Overseas Realty records Rs.6.6bn profit before tax for 2024

Overseas Realty (Ceylon) PLC, recording a group revenue of Rs.2.52 billion in its fourth quarter (4Q24), a 23.7 percent year-on-year (YoY) increase and saw its earnings expand 62 percent YoY to Rs.1.83 billion.

The group ended the year with a revenue of Rs.8.02 billion and a profit before tax of Rs.6.61 billion. The appreciation of the LKR resulted in a net exchange gain on foreign currency loans of Rs.1,733 million, compared to a gain of Rs.2,429 million in 2023. Net fair value gain recorded from investment properties was Rs.1,822 million, compared to a fair value gain of Rs.499 million in the same period of last year. 

The company revenue of Rs.2,692 million at World Trade Centre, Colombo was 12 percent higher than the corresponding period of last year, mainly due to higher rental rates.   

Revenue of Rs.1,794 million was recorded from the residential sales of Havelock City, which was 54 percent 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 million, compared to Rs.582 million in the corresponding period of last year, mainly due to higher occupancy. Havelock City Mall, which commenced operations in October 2023, recorded a revenue of Rs.1,349 million. (Rs.268 million in 2023)

“Commencement of operations at Havelock City Mall along with improving occupancy levels at Mireka Tower and World Trade Centre, 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 Overseas Realty (Ceylon) PLC Group CEO/Director Pravir Samarasinghe.

The group net asset value per share as of December 31, 2024 stood at Rs.47.32 and the earnings per share for the 12-month period was Rs.5.

Source: Daily Mirror