Prime Lands Residencies PLC (CSE: PLR.N) has demonstrated remarkable financial success for the fiscal year concluding on March 31, 2026. Surpassing market anticipations, the company has firmly established itself as the leading real estate firm in Sri Lanka, driven by extensive operational capabilities, strategic project launches, and significant margin growth.
In commenting on this outstanding achievement, Group Chairman Premalal Brahmanage remarked that the impressive results for FY2026 are a clear indication of the unwavering confidence that clients have in the Prime brand.
The acquisition of key properties, such as the historic Otters Club Car Park for the development of ‘The Elizabeth’ in Colombo 07, alongside major milestones like the early topping-off of The Colombo Border and Tower Cosmos, has transformed urban living and strengthened the company’s domestic real estate portfolio.
Brahmanage highlighted the organization’s commitment to delivering top-tier developments, initiating digital ecosystems for its residents, and upholding rigorous financial discipline to enhance shareholder value continually.
This commitment to excellence has been acknowledged with Prime Lands Residencies PLC being awarded the title of Developer of the Year – Sri Lanka, at the Real Estate Asia Awards 2026, marking the second consecutive year of this honor. This prestigious recognition underscores the company’s ongoing innovation, which includes launching over 50 apartment projects and completing more than 45, asserting its firm market leadership on the Colombo Stock Exchange.
Additionally, the company’s dedication to ethical business practices was affirmed with the TAGS Award 2024/25 in the Land and Property Companies category, achieved for the fourth consecutive year. This accolade emphasizes the importance of transparency and progressive corporate reporting, solidifying its status as the largest real estate firm listed on the Colombo Stock Exchange, consistently providing dividends and showcasing robust post-tax profit growth driven by double-digit revenue increases across its interim quarters.
Executive Chairperson Sandamini Perera emphasized the company’s strategic vision, stating, “At Prime Lands Residencies PLC, we are motivated by a unified goal to redefine urban living, deliver exceptional real estate value, and create lifestyle experiences that surpass expectations.” She noted that as a trailblazer in Sri Lanka’s real estate market, the company effectively merges local expertise with global ambitions to craft enduring homes and investments.
In a strong display of financial health and dedication to shareholder returns, the Board of Directors has declared an interim cash dividend of Rs. 0.80 (Eighty Cents) per ordinary share for the fiscal year ending March 31, 2026. The ex-dividend date is scheduled for June 9, 2026, with payments set to be dispatched on June 26, 2026.
Key Financial Highlights
Substantial Profit Growth: Profit after tax (PAT) surged by 65% year-on-year to Rs. 558.4 million for the quarter ending March 31, 2026, while the full-year PAT rose by 67% year-on-year to Rs. 2.06 billion, showcasing the company’s ability to convert revenue growth into increased profitability.
Strong Revenue and Gross Profit Growth: Revenue expansion, driven by project completions and successful handovers, led to a quarterly gross profit increase of 47% year-on-year to Rs. 1.17 billion, with full-year gross profit escalating by 58% year-on-year to Rs. 3.82 billion.
Significant Operating Profit Increase: Operating profit rose by 63% year-on-year to Rs. 856.1 million for the quarter, while the full-year operating profit climbed by 69% year-on-year to Rs. 2.69 billion, demonstrating enhanced core business performance and improved operational leverage.
Improved Shareholder Returns: Quarterly earnings per share (EPS) increased by 64% year-on-year to Rs. 0.59, and full-year EPS significantly climbed to Rs. 2.20 from Rs. 1.31, indicating robust value creation for shareholders.
Strengthened Balance Sheet: Total assets grew to Rs. 36.8 billion as of March 31, 2026, supported by an expanded inventory of properties, which includes a strategic land bank valued at Rs. 11.1 billion to facilitate future projects and a growing development pipeline.
Enhanced Shareholder Value: The net asset value (NAV) per share rose to Rs. 12.20, reflecting the company’s improved equity position and ongoing value enhancement for shareholders.
Positive Growth Prospects: The strong quarterly and annual performance, coupled with ongoing project completions, an expanding development portfolio, strategic land acquisitions, and rising demand for residential properties, positions the company favorably for sustainable long-term growth.
Operational Excellence and Future Outlook
The aggressive growth in revenue was largely driven by accelerated construction across the portfolio, along with critical revenue recognition from recently completed projects like the luxurious 43 by the Sea on Marine Drive.
Market expectations remain elevated, given the unprecedented scale of ongoing projects, including the topping-off of Tower Cosmos at The Colombo Border (a 484-unit development) four months ahead of schedule, and the rapid progress of The Seasons Colombo 08. Revenue from newly launched ultra-luxury developments such as J’adore Negombo, MON VIE Colombo 05, The Prime Colombo 09, The Golf – Colombo 08, and The Elizabeth – Colombo 07 has yet to be recognized under the company’s cautious revenue recognition policy, establishing a substantial and visible earnings pipeline for the upcoming fiscal periods.
Image Caption: Group Chairman Premalal Brahmanage – Prime Lands Residencies PLC
Executive Chairperson Sandamini Perera – Prime Lands Residencies PLC
Financial Chronicle Biz English | Sri Lanka Business News.
