Business
Prime Land Residencies posts PAT of Rs. 1.15 billion for 9 months
Prime Lands Residencies PLC has made a profit after tax (PAT) of LKR 1,158 million for the 9-month period ended FY 2021/22 while maintaining a profit after tax of LKR 450 million for Q3 of FY 2021/22.
Commenting on the results, Co-Chairman Brahmanage Premalal said, “It has been a remarkable achievement for us in the third quarter as this has been achieved during such a turbulence period. This portrait the trust and confidence placed on Prime Lands Residencies PLC by our customers who we are extremely grateful for. Moreover, this is also a significant achievement to us in terms of achieving our shareholder’s expectations as we exceeded the forecast given to our investors at the IPO launched this year. These numbers signify that we will be ending the financial year with a remarkable achievement. Further Prime Lands Residencies PLC has lined up with upcoming projects in key locations such as properties adjoining the Kurunegala highway entrance, Peliyagoda highway entrance, Seeduwa/ Katunayake highway entrance with lagoon veiw, Nuwera-eliya within city limits, Borella Chandraleka Mawatha are few projects to look forward to for year 2022”.
Among the highlights reported by the Company for the third quarter of 2021/22 is a revenue generation of LKR 2.6 billion. The company’s earnings per share (EPS) during the 9-month period was LKR 1.28. “Our brand equity is strong. As a real-estate developer, we have earned the highest trust. This is due to our completion and handing over of thirty-six (36) Apartment developments and building strong credentials along the way,” Co-Chairperson Sandamini Perera added.
“The availability of relatively low-cost financing opportunities from banks and financial Institutions on prevailing low interest rates together with real estate, which has been a secured investment with high return on investment, has increased the demand for real estate. In fact, Prime Lands Residencies PLC became the only real estate developer in the country to have its issuer rating of [SL] A-(Stable) re-affirmed by ICRA Lanka Ltd, a group company of Moody’s Investors Services,” she added.
Prime Lands Residencies has made a profit before tax of LKR 514 million in Q3 of FY 2021/22 reporting a profit after tax of LKR 450 million. There is also a nine percent (9%) increase in revenue over Q2FY22.”
The company while maintaining a Gross Profit Margin of 29.87% in 3Q of 2021/22, has also recorded a Return on Equity (ROE) of 18.78%, a Net Profit Margin of 18.25% and a Return on Assets (ROA) of 7.46% for the same period signifying a strong showing as it moves into 4Q. This demonstrates an increase of 58% In comparison to the previous year Q3 with a profit after tax of LKR 285 million.
The Delegation of German Industry and Commerce in Sri Lanka (AHK Sri Lanka) proudly facilitated the first-ever Sri Lankan delegation’s participation at Drupa 2024, the world’s largest trade fair for the printing industry and technology. Held after an eight-year hiatus, Drupa 2024 was a landmark event, marking significant advancements and opportunities in the global printing industry.
AHK Sri Lanka played a pivotal role in organising and supporting the delegation, which comprised 17 members from the Sri Lanka Association for Printers (SLAP), representing eight companies from the commercial, newspaper, stationery printing, and packaging industries. This pioneering effort by AHK Sri Lanka not only showcased the diverse capabilities of Sri Lanka’s printing sector but also facilitated vital bilateral discussions with key stakeholders from the German printing industry.
Business
Unveiling Ayugiri: Browns Hotels & Resorts sets the stage for a new era in luxury Ayurveda Wellness
In a captivating reimagining of luxury wellness tourism, Browns Hotels & Resorts proudly unveiled the exquisite Ayugiri Ayurveda Wellness Resort Sigiriya. This momentous occasion, celebrated amidst a vibrant and serene grand opening on the 6th of June, heralds a new chapter in the Ayurveda wellness tourism landscape in Sri Lanka. Nestled amidst 54 acres of unspoiled natural splendour, Ayugiri features 22 exclusive suites and stands out as the only luxury Ayurveda wellness resort in the country offering plunge pools in every room, rendering it truly one-of-a-kind.
The grand opening of Ayugiri Ayurveda Wellness Resort was an enchanting event, where guests were captivated by the melodies of flutists and violinists resonating through Sigiriya’s lush landscapes. As traditional drummers and dancers infused the air with vibrant energy, Browns Hotels & Resorts’ CEO, Eksath Wijeratne, Kotaro Katsuki, Acting Ambassador for the Embassy of Japan and General Manager, Buwaneka Bandara, unveiled the resort’s new logo, marking a significant moment witnessed by distinguished guests from the French Embassy, Ayurveda and wellness enthusiasts along with officials from the Sigiriya area, LOLC Holdings and Browns Group.
“Our strategic expansion into wellness tourism with Ayugiri Ayurveda Wellness Resort Sigiriya symbolises a significant milestone for Browns Hotels & Resorts. Wellness tourism has consistently outperformed the overall tourism industry for over a decade, reflecting a growing global interest in travel that goes beyond leisure to offer rejuvenation and holistic well-being. By integrating the timeless wisdom of Ayurveda with modern luxury, we aim to set a new standard in luxury wellness tourism in Sri Lanka. Whether your goal is prevention, healing, or a deeper connection to inner harmony, Ayugiri offers a sanctuary for holistic well-being” stated Eksath Wijeratne.
Ayugiri encapsulates the essence of life, inspired by the lotus flower held by the graceful queens of the infamous Sigiriya frescoes. Just as the lotus emerges from the murky depths, untainted and serene,
Ayugiri invites guests on a journey of purity and rejuvenation, harmonised with a balance of mind, body and spirit, the essence of nature, echoes of culture and the wisdom of ancient Ayurvedic healing.
HNB General Insurance, one of Sri Lanka’s leading general insurance providers, has been honored as the Best General Bancassurance Provider in Sri Lanka 2024 by the prestigious Global Banking and Finance Review – UK.
The esteemed accolade underscores HNB General Insurance’s unwavering commitment to excellence and its outstanding performance in the field of bancassurance. Through dedication and hard work, the HNB General Insurance team has continuously endeavored to deliver innovative insurance solutions, cultivate strong relationships with banking partners, and provide unparalleled service to customers nationwide. This recognition is a testament to the team’s dedication and relentless pursuit of excellence in the bancassurance business.
“We are honored to receive this prestigious award, which reflects our team’s tireless efforts and dedication to delivering value-added insurance solutions and exceptional service through our bancassurance partnerships,” said Sithumina Jayasundara, CEO of HNB General Insurance. “This recognition reaffirms our position as a trusted insurance provider in Sri Lanka and motivates us to continue striving for excellence in serving our customers and communities.”
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