Prime Lands Residencies Records Milestone Achievement in 1H
2021-11-09
Posts revenue of Rs. 3.7 b and net profit of Rs. 708 m aided by a strong second-quarter!
Continuing its rapid growth trajectory amidst challenging economic conditions, Prime Lands Residencies PLC (PLR), a subsidiary of the country’s foremost property development magnate Prime Group, said yesterday it has increased its revenue in FY22 second quarter by 86% to Rs. 2.4 billion.
The Profit Before Tax (PBT) for 2Q was a remarkable Rs. 573 million, a milestone achievement, while Profit After Tax (PAT) came in at Rs. 506 million, up 151% from a year ago.
Bringing a strong close to the first half of FY22, Prime Lands Residencies reported total revenue of Rs. 3.7 billion. Profit Before Tax (PBT) stood at Rs. 802 million, while Profit After Tax (PAT) came in at an exceptional Rs. 708 million. Gross Profit Margin was maintained at 30% over the first half of the year, while Earnings Per Share (EPS) stood at Rs. 0.78.
“Prime Lands Residencies has yet again continued its strong growth momentum during the second quarter with a revenue of Rs. 2.4 billion, delivering exceptionally on both financial and operational indicators, during a period of high social and economic turbulence,” Prime Group Chairman Premalal Brahmanage said.
“This reiterates the stability and resilience of our portfolio as well as the effectiveness of our business strategies to deliver enhanced shareholder value. Being the largest Real Estate Company in Sri Lanka, we have managed to spread our wings to most parts of the country to hold a large number of projects in prime locations,” he added.
Brahmanage also said PLR has a very comprehensive and unique price model that ranges from Rs. 20 million all the way to Rs. 300 million for residential units catering to different market segments, most of which it has completed.
“Our strong brand manifestation over the last 25 years has been our biggest forte. This has undoubtedly built a high level of customer confidence over the years, which has translated into exceptional sales volumes over the last quarter,” Prime Group Chairman Brahmanage added.
This year, PLR etched its name in history yet again by becoming the first institution in the Sri Lankan real estate industry to be reaffirmed a prestigious issuer rating of ‘[SL]A- (Stable)’ from ICRA Lanka, a group company of ICRA Ltd. – a subsidiary of Moody’s Investors Service. September 2021 also marked the company’s successful inaugural Annual General Meeting (AGM), held virtually, with the participation of key shareholders.
The end of FY 2020/21 saw Prime Lands Residencies PLC making a dividend payment of Rs. 375 million at Rs. 40 Cents per ordinary share to its shareholders soon after the company’s successful IPO.
To further support PLR’s accelerating growth and dynamic vision to revolutionize the real estate landscape within the island, Prime Lands Residencies appointed Noel Joseph, who is a celebrated engineer, consultant, and Managing Director of NJ Consultants, to its Board of Directors. Noel counts over 32 years of deep experience in steering major local and global development projects to success.
RELATED NEWS
Prime Lands Awarded As The Best Real Estate Company in Sri Lanka At Asia Pacific Property Awards
2014-05-09
Prime Lands was awarded as the Best Real Estate Company in Sri Lanka at Asia Pacific Property Awards.
Dream Home
2016-07-05
The Founder / Chairman of Prime Lands Group Mr. B. Premalal explained what are the factors we need to consider when buyi...
LMD APRIL ISSUE 2016
2016-07-05
Asia Pacific Property Awards
2016-07-09
ASIA PACIFIC PROPERTY AWARDS 2015-2016.
Great Place To Work In Sri Lanka 2016
2016-07-13
Great Place To Work® Institute presents the Best Companies to Work for in Sri Lanka each and every year, in partnership...
Prime Grand Ward Place Groundbreaking Ceremony
2016-12-15
PRIME GRAND OFFERS A PRESTIGIOUS WARD PLACE ADDRESSConstruction on Prime Grand, an upmarket, 36 floor, 316 unit apartmen...
Channel Eye - Business News
2017-04-19
Mr. Brahmanage Premalal, Chairman of Prime Group was interviewed by Channel Eye for Business Today Program
Prime Group Power Toastmasters Ovation As Strategic Partner
2017-05-16
Prime Group Power Toastmasters Ovation As Strategic Partner!
Prime Group Charters Toastmasters Club
2017-05-24
The Prime Group Toastmasters club held its charter ceremony on 24th May with the prestigious presence of the Toastmaster...
Great Place To Work In Sri Lanka For 2017
2017-07-06
We are delighted to announce Prime Group has been rated as one of the 25 Great Work Places in Sri Lanka – 2017 for the...
