Serendib Land Plc continues to maintain a steady dividend growth

Friday, 20 September 2013 03:16 - - {{hitsCtrl.values.hits}}

Board of Directors of Serendib Land PLC has recommended a First and Final Dividend of Rs. 25 per share for the Financial Year ended 31 March 2013, which will be declared by the Shareholders at the Annual General Meeting of the Company to be held on 26 September 2013. Speaking on the Company’s ability to maintain a steady Dividend growth over the past years, Serendib Land PLC Chairman Sega Nagendra stated that the Company has adopted a policy of distributing the highest possible dividend to the Shareholders of the Company. He further stated that maintaining operational costs at a low level enabled the Company to sustain a constant growth in the dividend payments. In his Statement in the Annual Report 2012/13, Nagendra states that the real estate market in Sri Lanka has been experiencing considerable change in recent years and the capital city has transformed into one of the most scenic cities in the region with the rapid infrastructure development and beautification taking place. He points out that Sri Lanka being strategically located in the Indian Ocean makes it a hub for the western and eastern international shipping routes, thereby rapidly increasing the demand for state-of-the art office space, luxury apartments and tourist hotels. He opines that with the increase in the demand for commercial space in the urban cities as well as their suburbs, and the demand for housing and luxury and semi-luxury condominium apartments, the country’s Real Estate potential is just waiting to be explored further. Serendib Land PLC was founded in 1980 as a property development Company and owns a prime Commercial Property in the heart of Colombo City. The principal income of the Company is generated through renting of Office Premises developed by the Company. AIA Insurance Lanka PLC (formally AVIVA NDB Insurance PLC) is the Company’s long term Tenant, occupying the 5 story Business Office developed by the Company. During the year under review the Company recorded a turnover of Rs. 13,005,000 and a profit before taxation of Rs. 10,984,795. A provision for Rs. 1,204,971 has been made for taxation for the year under review.

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