Overseas Realty ups profit by 54% to Rs. 2.8 b in 2021

• Group revenue up 60% to Rs. 7.7 b
• Residential sales drives profitability
• Havelock City Residential Phase 4 completed in Jan. 2021
• Havelock City Mall and Office Tower to open mid-2022

Overseas Realty (Ceylon) PLC said yesterday it had recorded a steady growth in revenue and profitability, primarily driven by the Havelock City Residential sales, to record a group revenue of Rs.

Chairman Ajit Jayaratne

Group CEO/Director Pravir Samarasinghe

7,698 million and a Group Profit Before Tax of Rs. 2,839 million in 2021.

The company revenue of Rs. 1,989 million at the World Trade Center, Colombo was 10% lower than last year, due to lower occupancy levels. Revenue of Rs. 5,144 million was recorded in 2021 from apartment sales of Havelock City, compared to Rs. 2,192 million last year, due mainly to higher apartment sales during the period. The Directors have recommended a First and Final Dividend of Rs. 1.25 per Ordinary Share for the financial year ended 31 December 2021.

“The strong growth in revenue and profitability was fronted by the robust performance of Havelock City residential apartment sales during the second half of 2021. Despite the many lockdowns due to the pandemic and challenging economic conditions, Havelock City successfully completed the construction of its fourth and final phase of residential apartments in January 2021 and continued unhindered construction of the Mireka Tower and Shopping Mall at Havelock City,” Group CEO/Director Pravir Samarasinghe said.

“The World Trade Center, Colombo completed its refurbishment program in April 2021 to provide superior facilities and services to tenants and visitors, which is a strong testament to the company’s dedication and commitment to excellence in providing quality office space. Further, the iconic landmark building continued to operate uninterrupted 24/7 during the pandemic,” added Samarasinghe.

With the successful completion of the fourth and final phase, the company is currently handing over completed units to its buyers having obtained the COC from the Urban Development Authority. A limited number of ready to move in luxury apartments in both Phases 3 and 4 are available for immediate occupancy.

Havelock City Commercial Development comprising a 50-storey office tower named Mireka Tower offering Grade “A” premium office spaces and an International Standard Shopping Mall providing a range of fashion, food and beverage and entertainment experiences is currently under construction and is expected to be open by mid-2022. Pre-leasing of both office and shopping space have commenced.

The Group Net Asset Value per Share as of 31 December 2021 stood at Rs. 37.91 and the Earnings per Share for the period was Rs. 2.01.