2279_1717468770752

INTENSITY OF
DETERMINATION
ANNUAL REPORT 2023/24

In the bustling world of real estate,
there exists a hive of activity where
determination reigns supreme.
We are committed to fostering
inclusivity and convenience for our
customers with industry-leading
property solutions by introducing
the revolutionary Prime 1% payment
plan for the first time in Sri Lanka,
making homeownership attainable
for everyone. Our relentless pursuit
of lucrative locations coupled with
cutting-edge architectural design
and construction ensures that we
deliver nothing short of excellence.
But what truly sets us apart is

our unyielding resolve. Like the
industrious bee, we surmount
obstacles with determination,
adapting seamlessly to fluctuating
market scenarios. Our resolve
fuels our ambition to continually
enhance our services, ensuring
our customers’ experiences are
unparalleled. As we continue to
buzz with energy and innovation,
Prime Land Residencies PLC
remains the ultimate destination
for those seeking real estate
excellence.
Prime Lands Residencies PLC
Annual Report 2023/24
CONTENTS
About this Report 4

FINANCIAL REPORTS
OVERVIEW OF THE Annual Report of the Board of Directors on the 122
COMPANY State of Affairs of the Company
Financial Calendar - 2023/24 128

About the Company 8
Independent Auditor’s Report 129
Our Properties at a Glance 12
Statement of Comprehensive Income 132
Journey to Greatness 14
Statement of Financial Position 133
Value Creation Model 16
Statement of Changes in Equity 135
Highlights 18
Statement of Cash Flows 136
Board of Directors 19
Notes to the Financial Statements 138
Management Team 30
ORGANISATIONAL SUPPLEMENTARY
PERFORMANCE INFORMATION
Share Information 184
Chairperson’s Message 34
Five Year Summary 186
Managing Director’s Review 38
GRI Content Index 187
Material Topics 42
Notes 189
Operating Environment 46
Corporate Information 192
Review of Business Operations 49
Annual General Meeting 193
Strategy and Resource Allocation 51
Form Of Proxy 195
Financial Capital 54
Manufactured Capital 58
Intellectual Capital 62
Human Capital 66
Social and Relationship Capital 72
Natural Capital 78
Our Approach Towards Sustainability 82
GOVERNANCE STRUCTURE
Corporate Governance 86
Risk Management Review 104
Stakeholder Engagement 112
Senior Independent Director’s Statement 115
Audit Committee Report 116
Related Party Transactions Review Committee 118

Report
Remuneration and Human Resources 119

Committee Report
Nomination and Governance Committee Report 120

2|3 Prime Lands Residencies PLC
ABOUT THIS REPORT

GRI 2.2, 2.3, 2.4, 2.5
Welcome to our Integrated

Annual Report for the financial BOARD RESPONSIBILITY
year ending 31st March 2024. STATEMENT
The PLR Board of Directors solemnly
This marks the 4th Integrated
acknowledges its duty to uphold the
Annual Report published by integrity of this Integrated Annual
Prime Lands Residencies PLC, Report. With unwavering commitment,
hereinafter referred to either the Board assumes responsibility
for ensuring that the contents of the
as PLR or the “Company”,
financial year 2023/24 Integrated
where we seamlessly merge Report uphold the highest standards
the inner workings and of accuracy, transparency, and
achievements of our Company completeness.
with the principles outlined in
After careful review and deliberation,
the International Integrated the Board affirms that the Integrated
Reporting Framework. Report effectively addresses all
Material Topics relevant to our
SCOPE AND BOUNDARY stakeholders. Furthermore, it is the
considered opinion of the Board that
Our Annual Report serves as a transparent and accessible medium, offering
the report offers a balanced and
insights into both the financial and operational aspects of the Company.
equitable portrayal of the Company's
Covering the period from 1st April 2023 to 31st March 2024 this report
performance throughout the financial
encapsulates the essence of our performance and operational conduct
year.
throughout the fiscal year.
On behalf of the PLR Board;
As an organisation committed to integrity and accountability, this report
stands as a comprehensive and validated record of our endeavours as an
independent entity. Within its pages, stakeholders will find a detailed account
of our financial performance, supplemented by comprehensive Audited
Financial Statements and accompanying Notes.
Ms. H.K. Sandamini R. Perera

Furthermore, this report provides a glimpse into our operational activities,
Chairperson
offering valuable insights into the strategies and initiatives undertaken by
PLR. We believe in fostering transparency and trust, and as such, we ensure
that all relevant information is disclosed openly and comprehensively.
Throughout the financial period covered in this report, PLR remained

steadfast in adhering to our governance framework, as outlined in the Mr. Pathirage Anura W. Perera
Corporate Governance Report detailed on Page 86. Director Finance
MATERIAL TOPICS
To emphasise our commitment to integrated thinking, the content of this
report has been meticulously organised around Material Topics. These topics Mr. Sanjaya Bandara
are identified as critical issues that hold the potential to significantly impact Director
PLR's ability to generate value across short, medium, and long-term horizons.
Our approach to determining these Material Topics is transparently detailed

on Page 42 of this report, showcasing the thorough process undertaken
to identify and prioritise the key areas of focus. By aligning our reporting
structure with these Material Topics, we aim to provide stakeholders with a
clear understanding of the most pertinent issues that shape our strategies Mr. N. Manjula Weerakkody
and decision-making processes. Managing Director
EXTERNAL AND INTERNAL Stakeholder Engagement Page

ASSURANCE 112 offer insights into our diverse
We are committed to upholding the stakeholders and our strategies for
highest standards of transparency and engaging with them.
integrity in our reporting practices. As
Conciseness Concisely presented
such, all financial statements presented
information but with adequate
in this Annual Report have undergone
presentation of activities, performance
a rigorous external audit conducted
and outcomes, apart from governance.
by Messrs. BDO Partners (Chartered
Accountants), our trusted external
Reliability and Completeness The
auditors. Their independent verification FEEDBACK
information in the Annual Report is made
ensures the accuracy and reliability of the Feedback and ideas will enable
more trustworthy and thorough checks
financial information disclosed within this us to improve our future Annual
by external auditors, internal auditors,
report. Reports and we welcome our
and evaluations conducted by the Board,
readers and stakeholders to share
Committees, and key staff members.
Furthermore, internal assurance their thoughts on this Annual
processes have been diligently Report to;
Consistency and Comparability
conducted to ensure the integrity of both
The content and structure of this year's
financial and non-financial information. Mr. Pathirage Anura W. Perera
report closely resemble those of the
Our internal audit team, in collaboration Director Finance
previous year. It includes important
with the Executive Committee (EXCO),
financial figures (in rupees and numbers), Prime Lands Residencies PLC
the Heads of Department, and relevant
percentages, and ratios relevant 75, D S Senanayake Mawatha,
personnel responsible for report
to the current financial year. Some Colombo 08, Sri Lanka.
development, have meticulously
enhancements have been made to anura@primelands.lk
evaluated the contents and information
improve the quality of the report.
presented in this report.
GUIDING FRAMEWORK
GUIDING PRINCIPLES
In the meticulous preparation of our
Within this report, we offer an insightful
Annual Report, we adhered closely
glimpse into the overarching strategic
direction of our Company, detailed on
to several guiding frameworks. These ACCESSIBILITY
frameworks served as invaluable sources
Page 51. Here, we outline our strategic The Annual Report is available
of direction, ensuring not only compliance
objectives and initiatives, shedding light through several mediums,
with regulations but also adherence to
on how we have progressed throughout which includes a digital
mandatory standards and best practices.
the year under review. version accessible via the
By embracing these frameworks, we
Company’s website https://www.
aimed to uphold transparency, accuracy,
Furthermore, we address the challenges primeresidencies.lk/ investor-
and accountability in our reporting
and risks inherent in pursuing our relation and the Colombo Stock
practices.
strategic focus, as discussed in detail Exchange website. The report
within The Risk Management Review on is the primary communication
Page 104. By transparently examining source for our stakeholders,
these factors, we provide stakeholders especially Shareholders.
with a comprehensive understanding
of the complexities and uncertainties Digital Version
that may impact our journey towards
achieving our strategic goals.
Scan the QR code for a quick and easy

connect on your smart phone.
About this report
Our commitment to excellence led us to utilise the following frameworks:
Financial Reporting
Sri Lanka Accounting Standards (LKASs/SLFRSs) issued Regulatory
by the Institute of Chartered Accountants of Sri Lanka (CA
Sri Lanka)
Companies Act No. 7 of 2007 Regulatory
Listing Rules of Colombo Stock Exchange (CSE) Regulatory
SLSAE 3000 - Sri Lanka Standard on Assurance Voluntary

Engagements
Listing Rules of Colombo Stock Exchange (CSE) Regulatory

Corporate Governance
Code of Best Practices on Corporate Governance Issued by Voluntary
CA Sri Lanka.
International Integrated Reporting Framework by the Voluntary

IIRC
Integrated Reporting and United Nations – Sustainable Development Goals Voluntary

Sustainability (SDGs)
Global Reporting Initiative (GRI) Standards - “Core” Voluntary

option
FORWARD-LOOKING may emerge, thereby influencing the

STATEMENT Company's trajectory in unforeseen ways.
The 2023/24 Annual Report of
As stakeholders peruse and engage with
PLR embodies our commitment
this Annual Report, we kindly urge them
to transparency and proactive
to consider both the external environment
communication regarding our anticipated
and internal dynamics that shape
future endeavours. Within this report, we
our operations. While we endeavour
include forward-looking statements that
to provide insightful projections, we
outline our projections for the Company's
acknowledge the inherent unpredictability
forthcoming financial performance,
of the business landscape.
operational activities, and strategic
direction.
It is essential to emphasize, however, that

