Overseas Realty records Rs. 4.3bn PBT for year 2023

Overseas Realty (Ceylon) PLC recorded a Group Revenue of Rs. 5,076 million and a Group Profit Before Tax of Rs. 4,311 million for the Year ended 31st December 2023.
The appreciation of LKR by 11.26 percent resulted in a significant exchange gain of Rs. 2,429 million on foreign currency loans. 
The company revenue of Rs. 2,400 million at the World Trade Center, Colombo, was 14 percent higher than the corresponding period of last year, due mainly to higher rental rates. Revenue of Rs. 1,163 million was recorded from Residential Sales of Havelock City which was significantly lower than the corresponding periodin 2022.
Apartment sales slowed down due to depressed economic conditions, higher construction costs and new taxes which increased sales prices. 
Mireka Tower at Havelock City, which commenced operations in January 2023 recorded revenue of Rs. 939 million.

The grand opening of the Havelock City Mall was ceremoniously held on 19th of October 2023. Spanning over 200,000 square feet, Havelock City Mall houses six premier anchor tenants that include ODEL, Cargills Food Hall, Scope Cinema, Food Studio, Cool Planet, and Abans. Moreover, there are 132 other retail outlets, offering an unparalleled selection of fashion and accessories, entertainment options, tantalizing food and beverages, convenient services, electronics, homeware, and gifts and novelties.
“In year 2023 the company successfully commenced the operations of the Mireka Tower and Shopping Mall at Havelock City. The Commercial Development and the World Trade Center, Colombo now provides a strong asset base with a recurring income stream for the Group,” stated Pravir Samarasinghe Group CEO / Director of Overseas Realty (Ceylon) PLC.
The Group Net Asset Value per Share as of 31stDecember2023 stood at Rs.43.54 and the Earnings per Share for the twelve month period was Rs3.10.