Prime Lands Residencies records milestone achievement in 1H

Continuing its rapid growth trajectory amidst challenging economic conditions, Prime Lands Residencies PLC (PLR), a subsidiary of the country’s foremost property development magnate Prime Group, said yesterday it has increased its revenue in FY22 second quarter by 86% to Rs. 2.4 billion.

The Profit Before Tax (PBT) for 2Q was a remarkable Rs. 573 million, a milestone achievement, while Profit After Tax (PAT) came in at Rs. 506 million, up 151% from a year ago. 

Bringing a strong close to the first half of FY22, Prime Lands Residencies reported a total revenue of Rs. 3.7 billion. Profit Before Tax (PBT) stood at Rs. 802 million, while Profit After Tax (PAT) came in at an exceptional 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.

“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,” Prime Group Chairman Premalal Brahmanage said.

“This reiterates the stability and resilience of our portfolio as well as the effectiveness of our business strategies to deliver enhanced shareholder value. Being the largest Real Estate Company in Sri Lanka, we have managed to spread our wings to most parts of the country to hold a large number of projects in prime locations,” he added. 

Brahmanage also said PLR has 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 it has 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,” Prime Group Chairman Brahmanage added.

This year, PLR etched its name in history yet again by becoming the first institution in the Sri Lankan real estate industry to be reaffirmed a prestigious issuer rating of ‘[SL]A- (Stable)’ from ICRA Lanka, a group company of ICRA Ltd. – a subsidiary of Moody’s Investors Service. September 2021 also marked the company’s successful inaugural Annual General Meeting (AGM), held virtually, with the participation of key shareholders. 

The end of FY 2020/21 saw Prime Lands Residencies PLC making a dividend payment of Rs. 375 million at Rs. 40 Cents per ordinary share to its shareholders soon after the company’s successful IPO. 

To further support PLR’s accelerating growth and dynamic vision to revolutionise the real estate landscape within the island, Prime Lands Residencies appointed Noel Joseph, who is a celebrated engineer, consultant and Managing Director of NJ Consultants, to its Board of Directors. Noel counts over 32 years of deep experience in steering major local and global development projects to success.

Source: FT.LK

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