these forward-looking statements are not
immutable predictions. Rather, they are
subject to a certain level of uncertainty
stemming from various factors, potential
risks, and unforeseen challenges that
OVERVIEW OF THE
COMPANY
ABOUT THE COMPANY
VISION
Committed to Creating a
Better Place on Earth
PROMISE
Creating a Livable Lovable
Counting over 29 years The condominium property arm of
Neighborhoods the group - Prime Lands Residencies
of experience and PLC consists of 43 apartment projects
expertise in real estate located in Colombo and the suburbs. The
development, Prime Company has completed 39 projects to
PORTFOLIO Group has established an
date and handed the properties over to
residents.
Lands 6000+ projects unparalleled reputation
Apartments as a trusted entity that GROUP CORE VALUES
• Apartment Total Projects 43 ensures innovation, At Prime Lands Residencies, our
sustainability and corporate values form the bedrock of
• Ongoing 4 our culture and guide every decision we
customer satisfaction in make.
• Handed Over 39 line with the organisational
• Total Units 3,081 vision - ‘Committed to "WIN TOGETHER"
Housing Creating a Better Place on Employee Empowerment
Earth.’ The salient features Development: We believe in
• Housing Project total 32 empowering our employees to reach their
associated with the Prime full potential through continuous learning
• Ongoing 7
Group are; high-quality and development opportunities. By
• Handed Over 25 construction, innovative investing in our team, we ensure mutual
growth and success.
• Total Units 1,451 designs, sustainable
practices, a customer- Diversity and Inclusion: We
centric approach and the celebrate diversity and foster an inclusive
environment where every individual feels
dedication to building valued, respected, and empowered to
vibrant and thriving contribute their unique perspectives.
communities in line with
the Group’s commitment to
excellence.
Mutual Respect: We operate on the Care: We genuinely care about the Due Diligence: We conduct thorough
principle of mutual respect, recognising welfare of our customers, employees, due diligence in all our business
the inherent worth and dignity of every and communities, striving to make a activities, ensuring informed decision-
person within our organisation and positive impact in every interaction. making and risk mitigation.
beyond.
Financial Acumen: We demonstrate
"ONE JOURNEY ONE
Wellbeing: We prioritise the well-being financial acumen in our operations,
DESTINATION"
of our employees, understanding that leveraging our expertise to optimise
a healthy and balanced workforce is Unity: We believe in unity and resource allocation and maximise value
essential for sustainable success. collaboration, working together towards creation.
a common goal with shared purpose and
determination.
"WE ARE CHAMPIONS" ACHIEVEMENTS OF PRIME
Entrepreneurial Spirit: We embody LANDS RESIDENCIES PLC
"WE ARE PRUDENT"
an entrepreneurial mindset, constantly As a well-reputed Group committed for
seeking new opportunities, embracing Financial Discipline: We exercise exceptional services, Prime Group won
challenges, and driving innovation in prudent financial management, ensuring number of awards and recognition over
everything we do. responsible stewardship of resources the past few years.
and long-term sustainability.
Ambitious: We set ambitious goals and “Best Developer in Sri Lanka”
pursue them with determination, pushing Sense of Purpose: We are driven awarded by the PropertyGuru Asia
boundaries to achieve excellence in our by a sense of purpose, guided by a Property Awards (2018, 2019).
endeavours. commitment to excellence and a desire
to make a meaningful difference in the Prime Lands Residencies PLC
world. was recognised by The Institute
Passionate: We are passionate about
of Chartered Accountants of Sri
our work and dedicated to delivering
Quality: We uphold uncompromising Lanka at the Annual Report Awards
exceptional results that exceed
standards of quality in all aspects of Ceremonies in 2022 & 2023
expectations.
our work, delivering excellence in every • Gold Award LAND & PROPERTY
Agility: We embrace change and adapt project we undertake. COMPANIES SECTOR and the
quickly to evolving market dynamics, Bronze Award for the EMERGING
staying agile to capitalise on emerging Realistic Collaboration: We believe LISTED COMPANIES SECTOR in
opportunities. in realistic collaboration, fostering 2022
partnerships based on mutual trust,
respect, and shared objectives. • Silver Award LAND & PROPERTY
"WE ARE COMMITTED TO COMPANIES SECTOR and the
SERVE" Sustainability: We are committed EMERGING LISTED COMPANIES
Authentic Customer Centricity: to sustainable practices that minimise SECTOR in 2023
We are committed to understanding environmental impact and promote the Best Luxury Condominium
and fulfilling the needs of our customers well-being of future generations. Development in Sri Lanka - “The
with sincerity and authenticity, building Grand - Ward Place (Colombo 07)” by
lasting relationships based on trust and Philanthropic Empathy: We
PropertyGuru Asia Property Awards
transparency. demonstrate empathy and compassion
at their latest awards ceremony.
towards those in need, giving back to our
Ethical Conduct: We conduct communities and supporting meaningful Recognized as the Most Valuable
ourselves with the highest ethical causes. Real Estate Brand and included in the
standards, upholding integrity and Top 100 Brands, PLR was also ranked
honesty in all our interactions. Accountability: We take ownership among the Best of the Best by Brand
of our actions and decisions, holding Finance in the LMD Brands Annual for
Professionalism: We approach our ourselves accountable to the highest 2022 and 2023.
work with professionalism and expertise, standards of performance and integrity.
Most Respected Entity in
delivering quality outcomes with
Sri Lanka for five years
diligence and dedication. Transparency: We believe in
(2017,2019,2020,2021,2023) by LMD.
transparency and open communication,
building trust through honesty, clarity, and
integrity.
About the Company
Most Awarded Entity in Sri Lanka for two years (2022,2023)- by LMD.
Awarded as a Great Place to Work for 7 Years by Great Place to Work Institute with
two other recognitions in 2022.
• The Best Workplaces in Sri Lanka for Millennials 2022
• Asia’s Best Workplaces 2022 Ranked 68th place in Asia
Prime Group is committed to shaping the future of living spaces in Sri Lanka with the
focus on environmental sustainability, robust governance practices and positive social
impact.
GROUP STRUCTURE
80% Listed Subsidiary
100% Fully Owned Subsidiary
Regent Caterers (Pvt) Ltd

Regent Country Club (Pvt) Ltd
37% Associate Company
HNB Finance PLC
Affiliate Company
Prime Lands (Pvt) Ltd
Bhoomi Realty Holdings (Pvt) Ltd
Affiliate Company
Prime Constructions (Pvt) Ltd
Affiliate Company
Prime Realty (Pvt) Ltd
Affiliate Company
Prime Lands Australia (Pty) Ltd

10 | 11 Prime Lands Residencies PLC
AWARDS AND RECOGNITIONS
International Star for Quality
Asia’s Best Workplaces
ACEF Asian Leaders Awards Best Developer in Sri Lanka
Best Web Awards
Great Place to Work
National Business Excellence
TAGS Awards
OUR PROPERTIES AT A GLANCE
The Colombo Border
The Grand - Ward Place (Colombo 07)
43 by the Sea - Dehiwala
The Seasons - Colombo 08
Prime Residencies - Athurugiriya The Beachfront Uswetakeiyawa I

The Palace - Gampaha
The Beachfront Uswetakeiyawa II Prime Wrendale - Rajagiriya

JOURNEY TO GREATNESS
INITIAL PUBLIC OFFERING

PRIME LANDS RESIDENCIES
(PRIVATE) LIMITED was listed in the Diri
Savi Board of the Colombo Stock Exchange
as PRIME LANDS RESIDENCIES PLC 2021
AMALGAMATION
Amalgamated PRIME HOMES (PRIVATE)
LIMITED LIVING HOMES (PRIVATE) 2016
LIMITED with PRIME LANDS
RESIDENCIES (PRIVATE) LIMITED
NAME CHANGE
Changed the name of the Company as
2015 “PRIME LANDS RESIDENCIES (PRIVATE) LIMITED”
INCORPORATION
“PRIME HOMES INTERNATIONAL (PRIVATE)
2005 LIMITED” as a fully owned subsidiary of “PRIME LANDS
(PRIVATE) LIMITED”
SAP (ERP) & IT INFRASTRUCTURE

Completed Cloud Migration
Incorporation of PRIME
TAGS AWARDS CONSTRUCTIONS (PRIVATE)
Awarded with the Gold Awards for the LAND LIMITED + SAP (ERP) 2024
& PROPERTY COMPANIES SECTOR and Implementation + TAGS
Bronze Award for the EMERGING LISTED 2023 Awards
COMPANIES SECTOR by the Institute of
Chartered Accountants of Sri Lanka at the 57th
Annual Report Awards Ceremony.
COMPANY MILESTONE 2023/24
INCORPORATED PRIME
CONSTRUCTIONS (PRIVATE) LIMITED
In response to the evolving landscape of the
construction sector in Sri Lanka, Prime Group
strategically established "Prime Constructions
(Private) Limited" as a sister company in
2023. This new entity serves as a dedicated
construction management firm, tailored to
enhance the capabilities and competitiveness
2022 of Prime Lands Residencies PLC, a flagship
ACQUISITION entity within the Prime Group.
Acquired the Real Estate Arm of
PRIME FINANCE PLC “Building Futures Together: Prime
Constructions (Private) Limited Empowers
Prime Lands Residencies PLC amidst
Challenging Market Conditions”
SAP IMPLEMENTATION
Commence SAP implementation for Prime
Constructions (Private) Limited to streamline
procurement, stores management, finance and
project management functions.
TAGS AWARDS
Awarded with the Silver Awards for the LAND
& PROPERTY COMPANIES SECTOR and the
EMERGING LISTED COMPANIES SECTOR
by the Institute of Chartered Accountants of
Sri Lanka at the 58th Annual Report Awards
Ceremony.
VALUE CREATION MODEL

VISION
INPUTS CORE BUSINESS

FINANCIAL CAPITAL
Equity Capital - Rs. 9.6 Bn
Debt Capital - Rs. 0.9 Bn
Pre- sales advances from customers
• Apartments - Rs. 1.1 Bn
• Lands - Rs. 1.4 Bn
MANUFACTURED CAPITAL
Investment Strategy
Project Lifestyle Management
Total invested in projects during the year
• In Apartments - Rs. 3.2 Bn
EXTERNAL ENVIRONMENT - OPPORTUNITIES AND CHALLENGES
• In Lands - Rs. 0.2 Bn

Land inventory value at cost
• For Apartments - Rs. 1.3 Bn
Land inventory
• For Apartments - 2,984 P
INTELLECTUAL CAPITAL
Brand Reputation
Knowledge-Based Systems and Processes
Strategic Partnerships
Membership & Affiliations
Technology Systems
HUMAN CAPITAL
HR Strategy
HR Governance
Employee Growth & Development
Employee Experience
Employee Well-being
SOCIAL AND RELATIONSHIP

CAPITAL
Customer Value Proposition
RESIDENTIAL
Customer Experience Journey
Product Stewardship
REAL ESTATE
Effective Communication with Customers
Customer Care
DEVELOPMENT
Supply Chain Management
Enhancing the Quality of Neighbourhoods
NATURAL CAPITAL
Construction Best Practices
Sustainable Resource Utilization
COMPANY VALUES CORPORATE GOVERNANCE FRAMEWORK

STRATEGY
OUTPUTS FOR PLR OUTCOMES SDGs
Most Valuable Real Estate Brand by SHAREHOLDERS

Brand Finance Return on Equity - 12%
(36% - 2022/23)
Growth in operational performance
Paid to Equity Holders - Rs. 562.5 Mn
Strong competitive edge over peers (Rs. 937.5 - 2022/23)
Positioning as an end-to-end real BANKERS

estate solutions provider by widening Cost of Borrowings - Rs. 605 Mn
the portfolio (Rs. 1,090 Mn - 2022/23)
Most Awarded/Most Respected Real

Estate Group by LMD CUSTOMERS
Best in class value proposition for customers
Higher NPS (Net Promoter Score)
among customers Guarantees of world-class condominium units
Assurance of legally compliant home ownership

Uninterrupted supplies and continued
relationship with suppliers with Wider real estate opportunities
flexible terms.
EMPLOYEES
Merit based rewards in performance Monetary Benefits Distributed - Rs. 193 Mn
driven organization (Rs. 183 Mn - 2022/23)
Higher level of Employee Satisfaction

An arena to employee to be their best
Higher level of Employee Retention
Evolve future leaders
Investment in Employee Engagement and Well-
being - Rs. 17 Mn
Be the employer of the choice.
Improved stakeholder engagement CONTRACTORS AND SUPPLIERS

Average Project Spent
Contractors - Local 100% (100% - 2022/23)

- Foreign - NIL (NIL - 2022/23)
Suppliers - Local Purchases - 92%

(88% - 2022/23)
- Imports - 8% (12% - 2022/23)
GOVERNMENT
Tax paid Rs. 448 Mn
(Rs. 934 Mn - 2022/23)
Incidents of non-compliance with regulations

- None
COMMUNITIES
New indirect job opportunities with regional
expansions.
RISK MANAGEMENT FRAMEWORK

HIGHLIGHTS
Revenue (Rs. Mn) Revenue Composition Operating Profit (Rs. Mn)