Two Giants Join Hands
2017-10-20
Maga to construct The GrandPrime Group, the leading Sri Lankan property giant, announced the awarding of the contract fo...
Great Place To Work 2018
2018-07-19
We are delighted to announce that Prime Group has been rated as one of the 25 Great Work Places in Sri Lanka – 2018 fo...
Best Developer of Sri Lanka
2018-07-19
Distinguished
property developer Prime Group bolstered its reputation as an industry
leader by securing four top awa...
The Grand, Ward Place Promises Utmost Privacy Amidst Uninterrupted Views
2019-11-06
Best Developer In Sri Lanka Yet Again
2019-11-22
Distinguished property developer Prime Group bolstered its reputation as an industry leader by securing four top awards
Prime Group Sets Benchmark For Real Estate Industry With Credit Rating Of A- Stable
2020-05-16
Property magnet Prime Group makes history as the first institution in the Sri Lankan real estate industry to receive a p...
Prime Group hosts gala to welcome the New Year
2021-04-21
In celebration of this year’s Sinhala & Tamil New Year, the flagship property of Sri Lanka’s leading property develo...
CSE approves landmark Rs. 1.9B IPO of Prime Lands Residencies
2021-04-27
The Colombo Stock Exchange (CSE) has approved an application submitted by Prime Lands Residencies Ltd. for the listing o...
Prime Lands Residencies Limited debuts IPO
2021-05-05
Prime Lands Residencies Limited the condominium property arm of the maestro of real estate artistry in Sri Lanka, Prime ...
Prime Lands Residencies IPO oversubscribed on Opening day
2021-05-12
Following the debut of Prime Lands Residencies’ Initial Public Offering (IPO) yesterday, the company’s oversubscript...
Prime Group extends a helping hand to thousands with the ‘Ek Dawasak Sith Dahasak’ initiative
2021-06-30
Affirming its deep commitment to empowering communities in the country, Sri Lanka's leading real estate developer Prime ...
President Of Condominium Developer's Association
2021-07-31
Sri Lanka's leading property development conglomerate Prime Group's dynamic Chairman Premalal Brahmanage has been appoin...
Prime Lands Residencies Ends FY21 On Exceptionally High Note
2021-08-02
Prime Lands Residencies PLC has ended FY21 on an exceptionally high note with impressive gains on the top line and botto...
LMD's Most Respected Entities
2021-08-09
Affirming its indelible reputation as the country's premier and largest diversified property development conglomerate Pr...
Appointment of Mr. Noel Joseph
2021-11-04
Leading real estate company Prime Lands Residencies PLC announced the appointment of Noel Joseph to the Company's Board ...
Prime Lands Residencies Records Milestone Achievement in 1H
2021-11-09
Continuing its rapid growth trajectory amidst challenging economic conditions, Prime Lands Residencies PLC (PLR), a subs...
PLR Records an Impressive Profit After Tax
2022-02-08
Prime Lands Residencies PLC (PLR) has made a profit after tax of LKR 1,158 million for the 9-month period ended FY 2021/...
Prime Group Shapes the Neighborhood in Kurunegala
2022-02-10
Prime Rajadhaniya, the newest property development spread over 8 acres of land with both condominium and villa residenti...
“Most Awarded Real Estate Group” BY LMD
2022-03-11
At Prime Group, we always put forward our dedicated, loyal, and talented employees who are the real champions in our jou...
ONE VOICE. ONE NATION.
2022-04-05
A Message From Prime Group
2022-04-26
Prime Group Strengthen The Financial Stability to [SL] A (Stable)
2022-04-26
Prime Lands Ltd. and Prime Lands Residencies PLC have received a further strengthen issuer rating of [SL] A (Stable) mak...
Prime Group Crowned ‘Most Valuable Real Estate Consumer Brand’ in Sri Lanka
2022-05-05
Prime Lands Residencies PLC has been ranked the most valuable real estate brand in Sri Lanka for the year 2021 by Brand ...
Prime Group successfully hands over two more Condominium Projects at Colombo 05
2022-07-01
Prime Lands Residencies PLC have completed the
construction of two more successful apartmen...
Prime group listed among Asia’s 100 best workplaces in the SME category for 2022 by great place to work
2022-09-22
Prime Group was recently listed among the 100 Best Workplaces in Asia for 2022 by Great Place to Work® in Small and Med...
Prime group wins two gold awards for customer engagement
2022-11-01
Prime Group, the leading real estate company in Sri Lanka won two Gold Awards at the 11th Global Customer Engagemen...
Prime Wins Gold in Land and Property Sector at TAGS Awards 2022
2022-12-12
Wednesday, December 10, 2022, Colombo; Prime Lands Residencies PLC was placed 1st in the Land and Property Companies S...
