23% with a revenue of Rs. 9.5 billion during the period under review. In a statement to the shareholders, Premalal said: “Over delivering our promises to the shareholders, we have achieved a remarkable growth of 70% YoY in profit-after-tax to record Rs. 1.682 billion for the FY 2021/22.”  “The Grand, Ward Place, a Rs. 30 billion project, is well on the way to completion and handover towards the end of 2022,” stated Co-Chairperson Sandamini Perera.  “These milestones reflect the resilience of the company in the face of many challenges including the economic crisis faced by the country. It also demonstrates the over-delivery of Earnings Per Share from Rs. 1.32 in FY 2020/21 to Rs. 1.86 in FY 2021/22. We are facing a once-in-a-lifetime economic crisis during the 4Q FY 2022. This has severely affected the construction industry at both macro and micro levels. Despite all the challenges, the company has shown a revenue growth of 20% (QoQ), while maintaining a profit after tax of 17% (QoQ).  “This is by far the biggest project delivered by Prime Lands Residencies. Delivering on the promises, Prime Lands Residencies in Rajagiriya (Bella), Uswetakeiyawa (Beach Front I), and Kassapa Road (Desire and Jawa 25) are now completed and ready for occupation, while the condominium projects in Gampaha (The Palace) and Uswetakeiyawa (Beach Front II) are under progressive construction.” Prime Group has several ongoing and completed projects with a portfolio of 29-plus individual housing projects, land projects spread across 18 districts in the country, and 41-plus apartment projects located in Colombo and the suburbs, which is a testament to the promises made to aspiring customers and the group’s financial stability.


More News..