20,000 Rs. 1,544 Mn 5,000
4,000
15,000
3,000
10,000
2,000
5,000
1,000
19,798
9,510
8,090
1,937
4,759
1,735
0 Rs. 6,546 Mn 0
2021/22 2022/23 2023/24 2021/22 2022/23 2023/24
Apartments Lands
PAYMENT TO PROVIDERS EMPLOYEES AVERAGE PROJECT

OF EQUITY CAPITAL SPENT
EMPLOYEE TOTAL
RS. 563 Mn MONETARY BENEFITS CONTRACTORS
(Declared to be paid in June 2024)
Rs. 193 Mn Local - 100%
(2022/23: Rs. 183 Mn) (2022/23: 100%)
PAYMENT TO PROVIDERS
OF LOAN CAPITAL
CADRE STRENGTH Foreign - NIL
Rs. 605 Mn 88 (2022/23: NIL)
(2022/23 : Rs. 1,090 Mn)
(2022/23: 81)
SUPPLIERS
TOTAL PROJECTS CUSTOMERS Local Purchases - 92%
43 GROWTH IN BRAND
(2022/23: 88%)
(3,081 Units) FOLLOWERS
Imports - 8%
Social Media - 175% (2022/23: NIL)
PROJECTS IN PROGRESS
4 Web Site - 158% Foreign - NIL
(1,076 Units)
(2022/23: 12%)
Growth in Repeat
Undertaken in 2023/24
Customers - 27%
2
(526 Units)
COMPLETED PROJECTS Inventory Properties - Apartments & Lands

39 (Rs. Mn)
20,000
(2,005 Units)
LAND INVENTORY 15,000
2,983 P
(2022/23: 2,755 P) 10,000
5,000
15,152
12,388
10,020
0
2021/22 2022/23 2023/24
BOARD OF DIRECTORS
She was recognized as the third most

powerful woman in Sri Lanka by Echelon
Magazine, a leading business magazine
in Sri Lanka in 2013 and the “Best
Women Entrepreneur” Large Category
in 2014/2015 by Women in Management
Sri Lanka. She was also awarded the
“Honored Leaders Excellence Award”
for excellence in Women’s empowerment
from World Consulting and Research
Corporation in New Delhi.
POSITIONS CURRENTLY HELD IN

OTHER COMPANIES
Ms. Perera currently serves in the
capacity of Co-Chairperson of Prime
Lands (Private) Limited, and as a Director
of Prime Constructions (Private) Limited,
Bhoomi Realty Holdings (Private) Limited,
Regent Caterers (Private) Limited, Regent
Country Club (Private) Limited, Prime
Realty (Private) Limited and Prime Lands
Australia Pty. Ltd.
SANDAMINI PERERA
Chairperson
APPOINTED
To Company May 2005
To Board May 2005
BOARD COMMITTEE
MEMBERSHIP
N/A
EXPERTISE
Entrepreneur, Business Strategist, Sales
and Marketing Practitioner
QUALIFICATIONS AND
EXPERIENCE
Ms. Perera is the Co-founder of Prime
Group and currently serving in the
Capacity of Group Co- Chairperson and
possess over 28 years of experience in
the Real Estate industry. She holds an
MSc in Strategic Marketing from Asia
e-University Malaysia and a Member of
Sri Lanka Institute of Marketing (SLIM).
Board of Directors
He has served Sri Lanka’s real estate Mr. Premalal was the President of The
sector for three decades and a prominent Condominium Developers Association –
figure in Sri Lankan business landscape, Sri Lanka (CDASL) in the year 2021/22.
is the Founder and Group Chairman of
Prime Lands (Private) Limited, the parent
company of Prime Lands Residencies
PLC which is the leader in real estate
industry.
He was conferred with the prestigious

UCD Entrepreneur of the year in 2011
considering his vast experience in the
real estate industry and exposure to
many other industries as an entrepreneur.
Mr. Brahmanage was honored as being
one of the 2018 A-List of “Sri Lankan
Business People” by LMD, listing among
the top 50 businessmen in Sri Lanka who
have driven the nation’s engine of growth
and are the country’s true assets. Given
his experience and leadership in various
industries and his contribution towards
the advancement of entrepreneurship in
Sri Lanka, he was awarded at the ‘Most
Outstanding Entrepreneur in Sri Lanka’
PREMALAL BRAHMANAGE for the year 2018 by the International
Executive Director Association of Lions Club.
APPOINTED He was also recognized as one of Asia’s

Greatest Brand Leaders in 2017. Under
To Company May 2005 his leadership, Prime Lands Residencies
To Board May 2005 PLC has awarded the Most Valuable Real
Estate Brand by Brand Finance in LMD’s
BOARD COMMITTEE Brands Annual April 2022.
MEMBERSHIP
N/A POSITIONS CURRENTLY HELD IN
OTHER COMPANIES
EXPERTISE Mr. Brahmanage is the Co-Founder, &
Entrepreneur, Business Strategist, Co-Chairman of Prime Lands (Private)
Financial Acumen Limited, and a Director of Prime
Constructions (Private) Limited, Bhoomi
QUALIFICATIONS AND Realty Holdings (Private) Limited, Regent
EXPERIENCE Caterers (Private) Limited, Regent
Country Club (Private) Limited, Prime
Mr. Brahmanage is a fellow member of
Realty (Private) Limited and Prime Lands
the Chartered Institute of Management
Australia Pty. Ltd.
Accountants (United Kingdom), Sri Lanka
Institute of Marketing, Chartered Business
He is also a Non-Executive Non
Administrator (Canada) and holds a
Independent Director of HNB Finance
Master of Business Administration from
PLC and an Independent Non-Executive
the Open University of Malaysia and a
Director of Ceylinco General Insurance
Postgraduate Diploma in Marketing from
Ltd.
the University of Sri Jayawardenapura,
Sri Lanka. He is an alumnus of Thurstan
College, Colombo.
Development of Commercial Law and

Practice. He is also a Chartered Engineer
of the Institute of Engineers, Sri Lanka as
well as is IESL registered International
Professional Engineer (Int. PE).

OTHER COMPANIES
N/A
MANJULA WEERAKKODY
Managing Director / Executive Director
APPOINTED
To Company July 2016
To Board September 2017
BOARD COMMITTEE
MEMBERSHIP
N/A
EXPERTISE
Engineering, Business Strategist
QUALIFICATIONS AND
EXPERIENCE
Mr. Weerakkody is an experienced
professional engineer with a wealth of
experience spanning over 2 decades.
He holds a BSc Engineering degree from
the University of Moratuwa, a Master of
Business Administration in Management
of Technology from the University of
Moratuwa and a Postgraduate Diploma
in Structural Engineering Design from
the University of Moratuwa. In addition to
this he holds a Diploma in Commercial
Arbitration from the Institute of the
Board of Directors
He has been appointed as a member

to the Steering Committee of the Skill
Council of the Faculty of Arts, University
of Colombo as part of an initiative of
the World Bank- Accelerating Higher
Education Expansion and Development
(AHEEAD) grant of the Faculty of Arts
(Program ID:P159995). He is a business
idol in Sri Lanka having been featured in
many business media interviews related
to real estate growth/condominium trends
in the country. He was also captured in
top business magazines for topics related
to the success story of the Prime Group
and its awards. He is also a Certified
Member of the Sri Lanka Institute of
Marketing (SLIM).

OTHER COMPANIES
He currently serves in the capacity
of Executive Director of Prime Lands
(Private) Limited and Director of Bhoomi
Realty Holdings (Private) Limited
NALINDA HEENATIGALA
Executive Director / Director - Corporate
Affairs
APPOINTED
To Company May 2005
To Board December 2016
BOARD COMMITTEE
MEMBERSHIP
N/A
EXPERTISE
Sales and Marketing, Business
Development and Residential Real Estate
QUALIFICATIONS AND
EXPERIENCE
Mr. Heenatigala is a veteran in real
estate industry for 27 years and holds
a Bachelor of Management Studies
degree awarded by the Open University
of Sri Lanka, a Commonwealth Executive
Master of Business Administration from
the Open University of Sri Lanka. He
is currently reading for his PhD at the
University of Colombo.
and as well as represented the company

in numerous Real Estate conventions
locally and internationally.
Recognized as one of the A List Millennial

Torchbearers in 2020 by LMD, Ms.
Brahmanage was listed among the top 25
Sri Lankans from the millennial generation
who are poised to shine in the business
in the future.
POSITIONS HELD IN OTHER

COMPANIES
Ms. Brahmanage serves as an Executive
Director of Prime Lands (Private) Limited
as well as in Regent Caterers (Private)
Limited.
SHEHANA BRAHMANAGE
Executive Director
APPOINTED
To Company February 2019
To Board February 2019
BOARD COMMITTEE
MEMBERSHIP
N/A
EXPERTISE
Sales and Marketing; and Business
Development
QUALIFICATIONS AND
EXPERIENCE
Holder of a Bachelor of Arts Honors
degree in Accounting and Finance from
the University of Greenwich UK and is
at present reading for her MBA in Post
Graduate Institute of Management from
the University of Sri Jayawardenapura
Ms. Brahmanage has been the force

behind the ability of developing and
executing strategic plans in leading and
managing the company’s Sales strategies
Board of Directors
UK, Fellow Member of the Sri Lanka

Institute of Marketing and holds a
Masters of Business Administration from
the University of Sri Jayawardenapura.
He is also an Alumni of National
University of Singapore, Asian Institute
of Management and the Stanford
Business School USA. He is also a well-
known Management Consultant and an
Accredited Master Coach and a Mentor.
He is a consulting partner of RBL USA
as well. A former Managing Director of
Aviva NDB Insurance PLC (Now AIA
Insurance Lanka Limited and unlisted),
former Commissioner - Sri Lanka
Inventors’ Commission, a Past President
of Sri Lanka Institute of Marketing, he
has served on several National bodies
as well.

