Prime Lands Residencies records milestone achievement of 3.7 bn revenue

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, posted a revenue of Rs. 2.4 billion for the second quarter of FY 2021/22, up by a highly commendable 86% from the first quarter of the year.

Profit Before Tax (PBT) for the period in review was remarkable Rs. 573 million, a milestone achievement, while Profit After Tax (PAT) came in at Rs. 506 million, an increase of 151% in comparison to Rs. 201 million in the previous quarter.

“Prime Lands Residencies has yet again continued its strong growth momentum during the second quarter with revenue of Rs. 2.4 billion, delivering exceptionally on both financial and operational indicators, during a period of high social and economic turbulence,” stated Prime Group Chairman Premalal Brahmanage.

“Further, we have a very comprehensive and unique price model that ranges from Rs. 20 million all the way to 300 million for residential units catering to different market segments, most of which we have completed. Our strong brand manifestation over the last 25 years has been our biggest forte.”

Bringing a strong close to the first half of FY 2021/22, 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.