Prime Lands records huge revenue and profit in 1stH FY2021/22

Continuing its rapid growth trajectory amidst challenging economic conditions, Prime Lands Residencies PLC (PLR), a subsidiary of the Prime Group, posted a revenue of Rs. 2.4 billion for the second quarter of FY 2021/22, up by 86 percent from the first quarter of the year. 

Profit Before Tax (PBT) for the period under review was Rs. 573 million, a milestone achievement, while Profit After Tax (PAT) was Rs. 506 million, an increase of 151 percent in comparison to Rs. 201 million in the previous quarter, the company said in a media release.

"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. This reiterates the stability and resilience of our portfolio as well as the effectiveness of our business strategies to deliver enhanced shareholder value. We have 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 we have completed,” said Prime Group Chairman Premalal Brahmanage.

Bringing a strong close to the first half of FY 2021/22, Prime Lands Residencies reported a total revenue of Rs. 3.7 billion. PBT stood at Rs. 802 million while PAT was Rs. 708 million.

The end of FY 2020/21 saw Prime Lands Residencies PLC making a dividend payment of Rs. 375 million at 40 cents per ordinary share to its shareholders soon after the company's successful IPO.