Kelsey Homes records steady growth in spite of COVID-19-related challenges

Kelsey Homes, the pioneering real estate developer in Sri Lanka, recorded a revenue of Rs.320.51 million for the quarter ended on March 31, 2021, compared to Rs.32.50 million in the corresponding period of the previous year. 

Revenue for the year under review was recorded as 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 percent. The developer secured reservations with an expected sales value of Rs.3.13 billion as of March 31, 2021, compared to Rs.1 billion as of March 31, 2020, showing a substantial growth. It 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.  Meanwhile, the company’s financial position remained strong with total assets of Rs.782.8 million and equity in excess of Rs.271.7 million while net assets per share increased from Rs.14.39 to Rs.14.64 in the last 12 months. Total assets of Kelsey Developments PLC Group as of March 31. 2021 is Rs.2.6 billion and it reflects a steady growth compared to the total assets as of March 31, 2020, amounting to Rs.2.4 billion. 

“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 conducing to good living. 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 aftersales support. These prudent business measures allow us to continue our growth momentum, despite trying and challenging times,” said Kelsey Developments PLC Chairman Eardley Perera.

“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. 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,” said Kelsey Developments PLC Chief Executive Officer Lalinda Kalubowila.

The company has become the hallmark of high-quality community living in Sri Lanka.