Overseas Realty (Ceylon) PLC concluded a noteworthy Financial Year recording a Group Revenue of Rs 8,924 Mn surpassing Rs. 6,785 Mn of last year.The Group Profit After Tax wasRs 4,424 Mn for 2019.
The Company Revenue of Rs 2,334 Mnwas 2% higher thanlast year, due mainly to higher rental rates and occupancy levels maintained during the period.
The on-going refurbishment and upgrading program to the common facilities of WTC Colombo is currently on schedule, with the intention of continuing to provide a superior facility and service to tenants and visitors. It is a strong testament to the Company’s dedication and commitment to excellence, in providing quality office space.
Revenue of Rs 6.1 Bn was recorded in 2019 from Apartment Sales of Havelock City, compared to Rs 4.3Bn last year,due mainly to recognition of Phase 4 Revenue during the period.
Havelock City Residential is currently handing over completed units of Phase 3, Stratford and Melford Towers to its buyers having obtainedthe COC from the UDA and the required Certification from CMA.The construction of the two new luxury towers of Phase 4 are currently underway; Phase 4 apartments are scheduled to be ready by the end of 2020.
Mireka Tower at Havelock City; the 50 storey Grade A office tower is currently in the process of leasing out distinctive workspaces. The Office Tower and the Mall will commence operation in mid 2021.
The Group Net Asset Value per Share as at 31December 2019 stood at Rs 34.54 and the Earnings per Share for the periodwas Rs 3.56.
The Directors have recommended a first and final dividend of Rs 1.25 per ordinary share for the Financial Year ended 31st December 2019.
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