Sri Lanka’s Overseas Realty ups profit by 54% to Rs. 2.8 billion in 2021
Sri Lanka’s Overseas Realty (Ceylon) PLC has stated that 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. 7,698 million and a Group Profit Before Tax of Rs. 2,839 million in 2021.
According to the company, a 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 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 has been quoted as saying.
“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,” Samarasinghe has added.
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.
The increase in profits recorded by Overseas Realty is indicative of the strength and growth of Sri Lanka’s private sector as well as the increasing demand in the country’s real estate sector. The ongoing development programme and the country’s economic expansion have pushed the growth in the real estate industry, especially in the house and property sectors. With Sri Lanka positioning itself as a growing business destination in the South Asian region supported by the country’s geographical positioning, with strong trade links and a business conducive environment, business/investment opportunities in Sri Lanka’s real estate sector including the house and property segments continue to rise. Foreign businesses/investors could therefore explore the growing opportunities in these segments.
|Article Code :||VBS/AT/01032022/Z_6|