OTHER COMPANIES
He currently serves in the capacity of
Independent Non- Executive Director in
AIA Insurance Lanka Limited, Siyapatha
DEEPAL SOORIYAARACHCHI Finance PLC, Lanka Shipping and
Independent Non-Executive Director /
Logistics (Private) Limited, Kelani Cables
Senior Independent Director
PLC, Medapp (Private) Limited and
Singer Sri Lanka PLC. Also as a Non-
APPOINTED Executive Director at Pan Asian Power
To Company N/A PLC. He is the Managing Director of SATI
To Board February 2021 Human Development Institute (Private)
Limited.
BOARD COMMITTEE
MEMBERSHIP
Board Audit Committee, Related
Party Transaction Review Committee,
Remuneration and Human Recourses
Committee, and Nomination and
Governance Committee.
EXPERTISE
Marketing, Human Resources
Management, General Management,
Executive Coaching and Mentoring
QUALIFICATIONS AND
EXPERIENCE
Mr. Sooriyaarachchi counts over four
decades of wide industry experience,
and out of that more than 15 years at
Board level. He is a Fellow member
of the Chartered Institute of Marketing
of Business Executives (UK) and a

Fellow Member. A former Executive
Committee Member of Sri Lanka Institute
of Marketing (SLIM).
Over the last two and half decades he

has conducted over three thousand
inspirational workshops in Management,
Entrepreneurial Development,
Customer Care, Service Excellence,
Relationship Marketing and Motivation
in over 800 leading public and private
sector institutions in Sri Lanka and ten
other countries with nearly 400,000
participants. In year 2000 he was
presented with the Sri Lanka Institute of
Marketing, first ever ‘Recognition Award’
for the contribution made to enhance
the professional competence of the
customer interface community in Sri
Lanka. The programmes designed and
conducted for the benefit of the Cabinet
of Ministers in year 2004, Presidential
Secretariat and Government Institutions
were commended by Her Excellency
DHAMMIKA KALAPUGE the former President of Sri Lanka. He
Independent Non-Executive Director has several publications on ‘Service
Marketing’ both in local and foreign
APPOINTED journals and has served as a Chief
Examiner at the Institute of Bankers of Sri
To Company N/A
Lanka. He was a Former Vice President–
To Board February 2021 Marketing at DFCC Bank and has held
senior marketing positions at Sampath
BOARD COMMITTEE Bank, Eagle Insurance and Eagle NDB
MEMBERSHIP Fund Management.
Committee. POSITIONS CURRENTLY HELD IN
OTHER COMPANIES
EXPERTISE He is a Director at SIPCOM – 1 (Private)
Management, Entrepreneurial Limited, a company involved in total
Development, Customer Care, Service people development.
Excellence and Relationship Marketing
QUALIFICATIONS AND
EXPERIENCE
Mr. Kalapuge is a Post Graduate
Diploma holder of Chartered Institute
of Marketing (UK) and a Chartered
Marketer. Diploma of Marketing from
Marketing Council of Australia, a Fellow
of the Australian Marketing Institute
(AMI) and Certified Professional Marketer
(CPM) of AMI. Advanced Diploma in
Business Administration from Association
Board of Directors
the University of Sri Jayawardenapura.

Pursing a diversified career, Mr. Perera
successfully read for a Bachelor of laws
Degree (LLB) from the Open University
of Sri Lanka and entered the legal
field as an Attorney-at-Law. He has
wide experience in manufacturing and
export industries having held senior
positions in companies in multiple
sectors such as food and beverage,
packaging and ceramic industries. In
addition to many years of experience in
Accounting and Finance, he has gained
extensive experience in senior corporate
management and in the legal profession.
During his career he has been on many
Boards, both in listed and unlisted entities
in diversified business sectors.

OTHER COMPANIES
He is a Non Executive Director of Pele
Consulting (Private) Limited and Eastgate
Global Trading (Private) Limited.
MAHINDA PERERA
Independent Non-Executive Director
APPOINTED
To Company N/A
BOARD SUB-COMMITTEE
MEMBERSHIP
Board Audit Committee, Related Party
Transaction Review Committee, and
Nomination and Governance Committee
EXPERTISE
Finance, Management and Legal
QUALIFICATIONS AND
EXPERIENCE
Mr. Perera counts over 35 years
of professional experience in the
commercial sector in Finance,
Management and Legal disciplines.
He is a Fellow of the Chartered
Institute of Management Accountants
(FCMA, UK) and a CGMA and
has obtained a Master’s Degree in
Business Management (MBA) from the
Postgraduate Institute of Management of
Association of Accounting Technicians,

Sri Lanka. Mr Bandara counts over 25
years of experience in auditing practice,
assurance and advisory services.

OTHER COMPANIES
He is a partner of B. R De Silva & Co,
Chartered Accountants (Member firm
of Nexia International) and a Director of
Nexia Services Management (Private)
Limited and Nexia BPO (Private) Limited.
Mr Bandara is a Board member of the
Sri Lanka Accounting and Auditing
Standards Monitoring Board. He is also
an Independent Non-Executive Director
of Abans Finance PLC, Luminex PLC
and a Director of CL Synergy (Private)
Limited, and a member of the governing
council of the Institute of Chartered
Accountants of Sri Lanka and the Institute
of Certified Management Accountants
of Sri Lanka (ICMA).He is also a visiting
faculty member at leading state and
private sector universities.
SANJAYA BANDARA
Independent Non - Executive Director
APPOINTED
To Company N/A
BOARD COMMITTEE
MEMBERSHIP
Board Audit Committee, Related
Party Transaction Review Committee,
Committee, and Nomination and
Governance Committee
EXPERTISE
Finance and Strategic Management
QUALIFICATIONS AND
EXPERIENCE
Mr. Bandara holds a Bachelor of Science
Degree in Accountancy & Financial
Management from the University of
Sri Jayawardenapura and a Master’s
Degree in Business Administration from
the University of Colombo. He is a fellow
member of the Institute of Chartered
Accountants of Sri Lanka and the
Board of Directors
Engineers (SL). and Incorporated

Engineer – SL (IEng)
He holds over 33 years of multi-

faceted experience in engineering and
engineering consultancy in Sri Lanka
and internationally. He has held senior
positions in organizations such as State
Engineering Corporation, Heavy fab
Limited, Development Consultants Lanka
(Private) Limited, Safari Company Limited
Saudi Arabia and Baharudden P M S
Associates, Brunei.

OTHER COMPANIES
He serves on the Boards of On'ally
Holdings PLC in the capacity of Non-
Executive Director. He is also the Director
at the Vocational Training Authority,
the Managing Partner of Cadteam and
Managing Director/Proprietor of N J
Consultants.
NOEL JOSEPH
APPOINTED
To Company N/A
To Board October 2021
BOARD COMMITTEE
MEMBERSHIP
N/A
EXPERTISE
Engineering
QUALIFICATIONS AND
EXPERIENCE
Mr. Joseph is a Member of the Institution
of Electrical and Electronic Engineers
(MIEEE)-USA, The Institution of Lighting
Engineers (MILE) – UK, The New York
Academy of Science (MNYAS) – USA,
the Illumination Engineering Society
(MIES) –USA, Incorporated Engineer
- UK (IEng), Institution of Engineering
Technology (MIET) – UK, American
Society of Heating, Refrigerating and
Air-Conditioning Engineers (MASHRAE)-
USA, The Institute of Incorporated
a BSc Management (Special) Degree

with Second Class honours from the
University of Sri Jayewardenepura, and
an MBA from Buckinghamshire New
University, UK.
Mr. Pathirage has developed significant

expertise in management consultancy
and tax advisory services during his
tenure as a Senior Manager at Baker Tilly,
Sri Lanka-Chartered Accountants. As a
Director at Corporate Secretaries Practice
(Private) Limited, the secretarial arm of
the accountancy firm, he played a crucial
role in overseeing management and
providing advisory services to various
business sectors.
Further, he has gained extensive

international exposure while serving as
the Chief Accountant of Cyprea Group
of Companies in the Maldives, where he
contributed to areas such as international
trade, airline operations, and the
hospitality and tourism industry.
ANURA PATHIRAGE
Executive Director / Director - Finance Mr Pathirage’s diverse professional
journey also includes attaining significant
APPOINTED experience by working in the apparel and
insurance sectors as well in Sri Lanka.
To Company November 2014
To Board January 2024 POSITIONS CURRENTLY HELD IN
OTHER COMPANIES
BOARD COMMITTEE
He currently serves in the capacity of
MEMBERSHIP
Director Finance of Prime Lands (Private)
N/A Limited and as a Non-Executive Director
of HNB Finance PLC where he serves as
EXPERTISE a Member of the Board Credit Committee
A Finance Professional with 21 years of and Procurement Committee.
experience in the Private Sector
QUALIFICATIONS AND
EXPERIENCE
Mr. Pathirage holds distinguished
professional memberships, as a
Chartered Tax Advisor of the Institute
of Chartered Accountants of Sri Lanka,
a Fellow Member of the Chartered
Institute of Taxation of Sri Lanka,
and a member of the Association of
Accounting Technicians Sri Lanka
as well as a member of the Sri Lanka
Institute of Directors (SLID). His
educational background is marked by
MANAGEMENT TEAM
RUMINDA RANDENIYA DINUSHA FERNANDO SISIRA KUMARA

General Manager Real Estate General Manager Legal Consultant Internal Audit & Compliance
Mr. Randeniya counting over 26 years’ Ms. Fernando joined Prime Lands Mr. Sisira Kumara has experience in the
experience in the Real Estate sector is (Private) Limited in 2001 and currently field of finance and accounting for over
an accomplished Strategic Management serving as the Executive Director Legal, three decades holding various positions
Professional who is presently the Chief Prime Lands (Private) Limited and in finance and administration in leading
Executive Officer of Prime Lands (Private) Director of Bhoomi Realty Holdings organizations including multinational
Limited having being recognized for his (Private) Limited. Ms. Fernando gives corporations overseas.
exceptional performance in the Real leadership to the entire group on legal
Estate business during his career at guidance on Real Estate. He holds a Master of Business
Prime Group. Administration from the University of
Ms. Fernando was called to the Bar Derby (UK) and is a Member of the
He also serves as an Executive Director Association of Sri Lanka in 1998, Chartered Institute of Management
of Prime Lands (Private) Limited as well practiced as an Attorney-at-Law and Accountants (CIMA-UK).
as an Executive Director of Bhoomi holds a Master’s Degree in Law (LLM)
Realty Holdings (Private) Limited, Regent from the University of Colombo. He started his career at Associated
Cateres (Private) Limited, Regent Country Newspapers of Ceylon Limited (Lake
Club (Private) Limited. At present, he During her 23 years of association with House), and other reputed institutions
also serves as the General Manager of the Real Estate industry she further including the Urban Development
the Real Estate Division of Prime Lands gained extensive experience and Authority, State Trading General
Residencies PLC. developed expertise in drafting and Corporation, Ceylon Leather Products
review of legal documents, negotiation of Limited and Lankem Ceylon PLC.
Mr. Randeniya holds a Bachelor's Degree terms and conditions and facilitation of
in Business Management from the Open title transfers. He has gained experience in
University of Sri Lanka and a Diploma various business sectors including
in Marketing from Sri Lanka Institute of manufacturing, trading, constructions
Marketing (SLIM). He also serves as and leisure during this time.
a member of the Sri Lanka Institute of
Directors (SLID). Mr. Sisira Kumara works as a Consultant
- Finance, Internal Audit & Compliance at
His strength lies in his unique ability Prime Lands (Private) Limited and also is
to recognize potential properties for the Head of Finance at Regent Country
development in many parts of the country Club (Private) Limited.
and executing wining strategies to
profitably market them.
SHAMINDA SANJANI KUMARIHAMI RASIKA UDAYANGA

