Overseas Realty records Rs. 6,077 Mn Group Net Profit for 2022

Overseas Realty (Ceylon) PLC recorded a strong growth in revenue and profitability, primarily driven by the Havelock City Residential sales, to record a Group Revenue of Rs 15,046 Mn and a Group Profit Before Tax of Rs 7,025 Mn for year 2022.

The depreciation of the LKR by 83% resulted in the group incurring significant exchange losses on the foreign currency loans.

The Company Revenue of Rs 2,112 Mn at the World Trade Center, Colombo was 6% higher than the corresponding period of last year, with higher rental rates. Revenue of Rs. 12,391 Mn was recorded in 2022 from Residential Sales of Havelock City, compared to Rs. 5,144 Mn last year.

The Group Net Asset Value per Share as of December 31, 2022 stood at Rs 41.67 and the earnings per share for the period was Rs 4.89.

The directors have recommended a first and final dividend of Rs. 1.25 per ordinary share for the financial year ended December 31, 2022.