Business

Prime Land Residencies posts PAT of Rs. 1.15 billion for 9 months

Published

5 years ago

2022/02/7

Prime Lands Residencies PLC has made a profit after tax (PAT) of LKR 1,158 million for the 9-month period ended FY 2021/22 while maintaining a profit after tax of LKR 450 million for Q3 of FY 2021/22.

Commenting on the results, Co-Chairman Brahmanage Premalal said, “It has been a remarkable achievement for us in the third quarter as this has been achieved during such a turbulence period. This portrait the trust and confidence placed on Prime Lands Residencies PLC by our customers who we are extremely grateful for. Moreover, this is also a significant achievement to us in terms of achieving our shareholder’s expectations as we exceeded the forecast given to our investors at the IPO launched this year. These numbers signify that we will be ending the financial year with a remarkable achievement. Further Prime Lands Residencies PLC has lined up with upcoming projects in key locations such as properties adjoining the Kurunegala highway entrance, Peliyagoda highway entrance, Seeduwa/ Katunayake highway entrance with lagoon veiw, Nuwera-eliya within city limits, Borella Chandraleka Mawatha are few projects to look forward to for year 2022”.

Among the highlights reported by the Company for the third quarter of 2021/22 is a revenue generation of LKR 2.6 billion. The company’s earnings per share (EPS) during the 9-month period was LKR 1.28. “Our brand equity is strong. As a real-estate developer, we have earned the highest trust. This is due to our completion and handing over of thirty-six (36) Apartment developments and building strong credentials along the way,” Co-Chairperson Sandamini Perera added.

“The availability of relatively low-cost financing opportunities from banks and financial Institutions on prevailing low interest rates together with real estate, which has been a secured investment with high return on investment, has increased the demand for real estate. In fact, Prime Lands Residencies PLC became the only real estate developer in the country to have its issuer rating of [SL] A-(Stable) re-affirmed by ICRA Lanka Ltd, a group company of Moody’s Investors Services,” she added.

Prime Lands Residencies has made a profit before tax of LKR 514 million in Q3 of FY 2021/22 reporting a profit after tax of LKR 450 million. There is also a nine percent (9%) increase in revenue over Q2FY22.”

The company while maintaining a Gross Profit Margin of 29.87% in 3Q of 2021/22, has also recorded a Return on Equity (ROE) of 18.78%, a Net Profit Margin of 18.25% and a Return on Assets (ROA) of 7.46% for the same period signifying a strong showing as it moves into 4Q. This demonstrates an increase of 58% In comparison to the previous year Q3 with a profit after tax of LKR 285 million.

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Business

Ceylinco Life agent among three global finalists for award

Published

18 hours ago

2026/09/27

Thilina Walpola

Ceylinco Life’s Ambalantota branch agent AIP Manjula

Ceylinco Life’s Ambalantota branch agent AIP Manjula has been named one of three global finalists for the prestigious Insurance Agent of the Year award at the 11th Asia Trusted Life Agents & Advisers Awards (ATLAA) 2026.

The recognition places a Sri Lankan insurance professional among the finalists in a regional field spanning South Asia, Southeast Asia, East Asia and the wider Asia-Pacific region.

Ceylinco Life said the achievement reflected the calibre and customer-focused approach of its agency force, while recognising Manjula’s professionalism and commitment to policyholders.

The award evaluates insurance agents on criteria extending beyond sales performance, including ethical conduct, client service, policy persistency, digital adoption, innovative practices and contributions to the insurance industry and community.

The awards are organised by Asia Advisers Network and Asia Insurance Review, with LIMRA as co-organiser. An independent judging and balloting process is monitored by KPMG as the official scrutineer. The judging panel comprises senior insurance executives, association presidents and industry experts from across the Asia-Pacific region.

Business

CEAT Kelani retains AA+ rating for sixth year

Published

18 hours ago

2026/09/27

Thilina Walpola

CEAT Kelani Holdings (CKH) has retained its National Long-Term Rating of ‘AA+(lka)’ with a Stable Outlook from Fitch Ratings for the sixth consecutive year, reflecting the company’s financial resilience and leading position in Sri Lanka’s pneumatic tyre market.

The ‘AA+(lka)’ rating, the second-highest on Fitch’s national scale, indicates a very strong capacity to meet financial commitments.

Fitch said CKH’s established market leadership and resilient financial profile remained key strengths, while noting its exposure to price-sensitive, cyclical and highly competitive markets.

The Stable Outlook reflects expectations that the company will maintain its market position despite rising input costs and increasing competition from imported tyres, while preserving adequate credit metrics during periods of weaker earnings and higher investment.

Fitch expects CKH’s established brand, extensive dealer network and adaptive pricing strategies to support its market position. Planned production facility upgrades are also expected to improve product quality, particularly in the radial tyre segment.

The rating agency expects near-term pressure on margins from higher raw material and energy costs but said the company’s low leverage and sound liquidity would provide a cushion.

CKH Chairman Chanaka De Silva said the rating reinforced the company’s focus on disciplined financial management, operational adaptability and long-term investment.

Business

SLT-MOBITEL Enterprise launches Premium Cloud

Published

18 hours ago

2026/09/27

Thilina Walpola

Riyaaz Rasheed, CEO, SLT-MOBITEL, and Faiz Shakir, VP Sales – Nutanix, Southern Asia, unveil SLT-MOBITEL Enterprise Premium Cloud Powered by Nutanix to support enterprise digital transformation

SLT-MOBITEL Enterprise, the enterprise services arm of Sri Lanka Telecom PLC, has launched its Premium Cloud service powered by Nutanix, aimed at helping Sri Lankan businesses modernise their IT infrastructure and accelerate digital transformation.

The service was unveiled at the Lanka Tech Summit 2026 held recently at ITC Ratnadipa, Colombo.

The Premium Cloud combines hybrid multi-cloud capabilities with enterprise-grade performance, enabling businesses to run mission-critical workloads, scale cloud deployments and strengthen business continuity through disaster recovery capabilities.

Hosted on SLT-MOBITEL’s Tier III data centre infrastructure, the platform is designed to provide enhanced security, reliability and flexibility while supporting the growing technology requirements of enterprises.

SLT-MOBITEL Enterprise said the platform would also support organisations seeking to adopt AI-ready capabilities and improve the management and performance of IT workloads.

A key feature of the launch was SLT-MOBITEL Enterprise joining the Nutanix Elevate Service Provider Program (NESPP), which the company said made it the first service provider in the region to join the programme.

Powered by Nutanix’s hybrid multicloud platform, the service enables application and data mobility across on-premises environments, public clouds and edge locations.

The company said the partnership combined Nutanix’s cloud technology with SLT-MOBITEL’s local expertise and support, strengthening its multi-cloud portfolio.