Overseas Realty records Rs. 4.3 b profit before tax in FY23

Chairman Ajit Jayaratne

Group CEO/Director Pravir Samarasinghe

Overseas Realty (Ceylon) PLC has recorded a Group Revenue of Rs. 5,076 million and a Group Profit Before Tax of Rs. 4,311 million for the year ended 31 December 2023.

In a statement the company said the appreciation of the LKR by 11.26% 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% 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 period in 2022. 

Apartment sales slowed down due to depressed economic conditions, higher construction costs and new taxes which increased sales prices. A limited number of move-in ready luxury apartments are available for immediate purchase in the fourth and final phase of Havelock City Residential.

Mireka Tower at Havelock City, which commenced operations in January 2023 recorded a Revenue of Rs. 939 million. 

The grand opening of the Havelock City Mall was ceremoniously held on 19 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, tantalising 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 Overseas Realty (Ceylon) PLC Group CEO/Director Pravir Samarasinghe.

The Group Net Asset Value per Share as of 31 December 2023 stood at Rs. 43.54 and the Earnings per Share for the Twelve Months period was Rs. 3.10