HEWAPATHIRANA Chief Human Resources Officer Chief Information Technology Officer
General Manager Engineering
Ms. Kumarihami is serving as the Chief Mr. Udayanga is an all-rounder in ICT
Mr. Hewapathirana joined the Company Human Resources Officer at Prime Group. industry with over 15 years experience
as the Chief Engineer adding value to the She is a graduate in Human Resource with a proven track record in Network
company with his 28 years of experience Management from the University of Infrastructure, System Administration,
in the fields of high-rise, commercial, Kelaniya and completed her Master’s in Software Development, VOIP
residential, roads, bridges and marine Business Studies at University of Colombo Technologies and Business Management.
Construction liaising with both local and as well as holds a diploma in Psychology
International Companies. from the London School of Business and He is currently working at Prime Lands
Social Sciences. Ms. Kumarihami is an (Private) Limited as the Chief Information
At the inception of his career, he worked Associate Member of Chartered Institute Technology Officer. Mr. Udayanga is
at Sanken Lanka/ Mitsui Construction and of Personnel Management and a Certified spearheading the rollout of the SAP
gradually climbed the ladder by working HR Auditor in Sri Lanka. She has been Business One among all business
for well-known Companies in the field of practicing Human Resources Management verticals and also was the main arm of
Engineering, such as Ceylinco Group, for over one and half decades and has setting up the Call Centre of Prime Group.
Jetwing Hotels and China Harbour expertise in Organizational Development,
Engineering Company. Process Re-engineering, Talent Acquisition He is a professional member of the British
& Development, Change Management, Computer Society and a Post Graduate
Mr. Hewapathirana completed his tertiary Cross Culture Management, Coaching and of the University of Colombo. Prior to
education at University of Moratuwa Mentoring, and Employee Engagement. joining Prime Group he has gathered rich
(NDT) & Engineering Council (UK). He experience in business operations apart
holds a Diploma in Project Planning and Ms. Kumarihami has experience in from ICT at one of the largest BPO in Sri
Management at CAD center, India and Human Resources Management in local Lanka. He also managed MIS, training
Hold Masters In Business Administration and multinational conglomerates in and quality assurance departments
( MBA ) from University of Uva Wellasa, various industries including Real Estate, during his tenure as a Senior Manager.
Sri Lanka. Mr. Hewapathirana holds the Apparel, ICT, Travel, Manufacturing, He became employee of the year in 2016
corporate membership at the Institute Infrastructure Development and and won the unmatched performance
of Incorporated Engineers, Sri Lanka Entertainment. award for three consecutive years.
(IIESL).
Ms. Kumarihami has been recognized
Mr. Hewapathirana is currently leading as one of the Best Women Leaders in
the Engineering Department at Prime Sri Lanka and thus being honored as an
Lands Residencies PLC as the General Outstanding Women Leader by Women
Manager – Engineering. Icon powered by the World Women
Council and the Times Women, New York
in 2021.
Management Team
HARSHANA KULATILAKA ISURU UDANA His in-depth knowledge in the fields of

Chief Financial Officer Chief Quantity Surveyor procurement, commercial management,
contract administration, construction law
Mr. Kulatilaka joined the Prime Group Mr. Isuru Udana joined Prime Lands and dispute resolution from the inception
in April 2023. A seasoned finance Residencies PLC as the Chief Quantity of a project until project completion has
professional, accounts for over 23 Surveyor. added value to his leadership and team.
years of experience in the Accounting
field where he has held many senior He has gained more than 10 years of Mr. Isuru Udana holds a B.Sc. (Hons)
management positions at a number industrial experience in all aspects as degree in Quantity Surveying from
of leading organisations in Sri Lanka a Consultant and Contractor Quantity the University of Moratuwa, Sri Lanka
and internationally, including Growth Surveyor, Contract Administrator, Cost and a M.Sc. in Construction Law &
Lanka (Private) Limited, Lanka Equities Control Engineer, Procurement Engineer Dispute Resolution from the University of
(Private) Limited as well as Contract related to MEP and Civil work in the Moratuwa, Sri Lanka. He has obtained
Manufacturing & Packaging Services Middle East and Sri Lanka. the Member Grade and the Certified
(Private) Limited in Sydney, Australia. Quantity Surveyor designation (MAIQS,
Immediately prior to joining the Prime He has obtained in‐depth knowledge and CQS) from the Australian Institute of
Group, Mr. Kulatilaka served as the Head understanding of procurement routes, Quantity Surveyors. Further, he holds a
of Corporate Planning at HNB Finance forms of contracts and other bespoke Graduate Membership of the Institute of
PLC, a position he held since 2015. local forms. Besides, he has worked Quantity Surveyors Sri Lanka.
and experienced in remeasurement,
Mr. Kulatilaka holds a B.Sc. Business lump‐sum, design and build contracts
Administration (Specializing in & cost-plus contracts. Further, he has
Finance) from the University of Sri engaged in all pre-contract & post-
Jayewardenepura Sri Lanka and an contract quantity surveying aspects
advanced Diploma in Accounting from such as preliminary estimating & cost
the University of Western Sydney- planning, collection and compilation of
Australia. He is also an Associate cost information, preparation of bills of
Member of the Institute of Chartered quantities (BOQ), tender documentations
Accountants – Australia and New and tender evaluations, Interim Payment
Zealand, The Chartered Institute of Certificates, Variations, Claims etc. and
Management Accountants (CIMA) UK well conversant with standard method
& CGMA as well as at the Institute of of measurements for both MEP & Civil
Chartered Accountants – Sri Lanka. Engineering works (i.e. SMM7, POM(I),
NRM2, Qatar‐SMM, CESMM4 & etc.).
ORGANISATIONAL
PERFORMANCE
CHAIRPERSON’S
MESSAGE
The financial year 2023/24 projects remained on track amidst the The aforementioned strategic impetus
evolving regulatory landscape. involved the purposeful identification of
called for us to remain strengths, weaknesses, opportunities,
resilient while adapting The volatility in macroeconomic and threats, facilitating well-informed
to the market dynamics variables presented both challenges and decision-making for future strategies and
opportunities. Unexpected increases in enhancements.
swiftly and strategically. construction costs and material prices,
While we responded to the the removal of VAT exemption on the As such, in spite of challenges the
status quo by adopting sale of residential accommodation, Company achieved sales success during
the introduction of the Social Security the year under review, demonstrating
appropriate operational Contribution Levy (SSCL) on the real innovation in our projects, particularly in
and financial strategies, as estate business, and the removal of payment plans.
well as advocacy efforts, concessionary income tax for newly
listed companies on the Colombo Stock
we remained true to our Exchange (CSE) posed significant
SUSTAINABLE GROWTH
integral philosophy of challenges to our stakeholders. Despite Mindful of the evolving marketplace
and requirements of the future, we
striving for excellence in all these obstacles, our forward-thinking
integrate sustainability into all aspects
strategies, such as strategic expansions
aspects of our operations. and partnerships leveraging Group of our operations from project inception
As such, in spite of the synergy, provided us with the strength to to completion and handing over. We
have begun to introduce green building
confluence of challenges overcome these challenges and achieve
technologies into our projects in line
a cumulative Profit After Tax (PAT) well
that the year presented, above our initial IPO projections. with the environmental sustainability
we remained steadfast agenda. At present, we seek to minimise
our environmental impact through
in our commitment to Leveraging on this, we capitalised on
implementing energy-efficient designs,
emerging trends and market demands,
excellence and innovation. positioning ourselves as a leader in and utilising sustainable materials
innovation and customer-centricity. whenever possible. The Natural capital
NAVIGATING A One such initiative was to introduce the section of this report further describes
CHALLENGING revolutionary Prime 1% payment plan our environmental sustainability
ENVIRONMENT for the first time in Sri Lanka which is a commitment.
The turbulent economic environment that unique financial model that facilitates
investors and makes homeownership Meanwhile, we proactively engage with
prevailed throughout the year, coupled
attainable for everyone by paying only local communities to ensure that our
with regulatory uncertainty and market
1% per month without a down payment. development aligns with needs and
volatility tested our ability to weather
Our strategic impetus arising from aspirations, fostering social equity and
challenges in the pursuit of growth. In
long-term insights led us to convert inclusivity.
response, we relied on our experience,
insights and stable brand reputation to the challenges of 2023 into a catalyst
Our environmental sustainability
craft mitigating strategies. Economic for innovation, resilience, and growth.
approach as well as social sustainability
uncertainty led to a decrease in the We remained true to our core values,
efforts contribute to improving our
purchasing power of our customers embracing change, and leveraging our
reputation, which in turn lets us attract
as well as their confidence, which in strengths. We not only weathered the
socially conscious investors, and future-
turn affected our sales and revenue storm but also positioned ourselves for
proof our projects against evolving
projections. Responding to this, we long-term success in the ever-evolving
regulatory and market trends.
focused on enhancing our value real estate landscape of Sri Lanka.
proposition, offering tailored solutions In addition, we consciously uphold
and exploring new market segments to ORGANISATIONAL ethical business practices throughout
sustain growth. PERFORMANCE our supply chain, promoting fair labour
The organisation’s performance during standards and responsible sourcing.
In response to regulatory changes,
the year under review was successful
adjustments were made to our Our commitment to growing sustainably
in broader terms when considering
development plans and timelines. not only facilitate our own organisational
overarching factors such as financial
Our focus shifted towards prioritising growth but also shape our positive
outcomes, project completions, market
compliance, transparency, and impact on the larger society.
expansion, customer satisfaction,
stakeholder engagement to ensure our
and internal operational efficiency.
Chairperson’s Message
CORPORATE GOVERNANCE Information Modelling (BIM), 3D printing, uncertainties, regulatory changes, and
Our robust Corporate Governance and smart home systems. market fluctuations, they have remained
structure and processes drive steadfast in their commitment to driving
In addition, we will continue to build on our vision forward. Our team’s ability to
organisational growth by facilitating
strategic expansion and diversification swiftly adapt to challenges and capitalise
Transparency, Accountability,
through exploring opportunities both on opportunities has been instrumental
Governance and Sustainability. Ethical
locally and at an international level. in our continued success. As we reflect
decision making, risk management and
We will diversify our portfolio by on the past year, it is evident that our
compliance with laws and regulations are
exploring new sectors such as mixed- journey is far from over. With each
at the core of our corporate governance
use developments, and sustainable challenge comes an opportunity for
framework.
infrastructure projects. growth and transformation, and I have
Our Board of Directors provide able no doubt that together, we will continue
Meanwhile, we will continue to improve to overcome obstacles and achieve new
guidance and strategic oversight into
our sustainable growth approach, heights of success. PLR Team’s passion,
organisational processes, incorporating
facilitate customer-centricity, enhance dedication, and unwavering commitment
ethical consideration and stakeholder
community engagement and partnerships to excellence inspire us all, and I am
interest into the decision-making process.
to create long-term growth. Our truly grateful to have such an exceptional
Meanwhile, we strictly adhere to financial, commitment to continuous improvement team by my side.
internal controls and reporting standards, and adaptation of appropriate strategies
ensuring accuracy and transparency in will facilitate a culture of embracing As we look towards the future, let us
our financial statements. We conduct feedback, monitoring market trends, and continue to embrace change, innovate
internal audits on a periodical basis to staying agile in response to changing boldly, and uphold the values that have
analyse, identify and address potential dynamics. been the cornerstone of our success.
risks or irregularities. Together, there is no limit to what we can
As such, we will remain at the forefront of achieve, and I am confident that the best
Stakeholder engagement is a core innovation and maintain our competitive is yet to come for PLR.
aspect of the execution of our corporate edge in the industry to drive sustainable
governance approach. We engage our growth, deliver lasting value to Thank you once again for your tireless
stakeholders in a meaningful manner stakeholders, and shape the future of efforts and unwavering commitment to
to gain insights into the evolving vertical living. excellence. Your contributions do not go
requirements. This approach fosters unnoticed and are deeply appreciated.
trust and collaboration, ultimately APPRECIATIONS
contributing to our long-term success And finally, to our shareholders who have
My deepest appreciation to the
and sustainability. As such, our corporate supported us over the years, we wish to
outgoing Co-Chairman Mr Premalal
governance approach not only enhances thank each and every one of you for your
Brahmanage for his visionary leadership
shareholder value but also ensures that trust and confidence in the Prime brand.
and guidance provided over the
we operate responsibly and ethically, We hope we can count on your continued
years and the trust placed on me
maintaining the trust and confidence of patronage to propel Prime Lands
and, other Board members for their
all our stakeholders. Residencies PLC towards even greater
contribution and insights that have been
heights in the years ahead.
instrumental in leading PLR. I would
FUTURE OUTLOOK like to acknowledge the unwavering
We have implemented steps to pivot dedication and exceptional performance
our future growth strategy on innovation, of PLR’s Executive Committee and staff
sustainability, and community-centric throughout the challenges of 2023/24.
approaches. This primary focus revolves As the Chairperson of PLR, navigating
H.K. Sandamini R. Perera
around the consideration of ESG issues the intricate landscape of the real
Chairperson / Executive Director
to foster a positive outcome through our estate industry demanded nothing
social, economic and environmental short of excellence, and each member
04th June 2024
impact. of our team rose to the occasion with
Colombo
remarkable resilience and adaptability.
In line with our core future growth
trajectory, we will continue to innovate Throughout the trials of 2023/24, the
in payment plans, designs and PLR team’s intense determination to
construction methods leveraging excellence and innovation has been
advanced technologies such as Building our guiding light. Despite the economic
“Be Bold
and Fearless”
Em b ra ce co u ra ge a n d
co nfi d e n ce i n eve ry
e n d e a vo r, fa c i n g c h a l l e n g e s
head-on without hesitation.
MANAGING DIRECTOR’S As the year 2023/24

unfolded creating a
REVIEW confluence of challenges,

we were swift to respond
prudently to challenges
whilst leveraging on
opportunities. This
pragmatic and far-
reaching approach allowed
us not only to ensure
short-term stability but
also to lay the foundation
ORGANISATIONAL we empowered our workforce to

