Prime Land Residencies achieves Rs. 1.15 b profit for 9 months

Monday, 7 February 2022 00:00 - - {{hitsCtrl.values.hits}}

Prime Lands Residencies PLC (PLR) has made a profit after tax of Rs. 1,158 million for the nine-month period ended FY 2021/22 while maintaining a profit after tax of Rs. 450 million for Q3 of FY 2021/22.

Co-Chairman Brahmanage Premalal said: “It has been a remarkable achievement for us in the third quarter as this has been achieved during such a turbulence period. This portrait the trust and confidence placed on Prime Lands Residencies PLC by our customers who we are extremely grateful for. Moreover, this is also a significant achievement to us in terms of achieving our shareholder’s expectations as we exceeded the forecast given to our investors at the IPO launched this year.”

“These numbers signify that we will be ending the financial year with a remarkable achievement. Further Prime Lands Residencies PLC has lined up with upcoming projects in key locations such as properties adjoining the Kurunegala highway entrance, Peliyagoda highway entrance, Seeduwa/Katunayake highway entrance with lagoon view, Nuwara-Eliya within city limits, Borella Chandraleka Mawatha are few projects to look forward to for year 2022,” Premalal added.

Among the highlights reported by the Company for the third quarter of 2021/22 is a revenue generation of Rs. 2.6 billion. The company’s earnings per share (EPS) during the 9-month period was Rs. 1.28.

“Our brand equity is strong. As a real-estate developer, we have earned the highest trust. This is due to our completion and handing over of 36 apartment developments and building strong credentials along the way,” Co-Chairperson Sandamini Perera added.

“The availability of relatively low-cost financing opportunities from banks and financial Institutions on prevailing low interest rates together with real estate, which has been a secured investment with high return on investment, has increased the demand for real estate. In fact, Prime Lands Residencies PLC became the only real estate developer in the country to have its issuer rating of [SL] A-(Stable) re-affirmed by ICRA Lanka Ltd., a group company of Moody’s Investors Services,” she added.

In 3Q Prime Lands Residencies made a profit before tax of Rs. 514 million reporting a profit after tax of Rs. 450 million. There is also a 9% increase in revenue over Q2FY22.

The company while maintaining a Gross Profit Margin of 29.87% in 3Q of 2021/22, has also recorded a Return on Equity (ROE) of 18.78%, a Net Profit Margin of 18.25% and a Return on Assets (ROA) of 7.46% for the same period signifying a strong showing as it moves into 4Q. This demonstrates an increase of 58% In comparison to the previous year Q3 with a profit after tax of Rs. 285 million.