Sri Lanka’s Kelsey Homes records steady growth amidst pandemic
Sri Lanka’s Kelsey Homes, which is one of the pioneering real estate developers in Sri Lanka, has reportedly recorded a revenue of Rs. 320.51 million for the quarter ended 31 March compared to Rs. 32.50 million in the corresponding period of the previous year.
According to reports, revenue for the year under review was recorded at Rs.934.16 million compared to Rs. 377.2 million recorded last year during the same period under review resulting in a growth of 148%.
The developer has secured reservations with an expected sales value of Rs. 3.13 billion as of 31 March compared to Rs. 1 billion as of 31 March 2020, showing a substantial growth and has also reported a consolidated profit after tax of Rs. 100.29 million for the year compared to a loss after tax of Rs. 229.73 million in the previous year, the Daily FT has reported.
The company’s financial position has remained strong with total assets of Rs 782.8 million and equity in excess of Rs 271.7 million while net assets per share had increased from Rs 14.39 to Rs. 14.64 in the last 12 months.
“This year we embarked on developing one of the largest gated, mixed housing projects in Sri Lanka – Central Park Ja-Ela, despite the challenges faced due to the COVID-19 pandemic. We will continue to cater to the evolving consumer by coupling innovation with affordable yet luxurious living solutions; in environments that are conducive to good living,” Kelsey Developments PLC Chairman Eardley Perera has been quoted as saying in the local media.
“We have an outstanding track record when it comes to building iconic, good quality houses and apartments as gated developments and we aspire to offer our valued customers unparalleled standards of quality and noteworthy after-sales support. These prudent business measures allow us to continue our growth momentum, despite trying and challenging times,” he has added.
“The significant demand we are seeing from customers is a true testament to the confidence in the company and its leading position in the Sri Lankan real estate market. I am confident that more people will continue to see housing and property as the most stable investment proposition, especially in these uncertain times,” CEO Lalinda Kalubowila has said.
“Over the last few decades, we have established ourselves as the frontrunners for gated housing developers, and in the next year, we aim to solidify that position, increase our market share, and continue to provide excellent customer service. Furthermore, being a member of the Janashakthi Group gives us the opportunity to access expertise across the group and utilise combined strengths for sustained growth,” he has added.
The expansion of Sri Lanka’s economy has resulted in the increase in demand for house and property in the country. Sri Lanka is fast becoming a business hub in the South Asian region given it’s geographical positioning in the Indian ocean and the many trade agreements as well as trade concessions enjoyed by the country. This has resulted in an increase in demand for Sri Lanka’s real estate sector. Given the ongoing development programme and future trends, Sri Lanka’s house and property sector would provide a lucrative business/investment opportunity.
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