PERFORMANCE thrive in an ever-changing landscape.
As at the end of the year, our revenue By investing in their growth and
amounted to Rs. 8,090 Mn with the sale development, we not only enhanced
of apartments at The Grand – Ward Place individual performance but also fortified
(Colombo 07) contributing to a significant the collective strength of our organisation.
proportion of total revenue earnings.
In parallel, we continued to prioritize the
Operating profit was Rs. 1,735 Mn for the
development of our intellectual capital,
reporting period. While our revenue and
including digital assets. Building upon
profits indicate a slowdown in line with
the success of the mobile application
the adverse economic condition of the
launched in the previous year, we
country, we succeeded in safeguarding
embarked on a journey of continuous
our financial position and increased sales
improvement and innovation. By
of apartments which will be calculated
leveraging technology and digital tools,
in the forthcoming financial years in line
we streamlined processes, improved
with our prudent revenue recognition
efficiency, and enhanced the overall
policy, detailed in the Financial Capital of
customer experience. From enhancing
this report.
user interfaces to integrating advanced
We attribute the success we achieved analytics capabilities, our digitalization
during the year under review to our efforts were aimed at driving value
strategic decisions including the creation and staying ahead of the curve
introduction of the Prime 1% payment in a digital-first world.
plan. Further, we invested in marketing
Moreover, we fostered a culture of
efforts and engaged with authorities
collaboration and knowledge sharing,
to advocate for regulatory stability to
where insights and best practices were
create a more stable and welcoming
exchanged freely across departments
environment for investors in the real
and teams. By harnessing the collective
estate market.
intelligence of our organisation, we
Overall, during the year under review, unlocked new opportunities for growth
we pivoted our growth journey on our and innovation, while also fostering a
brand reputation, market insights and sense of belonging and camaraderie
expertise to deliver our promises. This is among our employees.
a testament to the successful completion
and handing over of the jewel of the PROJECT MILESTONES
crown of PLR “The Grand - Ward Place During the year under review, we
(Colombo 07)” and “The Beachfront – continued to achieve our project
Uswetakeiyawa II (UK II)”. milestone, paving the way for future
for sustainable growth in growth in line with growth targets. We
the medium and long-term. INTERNAL REINFORCEMENT have commenced the construction
of “The Colombo Border” project in
During the year under Recognising the critical role that
Peliyagoda and initiated “The Seasons
organisational stability, intellectual
review, we concentrated capital, and human capital development Colombo 8” project for exclusive
on marketing, advocacy play in fostering sustainable growth, we boutique living spaces. The operating
environment and business review
for regulatory changes remained steadfast in our commitment
section of this report provide detailed
to nurturing these foundational elements
innovation and throughout the past year. descriptions of the projects in pipeline.
sustainability to gear
Central to our strategy was the cultivation
well to achieve sustained
of our employees' skills, expertise, and
growth. well-being. Through targeted training
programs, mentorship initiatives, and
professional development opportunities,
Managing Director’s Review
INNOVATION AND A community-centric outlook guides environment conducive to our operations

ENVIRONMENTAL our interactions with stakeholders, and growth.
SUSTAINABILITY emphasizing collaboration, inclusivity,
and social responsibility. We recognize Furthermore, I express my gratitude
We are well aware of the importance of
the importance of actively engaging to our shareholders, whose trust and
environmental sustainability coupled
with and giving back to the communities confidence in PLR have been a driving
with innovation to ensure the long-term
in which we operate, whether through force behind our endeavours. To our
sustainability of our operations. As such,
philanthropic initiatives, volunteerism, or loyal customers, consultants, architects,
we continue to invest in green building
partnerships with local organizations. contractors, suppliers, banking partners,
design and management concepts in
and other stakeholders, I extend heartfelt
collaboration with architects, contractors
At the same time, we remain vigilant in thanks for your continued support and
and suppliers. As such, our latest “The
our approach to risk management and valuable contributions to our journey.
Colombo Border” project integrates a
governance, recognizing the importance
larger open space proportion in line with
of safeguarding our operational integrity As we look to the future, let us remain
this concept. The Natural capital section
and ensuring lasting growth. Robust committed to creating value in a
of this report further describes our
governance practices, coupled with a sustainable manner, upholding the
environmental sustainability efforts.
proactive approach to risk identification highest standards of integrity, and
and mitigation, are essential in navigating fostering mutually beneficial relationships.
AWARDS AND ACCOLADES uncertainties and maintaining stakeholder Together, we will continue to build on our
Our contribution to the development trust. achievements, innovate, and thrive in the
of the real estate sector in the country ever-evolving landscape of our industry.
earned us a number of awards during In line with this commitment, we
the year under review as presented in the are focused on incorporating the
Intellectual Capital of this report. Environmental, Social, and Governance
(ESG) approach into our decision-making
processes. By systematically evaluating
FUTURE OUTLOOK
and managing our social, economic, and
As we navigate the evolving economic environmental impact, we aim to create Manjula Weerakkody
landscape and embrace the long-term value for all stakeholders while Managing Director/Executive Director
opportunities presented by recovery, we contributing to a more sustainable and
remain committed to shaping our growth equitable world. 04th June 2024
trajectory in alignment with our core Colombo
values and long-term vision. Central to
our strategy is a steadfast commitment ACKNOWLEDGMENT
to environmental sustainability, In conclusion, I am deeply appreciative
innovation, and a community-centric of the Chairperson and the Board of
outlook. Environmental sustainability Directors for their visionary guidance
lies at the heart of our operations, and and unwavering commitment to steering
we are dedicated to minimizing our PLR toward continued growth and
ecological footprint while maximizing our prosperity. Their leadership has been
positive impact on the planet. Through invaluable in navigating the complexities
initiatives such as energy efficiency of our industry and charting a course for
measures, waste reduction strategies, success.
and renewable energy adoption, we are
actively working towards a greener and I extend my heartfelt gratitude to the
more sustainable future. dedicated teams whose united efforts
have been instrumental in our success
Innovation serves as a cornerstone of our this year. Their hard work, creativity, and
approach to growth, driving continuous resilience have propelled us forward,
improvement and differentiation in our enabling us to overcome challenges and
products, services, and processes. seize opportunities.
By fostering a culture of creativity and
experimentation, we aim to stay ahead I also extend sincere thanks to regulatory
of the curve, anticipate market trends, authorities for their consistent support
and meet evolving customer needs with and partnership. Their diligence and
cutting-edge solutions. collaboration have helped create an
“Be Brilliant
in Resolve”
Exhibit exceptional
d ete r m i n at i o n a n d u nwave r i n g
fo c u s i n p u rs u i n g yo u r g o a l s, n o
m atte r t h e o bst a c l e s.
MATERIAL TOPICS
MATERIALITY
Our materiality identification helps us determine which financial, operational, sustainability or other information is significant enough to
influence the decisions of investors or other stakeholders. As such, we conduct annual materiality analysis to identify and prioritise the
relevant material topics that impact the business as well as stakeholders. In our annual analysis, we look into financial statements and
reviews, key performance indicators, regulatory requirements, market expectations and risk assessments. Once the Board approves
material topics identified through the analysis, we integrate these into the Company strategy through our internal policy framework
changes as well as specific goals to be achieved.
Changes to the Material Topics or topic boundaries compared to the last year are incorporated for FY 2023/24.
MATERIALITY DETERMINATION PROCESS GRI 3.1
1 3 5
Identifying Validation Review
2 4
Prioritising Integration
1 2 4
Identifying Prioritizing Integration
Using the research & risk Prioritise material topics using the Discussion on material topics
identification process to identify material matrix with the Board and strategy
PESTLE (Political-Economic- integration into the business
Quantitative and qualitative
Social -Technological-Legal & model through target setting.
assessment
Regulatory - Environmental)
factors Value chain analysis
Incorporate sector challenges

5
Engaging stakeholders to gain Review
insights and opportunities as identified
by competitors and business The Internal Audit, Risk and
Identify policy requirements partners Compliance Department
and compliance conducts periodical evaluations
Compliance with statutory and
Conduct regular internal audits regulatory requirements Measurement against external
reviews benchmarks
Identify the relevance and Quantitative and qualitative
necessity of adopting global 3 outcomes
sustainability benchmarks Validation
such as the ISSB Sustainability Communicate the validated
The Executive Committee reviews
Standards, GRI Standards, material topics.
and approves material topics
IIRC Framework and the UN
Sustainable Development
Goals
PROCESS PARAMETERS In prioritising material topics, we rely on our materiality matrix as presented below:
Establishing process parameters has
allowed us to identify the activities,
performances, and outcomes necessary ①②④
High
⑪⑫
to generate value consistently. By utilising ⑤⑦⑬
Importance to Stakeholders
the integrated capital framework for
reporting, we have successfully identified
parameters related to the following:
Medium
⑥⑧⑨
③
⑩⑮
IDENTIFYING MATTERS
Material topics that impact operations
and value creation are gathered
through various sources, of which
Low
leadership meetings and discussions ⑭

take precedence. Key stakeholder
perspectives and their expectations are
also considered when identifying relevant Low Medium High
topics. Material topics identification is Importance to Business
based on:
Board and Subcommittee meetings 1. Profitability 10. Supplier Relations

Leadership Discussions
2. Financial Stability 11. Pay and Benefits
Stakeholder Expectations
3. Land Inventory 12. Career Prospects
Operating Environment
Risks and Opportunities 4. Project Execution 13. Health and Wellbeing
Strengths and Weaknesses 5. Brand Image 14. Community Impact

Environmental - Social - Governance
6. Culture and Conduct 15. Environmental Stewardship
(ESG)
7. Excellence in Quality
Economic and Governance Topics
8. Resilience and Business
Continuity Social Topics
9. Customer Experience Environment Topics
The table below presents an overview of our material topics and our management approach: GRI 3.2, 3.3
Evaluating the effectiveness

