Kelsey Homes records steady growth in spite of COVID – 19 related challenges

Kelsey Homes, the pioneering real estate developer in Sri Lanka and part of the Janashakthi Group, has recorded a revenue of Rs. 320.51 million for the quarter ended 31 March 2021 compared to Rs. 32.50 million in the corresponding period of the previous year, the company said in a media statement.

Revenue for the year under review was recorded as Rs.934.16 million compared to Rs. 377.2 million recorded last year during the same period under review resulting in a growth of 148 percent.

The developer secured reservations with an expected sales value of Rs.3.13 billion as of 31^st March 2021 compared to Rs.1 billion in the previous year, showing substantial growth.  It also reported a consolidated profit after tax of Rs.100.29 million for the year compared to a loss after tax of Rs. 229.73 million in the previous year.

“This year we embarked on developing one of the largest gated, mixed housing projects in Sri Lanka - CENTRAL PARK JA-ELA, despite the challenges faced due to the COVID–19 pandemic. We will continue to cater to the evolving consumer by coupling innovation with affordable yet luxurious living solutions; in environments that are conducing to good living,” said Eardley Perera, Chairman of Kelsey Developments PLC.

Meanwhile, the company’s financial position remained strong with total assets of Rs 782.8 million and equity in excess of Rs 271.7 million while net assets per share increased from Rs 14.39 to Rs. 14.64 in the last 12 months. Total assets of the Kelsey Developments PLC Group as of 31^st March 2021 is Rs. 2.6 billion and it reflects a steady growth compared to the total assets as of 31^st March 2020 amounting to Rs. 2.4 billion.

The groundbreaking ceremony of its latest project CENTRAL PARK JA-ELA took place in February this year. The gated property is spread across 15 acres of land in Ja-Ela and is located in one of the most central locations in the country. The development offers over 350 beautifully crafted living spaces.

“Over the last few decades, we have established ourselves as the frontrunners for gated housing developers, and in the next year, we aim to solidify that position, increase our market share, and continue to provide excellent customer service. Furthermore, being a member of the Janashakthi Group gives us the opportunity to access expertise across the group and utilisze combined strengths for sustained growth,” said Lalinda Kalubowila, Chief Executive Officer of Kelsey Developments PLC.