Prime Lands Residencies records a profit ofLKR 1.68 billion in FY 2021/22

• Published date: 28 May 2022
• Publication title: Colombo Gazette

Prime Lands Residencies PLC (PLR) has posted a record profit before tax of LKR 1,848 million for FY 2021/22 while maintaining a profit after tax of LKR 1,682 million. The company has announced an interim dividend of Cents Seventy (-/70 Cts.

) per Ordinary Share for the year ended 31st March 2022.Commenting on the results, Co-Chairman Brahmanage Premalal said, "It is a record performance for us to achieve a profit-after-tax of LKR 1.682 billion for the year ending March 31, 2022, despite the many challenges we faced during the year.

The year under review was quite turbulent due to the continuation of the Covid-19 pandemic, which resulted in multiple lockdowns and the challenges of severe currency devaluation, hyper-inflation and political instability. However, as the Interim Financial Statements show, Prime Lands Residencies PLC (PLR) was able to overcome these challenges to secure record results for our shareholders.

"Prime Lands Residencies PLC has posted a YoY growth of 23% with a revenue of LKR 9.5 billion during the period under review.

In a statement to the shareholders Premalal said, "Over delivering our promises to the shareholders, we have achieved a remarkable growth of 70% YoY in profit-after-tax to record LKR 1.682 billion for the FY 2021/22. These milestones reflect the resilience of the company in the face of many challenges including the economic crisis faced by the country.

It also demonstrates the over delivery of Earnings Per Share from LKR 1.32 in FY 2020/21 to LKR 1.

86 in FY 2021/22. We are facing a once-in-a-lifetime economic crisis during the 4Q FY 2022. This has severely affected the construction industry at both macro and micro levels. Despite all the challenges, the company has shown a revenue growth of 20% (QoQ) while maintaining a profit after tax of...