Topic Why it is considered
Material Topic Management Approach Further References of our management
Boundary Material
approach
Profitability Internal Improves Consistent revenue Financial Capital PBT
shareholder returns growth and strong Page 54
PAT
cost management
ROE
Financial Internal Strengthens Strike the optimal Financial Capital Debt: Assets Ratio
Stability brand equity and balance between Page 54
Liquidity Ratio
resilience equity, debt capital
and return on investor No. of New Projects
funding
Land Inventory
Material Topics

Boundary Material
approach
Land Internal / Supports business Investment Strategy Manufactured Growth in Assets Base
Inventory External growth Capital Page 58 (Land Inventory)
No. of New Projects

Project Internal / To ensure on-time Project lifecycle Manufactured Project Milestones
Execution External completion of Amanagement Capital Page 58
Sold: Unsold ratio
projects
Brand Image Internal / Reinforces PLR’s Brand Positioning Intellectual Capital Industry recognition for
External competitive Page 62 the brand
Regulatory
position in the real
Compliance Compliance track
estate industry
record
Culture and Internal / Builds trust among Ethics and Integrity Intellectual Capital Complaints
Conduct External customers and Page 62 regarding ethics
Transparency of
strengthens public violations incidents
Marketing Information
confidence in the Social and reported through the
brand Confidentiality and Relationship Capital Whistleblower Process
Customer Data Page 72
Privacy
Excellence in Internal / Builds trust among Tacit knowledge of Intellectual Capital Customer Satisfaction
Quality External customers and employees, Standards Page 62 Score (CSAT)
enhances PLR’s and Certifications
Customer Net Promoter
competitive edge
Memberships and Score (NPS)
Affiliations
Customer Feedback
Quality Control
Resilience Internal / Safeguards IT Infrastructure and Intellectual Capital System downtime
and Business External operations against System Page 62
Vulnerability
Continuity unforeseen
Business Continuity Assessment Test
challenges
Plan
Disaster Recovery
Plan
Customer Internal / Builds trust among Product Responsibility Social and Customer NPS (Net
Experience External customers and Relationship Capital Promoter Score)
Transparency of
strengthens public Page 72
Marketing Information Customer feedback
confidence in the
to measure Effective
brand Confidentiality and
Management of
Customer Data
Customers
Privacy
Customer Support
Supplier Internal / Minimizes potential Supply Chain Social and Project milestones
Relations External supply chain Management Relationship Capital
No. of suppliers working
disruptions that Page 72
with the Company for
could affect project
over 5 years
timelines
Maintaining the supplier
Maintain the quality
scorecard
of material and
services provided
by suppliers

Boundary Material
approach
Pay and Internal Helps to attract Attract Human Capital Net Promoter Score
Benefits and retain the best Page 66
Retain Number of unsolicited
in-class talent
CVS
Career Develop
To evolve future
Prospects Employee Satisfaction
leaders Reward
Rate
Employee Attrition Rate
Employee Value
Preposition
Investment in Employee
Engagement & Well-
being Activities
Health and Internal / Increases Health and Well-being Human Capital No of employee health
Well-being External employee policy that aligns with Page 66 camps per annum
motivation and organizational values
Requirement
satisfaction and goals.
of Workmen
Compensation Policy
Community Internal / Reduces Contribution towards Social and Urbanization trends in
Impact External inequalities the development of Relationship Capital the area
between regions local economies Page 72
Environmental Internal / Supports Construction Best Natural Capital Incidents of non-
Stewardship External the national Practices Page 78 compliance
environmental
Sustainable Resource
goals
Utilizations
Implementation
of sustainability
standards
In the realm of real estate, the concept of intensity of determination reshapes how we perceive materiality. It's not just about identifying
significant financial or operational data; it's about recognising the pivotal factors that can sway the decisions of our investors and
other stakeholders. Materiality, to us, embodies the essence of what truly matters – the risks, opportunities, and impacts that have the
potential to shape our business and affect our stakeholders, be it for better or worse.
OPERATING ENVIRONMENT
GRI 203-2
GLOBAL ECONOMY Bank were reduced by 650 basis points REAL ESTATE SECTOR
According to the latest report released in 2023, and a further 50 basis points According to the real estate market
by the International Monetary Fund thus far in 2024, totalling a cumulative analysis released by the Central Bank of
(IMF), global economic growth indicates reduction of 700 basis points. This Sri Lanka, the volume of condominium
a decline from 3.5% in 2022 to 3.0% in effectively brought the Standing Deposit property sales in Colombo and other
2023 and 2.9% in 2024. The slowdown Facility rate down to 9% and the Standing major districts increased by 81.2% in
in advanced economies stands at 2.6% Lending Facility rate to 10%. As a result, comparison to the previous quarter as at
in 2022 1.5% in 2023 and 1.4% in 2024. the 91-day T-bill rates fell below 15% at the end of the fourth quarter of 2023. The
While the US market gained momentum, the end of 2023, further supported by findings indicate that by the third quarter
the Euro area lagged behind. The IMF clarity on domestic debt restructuring. of 2023, the number of new condominium
indicates that growth modestly declined sales had increased by 30.3% year on
The merchandise trade deficit for 2023
in emerging markets and developing year. In the meantime, a larger proportion
recorded its lowest since 2010 supported
economies from 4.1% in 2022 to 4.0% of transactions remained within the range
by a larger contraction in import
in both 2023 and 2024. The downward of Rs. 25 Mn to Rs. 50 Mn price category,
expenditure than that of export earnings
revision of 0.1% reflects the crisis in the while the proportion of transactions below
even though global demand for export
property sector in China. Rs. 25 Mn indicated a decline during the
goods contracted.
fourth quarter of 2023.
While economic activities are yet to
Meanwhile, liquidity pressure on Percentage of Sales by Price Category
regain the pre-pandemic momentum, the
foreign exchange continued to ease as
war in Ukraine continues to impact global
remittance earnings as well as tourism
trade and supply chains as geoeconomic
earnings continued to improve. The
fragmentation continues. Meanwhile, Q4 2023 10% 68% 17% 5%
absence of large debt service payments
Central Banks across the world tightened
was another reason for this improvement.
monetary policy to bring down inflation,
As a result, the country accumulated
which is reflected in growth figures.
usable foreign reserves to USD 4.4 Bn by Quarter ago 45% 39% 12% 4%
The IMF concludes that Central Banks end-December 2023.

need to use policy tools to ease financial
The Sri Lankan Rupee (LKR) appreciated Year ago 35% 43% 6% 16%
stress and resolve price instability.
by 11% against the US dollar between
(Source: World Economic Outlook January to August of 2023, following 0 20 40 60 80 100
October 2023) a drastic depreciation of 81% in

2022. Accordingly, Sri Lankan Rupee 0-25 Mn 25Mn-50Mn 50Mn-75Mn Above 75Mn
appreciated by 7.6% against US Dollar

SRI LANKAN ECONOMY as of end March 2024. This appreciation The larger proportion of buyers were Sri
The World Bank Development update was mainly due to robust inflows in the Lankan residents, while the proportion of
indicates that Sri Lanka’s economy form of earnings from tourism, workers’ dual citizens and foreign buyers dwindled
declined by 7.8% in 2022 and 7.9% in the remittances, and reduced import during the year under review. Meanwhile,
first half of 2023. As private credit shrank, expenditure. the purchase of condominiums for
and supply chain disruptions continued immediate living has increased while
several industries including construction, While the implementation of necessary purchases for investment purposes
manufacturing, real estate and financial fiscal reforms and new revenue showed a downward trend.
services experienced a negative impact. generation measures improved the
Headline inflation (measured by the economic outlook, utility price hikes
Colombo Consumer Price Index) rose to and indirect taxes continue to burden
69.8% in September 2022 and declined vulnerable communities. The World Bank
to 4.6% (YoY) by August 2023 as demand speculates that unless the authorities
subdued. However, inflation is expected take mitigating actions, the removal of
to remain around the target of 5%, on energy subsidies could increase poverty
average, during 2024. This deceleration levels even further.
of inflation prevented the worsening of
food insecurity and malnutrition. (Source: Sri Lanka Development Update
2023 – World Bank,
Since the commencement of the Annual Economic Review 2023 - CBSL)
Monetary Policy easing cycle in June
2023, Policy interest rates of the Central
Residence Status (%) Data at the end of the year indicated a decline in the prices of lands on a year-on-year
basis. The YoY shift in the Asking Price Index for the prices of land in Colombo District
100
declined during the last quarter of the year, indicating a 9% decline against the 4.3%
growth that occurred during the corresponding period in 2022.
80
Meanwhile, the house prices in the Colombo district grew at a slower pace (3.9%)
60 by the last quarter of the year on a YoY basis, in comparison to the growth of 26.9%
recorded during the corresponding period of 2022.
40
Change of Asking Price Indices

20
Y-o-Y % Change
Quarter Month Lands Houses Condominiums
0
Resident Dual Citizens Foreigners
Sri Lankans 2022 July 23 32 30
Q4 2023 Quarter ago Year ago Q3 August 22 33 31
September 8 33 35
Purpose of Purchasing (%) 2022 October 5 31 37
Q4 November 2 30 40
60
December 4 27 41
50 2023 January 1 25 40
Q1 February (4) 22 38
40
March (10) 20 35
30 2023 April (14) 17 31
Q2 May (18) 13 25
20
June (20) 10 19
10 2023 July (16) 7 15
Q3 August (17) 5 14
0
Immediate Future Investment Rent September (13) 3 11
Living Living
Q4 2023 Quarter ago Year ago
2023 October (17) 3 9
Q4 November (13) 3 6
December (9) 4 7
According to the latest data, the
prime source for funding to purchase
(Source: Real Estate Market Analysis – Central Bank of Sri Lanka)
condominiums was buyers’ own funds,
while a smaller percentage (22%) relied
During the year under review, the economic uncertainty and the financial instability that
on bank loans during the third quarter.
prevailed negatively impacted the construction industry as prices of materials increased
By the fourth quarter of the year, the key
exponentially. Against this backdrop, the real estate industry witnesses a setback.
source of funding for purchases was
However, with the intervention of the International Monetary Fund (IMF), and monetary
buyers’ own funds.
policy implementation, the country’s economy began to stabilize. As such, the real
estate market witnessed an easing of pressure compared to the previous year.
Source of Financing (%)
80
COMPANY PERFORMANCE
70
During the year under review, PLR continued to execute the projects in pipeline in
60
spite of market pressure. We adopted prudent financial strategies and responded
50 to market challenges relying on an insight-driven approach to continue our planned
40 projects and aspire to achieve long-term growth targets. Nevertheless, the downturn
in the construction industry, high material prices and the unstable dollar rate posed
30
substantial challenges to our operations during the year under review. As such, we
20
had to revisit the cost structures of our ongoing projects in response to procurement
10 challenges. In response, we adopted a stringent cost management strategy including
0 effective management of avoidable variable costs.
Own Funds Banks Loans
Q4 2023 Quarter ago Year ago

