Overseas Realty records Rs 6.6 b pre-tax profit in 2024

Friday, 28 February 2025 00:00 - - {{hitsCtrl.values.hits}}

Chairman Ajit Jayaratne

Group CEO/Director Pravir Samarasinghe

Overseas Realty (Ceylon) PLC has recorded a Group Revenue of Rs. 8,024 million and a Group Profit Before Tax of Rs. 6,616 million for the financial year ended on 31 December 2024.

The appreciation of the LKR resulted in a net exchange gain on foreign currency loans of Rs. 1,733 million compared to a gain of Rs. 2,429 million in 2023. Net fair value gain recorded from Investment Properties was Rs. 1,822 million compared to a fair value gain of Rs. 499 million in the same period of last year.

The company revenue of Rs. 2,692 million at the World Trade Center, Colombo, was 12% higher than the corresponding period of last year, due mainly to higher rental rates.

Revenue of Rs. 1,794 million was recorded from Residential Sales of Havelock City which was 54% higher than the corresponding period in 2023. A limited number of move-in ready luxury apartments are still available for purchase in the fourth and final phase.

Mireka Tower at Havelock City, offering distinctive workspaces recorded a revenue of Rs. 984 million compared to Rs. 582 million in the corresponding period of last year due mainly to higher occupancy. Havelock City Mall, which commenced operations in October 2023 recorded a revenue of Rs. 1,349 million. (Rs.268 million in 2023) Overseas Realty (Ceylon) PLC Group CEO/Director Pravir Samarasinghe said: “Commencement of operations at the Havelock City Mall along with improving occupancy levels at the Mireka Tower and World Trade Center, Colombo provides a strong asset base with recurring income streams to position the company for future growth. Under these circumstances, the company will now explore other potential property development opportunities primarily for trading purposes, to sustain future growth and enhance shareholder value.”

The Group Net Asset Value per Share as of 31 December 2024 stood at Rs. 47.32 and the Earnings per Share for the 12 months period was Rs. 5.

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