Overseas Realty FY21 boosted by higher apartment sales

Overseas Realty (Ceylon) PLC recorded a steady growth in revenue and profitability, primarily driven by the Havelock City residential sales. 

For the year 2021, the entity recorded a group revenue of Rs. 7,698 million and a group Profit Before Tax (PBT) of 
Rs. 2,839 million. 

The company revenue of Rs.1,989 million at the World Trade Center (WTC), Colombo, was 10 percent lower than last year. The dip was due to lower occupancy levels.

The growth in the sales of Havelock City apartments fetched a revenue of Rs. 5,144 million in 2021, which is an increase from the Rs. 2,192 million recorded in the corresponding period the previous year. 
“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 lock-downs 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. It continued unhindered construction of the Mireka Tower and Shopping Mall at Havelock City,”said Overseas Realty (Ceylon) PLC Group CEO/Director Pravir Samarasinghe. 

Samarasinghe added that the WTC, Colombo completed its refurbishment programme in April 2021 to provide superior facilities and services to tenants and visitors. 

“This is a strong testament to the company’s dedication and commitment to excellence in providing quality office space,” he added.

With the successful completion of the fourth and final phase, and having obtained the Certificate of Compliance (COC) from the Urban Development Authority (UDA), the company is currently handing over completed units to its buyers. 

A limited number of ready to move in luxury apartments in both phase three and four are available for immediate occupancy.

 Havelock City Commercial Development comprising a 50-storey office tower named ‘Mireka Tower’ offering grade ‘A’ is currently under construction and is expected to be open by mid-2022. The tower encompasses of premium office spaces, and an international standard shopping mall that provides a range of fashion, food and beverage, and entertainment experiences
Pre-leasing of both office and shopping space have commenced.

The group net asset value per share as at 31 December 2021 stood at Rs. 37.91, and the earnings per share for the period was Rs 2.01.

The Directors have recommended a first and final dividend of Rs. 1.25 per ordinary share for the financial year ended 31 December, 2021.