Overseas Realty records Rs. 4.4 b profit in 2019

Overseas Realty (Ceylon) Plc has concluded a noteworthy financial year, recording group revenue of Rs. 8,924 million, surpassing last year’s Rs. 6,785 million. 

Chairman S.P. Tao

Director and Group CEO Pravir Samarasinghe

Group profit after tax was Rs. 4,424 million for 2019, while its company revenue of Rs. 2,334 million was 2% higher than last year’s figure primarily due to higher rental rates and occupancy levels maintained during the period.

The ongoing refurbishment and upgrading program of the common facilities of WTC Colombo is currently on schedule, with the intention of continuing to provide a superior facility and service to tenants and visitors. This is a strong testament to the company’s dedication and commitment to excellence in providing quality office space.

Revenue of Rs. 6.1 billion was recorded in 2019 from apartment sales of Havelock City, compared to Rs. 4.3 billion last year, mainly due to the recognition of Phase 4 revenue during the period.

Havelock City Residential is currently handing over the completed units of Phase 3 of the Stratford and Melford Towers to its buyers, having obtained a Certificate of Conformity from the Urban Development Authority and required certification from the Condominium Management Authority. Construction on the two new luxury towers of Phase 4 is currently underway. Phase 4 apartments are scheduled to be ready by the end of 2020.  A select number of units of Phase 3 are available for buyers who wish to move in immediately.

Mireka Tower at Havelock City, a 50-storey Grade A office tower, is currently in the process of leasing out distinctive workspaces. The adjacent mall at Havelock City has commenced preleasing spaces to international and local retailers and entertainment and food and beverage operators. The office tower and mall will commence operation in mid-2021 and will transform the landscape in the vicinity. 

The group net asset value per share as at 31 December 2019 stood at Rs. 34.54 and the earnings per share for the period was Rs. 3.56.

The directors have recommended a first and final dividend of Rs. 1.25 per ordinary share for the financial year ended 31 December 2019.