Sri Lankan companies shine at 10th Edition of Maldives Living Expo
2022-12-22
The 10th Edition of the Maldives Living Expo was held in Dharubaaruge, Male City., Maldives from 15 to 17 December.The E...
Prime Group Unveils its Latest Masterpiece: The Grand Ward Place, a Triumph of 100 % Sri Lankan Excellence
2023-05-15
Colombo, Sri Lanka – May 15, 2023: With its respected clientele and project partners present, The Grand Ward Place, t...
Prime Group completes flagship project ‘The Grand Ward Place
2023-05-19
19th May 2023 - The Grand Ward Place, the ultra-luxurious flagship project of Prime Group declared open with its esteeme...
Prime Group launches 43 By The Sea on Marine Drive
2023-06-16
16th June 2023 : Colombo’s newest most sought-after address is here, with the opening of 43 By The Sea, Marine Drive....
Prime Land Residencies shines once again as one of Sri Lanka’s ‘Most Valuable Consumer Brands’
2023-08-09
09th August 2023: Prime Land Residencies, the trailblazing leading real estate developer, has once again proven its exce...
HNB renews partnership with Prime Group for exclusive home loans
2023-09-25
25th September 2023 : Paving the path for aspiring homeowners, Sri Lanka’s leading private sector bank, HNB PLC, renew...
Prime Group unveils revolutionary 1% payment plan with ‘The Colombo Border’
2023-11-03
03rd November 2023 : Prime Group, the real estate giant, is proud to introduce an exceptional investment opportunity th...
Prime Lands Residencies Clinches Dual Honors at TAGS Awards 2023
2023-12-15
15th December 2023 : Prime Lands Residencies PLC is proud to announce its stellar achievements at the TAGS Awards 2023,...
Prime Lands Residencies PLC announces Sandamini Perera as New Executive Chairperson
2024-01-03
03rd January 2023 : Prime Lands
Residencies PLC, the real estate leader, has announced a change in leadership
with Sa...
Prime Group felicitates MAGA Engineering for successful completion of ‘The Grand’ project
2024-02-05
Prime Group, the visionary force behind some of Sri Lanka's most prestigious living spaces, today marked a significant m...
Prime Group Hands Over Keys to Paradise to Proud Owners of The Beach Front II Uswetakeiyawa Residences
2024-03-19
Beachfront luxury just minutes away from Colombo. Prime Group, the leading real estate developer in Sri Lanka, proudly ...
Sandamini Perera among 18 for EY Entrepreneurial Winning Women Asia-Pacific class of 2024
2024-03-29
Sri Lanka’s Prime Group Co-founder and Co-chair Sandamini Perera has been selected to be among 18 female entrepreneurs...
HNB partners Prime Group for exclusive promotions
2024-04-08
HNB PLC has renewed its partnership with renowned real estate property giant Prime Group to offer potential homeowners e...
The beginning of a remarkable partnership between Real Estate Giant, Prime Group and San Piling (Pvt) Ltd for The Colombo Border
2024-04-08
The beginning of a remarkable partnership between Real Estate Giant, Prime Group and Construction sector expert San Pili...
Prime Residencies breaks ground and launches Phase II of ‘The Colombo Border’
2024-04-26
Prime Lands Residencies PLC, Sri Lanka’s leading real estate developer, said it has achieved a significant milestone w...
Prime Residencies ‘The Seasons Colombo Eight’ sets new benchmark for ultra luxury residential living
2024-06-03
Prime Lands Residencies PLC, Sri Lanka’s most prolific and trusted property developer, proudly unveils ‘The Seasons ...
Prime Lands Residencies shines with dual awards at the 14th BestWeb.lk 2024, celebrating excellence in digital innovation
2024-08-22
Prime Lands Residencies PLC, has once again demonstrated excellence as a digital innovator clinching two prestigious awa...
Prime Residencies Celebrates Groundbreaking of Ultra-luxury Boutique Development 'The Seasons Colombo 8'
2024-09-12
Sri Lanka’s most
prolific and trusted property developer, Prime Lands Residencies PLC, celebrated
the groundbreaking...
From Vision to Reality: Prime and Sanken redraw Colombo’s Border
2024-11-22
Prime Lands Residencies PLC, Sri Lanka’s leading real estate developer, announced that it awarded the construction con...
2021-11-09 
.jpg)
.jpg)
.jpg)
.jpg)
.jpg)
.jpg)
.jpeg)
.png)
.png)
.png)
.png)
.png)
.png)
.png)
.png)