Overseas Realty Records Rs 6.6 Bn Profit Before Tax for Year 2024.

Overseas Realty (Ceylon) PLC released the 4th Quarter Unaudited Financial Statements for the Year ended 31st December 2024 recording a Group Revenue of Rs 8,024 Mn and a Group Profit Before Tax of Rs 6,616 Mn. The appreciation of the LKR resulted in a net exchange gain on foreign currency loans of Rs 1,733 Mn compared to a gain of Rs. 2,429 Mn in 2023.  Net fair value gain recorded from Investment Properties was Rs. 1,822 Mn compared to a fair value gain of Rs. 499 Mn in the same period of last year.

The Company Revenue of Rs 2,692 Mn at the World Trade Center, Colombo, was 12% higher than the corresponding period of last year, due mainly to higher rental rates.

Revenue of Rs 1,794 Mn was recorded from Residential Sales of Havelock City which was 54% higher than the corresponding period in 2023. A limited number of move-in ready luxury apartments are still available for purchase in the fourth and final phase.

Mireka Tower at Havelock City, offering distinctive workspaces recorded a Revenue of Rs 984 Mn compared to Rs. 582 Mn in the corresponding period of last year due mainly to higher occupancy.  Havelock City Mall, which commenced operations in October 2023 recorded a Revenue of Rs 1,349 Mn. (Rs.268 Mn in 2023)

“Commencement of operations at the Havelock City Mall along with improving occupancy levels at the Mireka Tower and World Trade Center, Colombo provides a strong asset base with recurring income streams to position the Company for future growth.

Under these circumstances, the Company will now explore other potential property development opportunities primarily for trading purposes, to sustain future growth and enhance Shareholder value.” Stated Pravir Samarasinghe Group CEO / Director of Overseas Realty (Ceylon) PLC.

The Group Net Asset Value per Share as of 31st December 2024 stood at Rs 47.32 and the Earnings per Share for the Twelve Months period was Rs 5.