Overseas Realty reports Rs 4.7bn PBT in 1H25

Dr. Ranee Jayamaha - Chairperson	Pravir Samarasinghe – Group CEO/ Director

Overseas Realty (Ceylon) PLC recorded a Group Revenue of Rs 5,258 million and a Group Profit Before Tax of Rs 4,676 million for the 6 months ending 30 June 2025. 

The depreciation of the Rupee resulted in a net exchange loss of Rs.274 million compared to a gain of Rs. 1,076million recorded in the corresponding period of last year on foreign currency loans. 

The Fair Value gain recorded from Investment Properties was Rs. 2,331 million compared to the Fair Value gain of Rs. 1,160 million in the same period of last year. 

The Company Revenue of Rs. 1402 million at the World Trade Center, Colombo, was 5 percent higher than the corresponding period of last year, due mainly to higher occupancy and rental rates.   

Revenue of Rs. 1,303 million was recorded from Residential Sales of Havelock City which was higher than the corresponding period in 2024.  A limited number of move-in ready luxury apartments are still available for purchase in the fourth and final phase of Havelock City Residential.

Mireka Tower at Havelock City reported a Revenue of Rs. 1,106 million, a significant increase from Rs. 517 million in the same period last year, primarily driven by higher occupancy rates. Similarly, Havelock City Mall generated Rs. 980 million in Revenue, up from Rs. 663 million in the comparable period last year, mainly attributed to increased occupancy.

The company officially launched its newest luxury real estate venture ‘Mireka Seascape’ in Dodanduwa, redefining coastal living. The development comprises a collection of 168 luxury apartments and villas. Positioned as a premium lifestyle beachfront offering, the project is designed to cater to both residential and leisure markets. This high yielding investment opportunity has generated substantial market response since the launch.

The Group Net Asset Value per Share as at 30th June 2025 stood at Rs. 49.57 and the Earnings per Share for the period was Rs. 3.60.

Dr. Ranee Jayamaha appointed new Chairperson

Overseas Realty (Ceylon) PLC announced the appointment of Dr. Ranee Jayamaha as the new Chairperson of the company with effect from 23 July 2025, following the demise of Ajit Jayaratne, who served as Chairman of Overseas Realty (Ceylon) PLC since 2021.

Prior to being appointed as Chairperson of the Company, Dr. Ranee Jayamaha was a Director of the Company since 2013.

Dr. Ranee Jayamaha graduated from the University of Peradeniya, and holds an MSc from the University of Stirling, UK, a PhD from the University of Bradford, and an honorary Doctor of the University (DUniv) from Stirling, UK. 

Dr. Jayamaha currently holds Director Posts at the Regional Centre for Strategic Studies and the Transnational Lanka (Pvt) Limited. She served as an appointed member of the Monetary Board of the Central Bank of Sri Lanka (CBSL) during July 2020-Sep 2023. Dr. Jayamaha had been the Deputy Governor in charge of Financial System Stability of CBSL from 2004 up to her retirement in 2009. She has over 50 years of extensive experience in the field of economics, banking, finance, regulation and administration, having held a number of positions in the CBSL and outside.

On release from the CBSL, she has served as Secretary – Presidential Commission on Finance & Banking, Advisor- Financial Sector Reform Committee, Ministry of Finance and Special Advisor (Economic), Commonwealth Secretariat, London, UK.

Dr. Jayamaha has been a member of the Securities & Exchange Commission of Sri Lanka, the Insurance Board of Sri Lanka, the Chairperson of Credit Information Bureau of Sri Lanka and the National Payments Council. 

Internationally, Dr. Jayamaha has been a Member of the Working Group on General Payment System Development of the Bank for International Settlements, Member of the Global Payments Forum, Member of the Advisory Panel of the G-8 Remittance Working Group and Member of the Expert Panel of the Safeguard Assessment Policy Review 2010 of the IMF.

The Singapore based real estate specialists, Shing Kwan Group are the majority shareholders of Overseas Realty (Ceylon) PLC, the premier property investment, development, and management Company in Sri Lanka, owning the iconic World Trade Center and Havelock City Developments.