Operating Environment
As the market demand for apartments Meanwhile, we are witnessing an

increased during the year, we were improved sentiment in the real estate
able to capitalize on the status quo. market driven by the current low-interest
Responding to the competitive aspect rate environment (AWPLR 10.4%) and
of the market, we intensified promotional the ongoing economic recovery. As both
campaigns to reach out to potential Fixed Deposit and Treasury-bill rates
buyers. The Social and Relationship remain below 10%, we expect increased
capital section of this report further funds to be infused into the real estate
describes our marketing efforts. market from capital markets and fixed-
income investors.
While we took the necessary measures
to leverage the resident visa scheme In the meantime, the growth rate in
introduced recently by obtaining the tourist arrivals will increase demand
Certificate of Conformity (COC) for both for the Apartment rental market, while
The Grand - Ward Place (Colombo worker remittance increase will support
07) ultra-luxury project as well as economic recovery, further increasing
The Beachfront - Uswetakeiyawa (UK investor confidence. In addition, the
II) projects, the temporary halting construction sector's Purchasing
of the scheme negatively impacted Manager’s Index (PMI) demonstrates
our profitability. However, we remain signs of expansion.
confident that our appeal, stating the
difficulties our investors face in obtaining
visas in line with the Golden visa scheme
and urging the authorities to reinstate the
process to ensure sustainable ROI for the
investors and economic benefits to the
country will be fruitful.
While our financial performance appears

to have slowed down, we adopt stringent
treasury management practices to ensure
our financial and operational stability. The
Financial Capital section of the report
discusses our financial performance in
detail.
REVIEW OF BUSINESS OPERATIONS
43
OVERVIEW we cultivated a reputation for reliability
and integrity within the industry.
Total In a dynamic economic landscape,
characterised by unpredictable
Projects fluctuations and constant challenges, PROGRESS ON THE
our company not only weathered PROJECTS IN PIPELINE
the storm but also thrived amidst the
During the year under review, PLR
chaos. Throughout the past year, we
commenced the construction of ‘The
Ultra Luxury encountered a myriad of macroeconomic
Colombo Border’ project in Peliyagoda
2 factors that posed significant hurdles to
our core business model and strategies.
which is the 43rd project of the Company.
The first Tower of this urban living project
Political instability, economic crises, and
(Tower B) was launched and 80% of the
Luxury social unrest rattled our industry, testing
units were successfully sold, also Tower
23 the resilience of our operations. However,
rather than succumbing to adversity, we
C was launched in early April 2024 in
parallel to the commencement of piling
embraced it as an opportunity for growth
Affordable Luxury / work for the entire project consisting of
and innovation.
Tower A, B & C.
Lifestyle Apartment
16 Our success amidst adversity can be
attributed to our forward-thinking vision
The 6.9-acre The Colombo Border
project demonstrates our commitment
and strategic agility. Recognizing the
to environmental sustainability as
Leisure inevitability of real-life uncertainty,
75% of the land is dedicated to open
2 we built flexibility into our strategies,
enabling us to adapt swiftly to changing
spaces and only 25% of the land has
been designated for construction. 'The
circumstances. Instead of viewing
Colombo Border' demonstrates PLR’s
challenges as insurmountable obstacles,
commitment to pushing boundaries and
we saw them as openings to explore
setting new benchmarks for high-end
new ventures and capitalize on emerging
residential projects in Sri Lanka, offering
opportunities.
an unparalleled living experience that
seamlessly blends luxury, convenience,
One of our key achievements during
and sustainability.
this period was the launch of several
new projects tailored to diverse market
In addition, we embarked on a journey of
segments. By identifying niche areas
innovation and expansion by launching
of demand and swiftly responding with
The Seasons Colombo 8 project. This
innovative solutions, we positioned
exclusive boutique development,
ourselves ahead of the curve, solidifying
boasting 11 floors and 42 ultra-luxury
our competitive edge.
apartment units, represents the epitome
of sophistication and elegance. Situated
Despite the escalated cost burden
in a prime location, The Seasons
imposed by economic volatility, we made
Colombo 8 offers residents unparalleled
a conscious decision not to pass this
comfort, luxury, and convenience, setting
burden onto our customers. Instead, we
a new standard for urban living in the city.
absorbed the costs internally, prioritizing
customer satisfaction and loyalty above
Furthermore, our commitment to
short-term gains. By demonstrating our
excellence extends beyond Colombo,
commitment to fair pricing and value-
with two other prestigious projects
driven relationships, we retained the
nearing completion. 43, by the Sea in
trust and loyalty of our customer base,
Dehiwala and The Palace in Gampaha
safeguarding long-term partnerships.
are both on track for handover in the third
and fourth quarters of 2024 respectively.
Furthermore, we upheld our obligations to
These developments, characterised
our suppliers by ensuring timely payment
by meticulous attention to detail and
for the completion of projects. By
unparalleled craftsmanship, promise to
honouring our financial commitments and
redefine luxury living in their respective
fostering mutually beneficial partnerships,
locales.
Review of Business Operations
% Completion PLR’s Land Bank as at 31st March 2024

Ongoing Projects No. of Units as at 31.03.2024 Initiation of the Project Location Extent
The Palace - Gampaha 480 90% December 2020 Amber Skye - Negombo 292 P
43, By the Sea - Dehiwala 70 75% March 2023 Negombo - Dungalpitiya 1,275 P
The Colombo Border 484 Launched in October 2023 Hikkaduwa 1,416 P
The Seasons - Colombo 08 44 Launched in March 2024
Total No. of Units in
FUTURE OUTLOOK
ongoing projects 1,078
As the country’s economy continues to
stabilise gradually, we remain cautiously
PLR’s Condominium Footprint
hopeful of a more stable external
Projects (Fully Completed and Handed Over) No. of Units
environment that would facilitate our
Prime Residencies - Athurugiriya Stage I & 2 103 growth plans. A more transparent
Prime Residencies - Battaramulla 1 20 regulatory environment along with
Prime Residencies - Kottawa 57 financial stability in the country will
facilitate better growth opportunities for
Prime Residencies - Rajagiriya 29
PLR. In the meantime, we will continue to
Prime Residencies - Battaramulla - 2 26
adopt prudent financial and operational
Prime Residencies - Nawala 25
management tools to withstand market
Prime Residencies - Ethul Kotte 38
pressure and continue to grow in a
Prime Residencies - Nugegoda - 306 52 sustainable manner. In the longer term,
Prime Residencies - Pagoda 40 we expect changing global trends such
Prime Residencies - Pelawatta 15 as expats wishing to own property in Sri
Prime Residencies - Nugegoda - 298 37 Lanka as well as foreign buyers looking
Prime Residencies - Sieble Avenue (Colombo – 05) 31 to retire or invest in markets such as
Prime Residencies - Pallekele 39 Sri Lanka would provide us with more
Prime Residencies - Panadura 40 opportunities for growth. We remain
Prime Residencies - Bauddhaloka Mawatha 1 14 confident in our ability to penetrate new
Prime Residencies – Thalawathugoda Fierro 60 markets, retain clients and continue to
create lasting value for our stakeholders.
Prime Aqua - Nawala 60
Prime Residencies - Ethul Kotte - 616 35
Prime Residencies - Battaramulla - Libra 60
Prime Residencies - Malabe 60
Prime Residencies - Nugegoda - 194 40
Prime Residencies - Edmonton Road (Colombo 05) 32
Prime Residencies - K100 101
Prime Residencies - Wattala 84
Prime Residencies - Barnes Place 15
Prime Residencies - Kynsey Road 17
Prime Wrendale - Rajagiriya 54
Prime Splendour - Rajagiriya 68
Prime Residencies - Bauddhaloka Mawatha 2 14
Prime Residencies - Jawatte 14
Prime Residencies - Kandewatta Terrace 24
Prime Residencies - Castle Street 40
Prime Residencies – The Beach Front - I 72
Prime Residencies - Edmonton Road - II 28
Prime Bella - Rajagiriya 60
Prime Residencies Java 25 - Kassapa Road 25
Prime Desire - Kassapa Road 35
The Grand - Ward Place 333
Prime Residencies - The Beachfront Uswetakeiyawa (UK II) 108
Total No. of Units Completed 2,005
STRATEGY AND RESOURCE ALLOCATION
Prime Lands Residencies PLC’s corporate strategy stems from the core aspiration to create and preserve value on behalf of all
stakeholders. The materiality identification process allows us to pivot the corporate strategy on the relevant requirements to achieve
short, medium and long-term growth. We determine the basis for resource allocation based on the requirements for the six-capital
development. In doing so, we take into consideration the criticality of each capital to our overall strategic aspirations.
The table below presents our strategy and resource allocation for the year under review.
Aspiration Strategic imperative Key highlights

Financial Invest in new apartment projects with a Benchmark Launched two new apartment projects during the FY
Excellence Net Margin
• The Colombo Border – Project Value Rs. 22 Bn
Strategic expansion of PLR’s Land Inventory to
• The Seasons Colombo 08 – Project Value Rs. 6
facilitate continuous growth of the project pipeline
Bn
Monitor and control projects to ensure financial
Invested in Rs.180 Mn worth of new lands for land
stability
development projects
Adopt industry best procurement practices to
Collaboration with banks and financial institutions to
achieve goals and project objectives
secure customer financing at an AWPLR + Margin
Collaboration with banks and financial institution for
financing at a competitive interest rates
Scorecard
Operating Profit (Rs. Mn) Revenue (Rs. Mn) Inventory Properties - Apartments & Lands
(Rs. Mn)
5,000 20,000 20,000
4,000
15,000 15,000
3,000
10,000 10,000
2,000
5,000 5,000
1,000
19,798
15,152
12,388
10,020
9,510
8,090
1,937
4,759
1,735
0 0 0
2021/22 2022/23 2023/24 2021/22 2022/23 2023/24 2021/22 2022/23 2023/24
Total Equity (Rs. Mn)

10,000
8,000
6,000
4,000
2,000
6,692
9,386
9,575
0
2021/22 2022/23 2023/24
Strategy and Resource Allocation

Become the Brand reputation development Utilizing various digital tools to meet customer
Most Trusted needs for information and feedback
Equitable pricing to match the profile of each
Real Estate
customer segment Introduced the 1% payment plan for the first time in
Developer
Sri Lanka to enable home ownership to all aspiring
Benchmark international standards for design,
clients.
safety and construction quality
Successfully handed over the projects The Grand
Enhance compliance
- Ward Place (Colombo 07), The Beachfront
Incorporate innovation into projects to enhance the Uswetakeiyawa II
value.
Customer engagement and personalized solution

offerings whenever possible
Ensuring on-time project completion

Scorecard
Recognition by LMD as the most valuable real estate entity in Sri Lanka.
Sales Status of Condominium Projects (%) Ratio of Repeat customers (%)

100 30
25
80
20
60
15
40
10
20
5
25
27
98
53
47
34
66
20
2
0 0
Completed Ongoing Newly launched 2021/22 2022/23 2023/24
Sold % Available %

Reputation Expanding the geographical presence Expanded the portfolio to the southern province
Building
Adopt international green building standards
Improve compliance
Enhance environmental sustainability

Scorecard
Recognition by LMD as the Most Awarded & Most Respected Entity in Sri Lanka.

Become one of Offer an advantageous employee value proposition Identified the career path opportunities of each
the Preferred employee
Foster a culture of respect and ownership among
Employers in
employees An annual increment of 20% was given to all the
Sri Lanka
permanent staff
Adopt and implement robust and effective corporate
practices Performance bonus paid for the FY 2023/24
Comprehensive medical insurance and life cover for

employees
Collaboration with Government Universities to attract

fresh talents
Scorecard
Investment in employee engagement & wellbeing activities.
Contribution to the Staff Welfare (Rs. Mn) Contribution to the Staff Health
& Wellbeing (Rs. Mn)
15 5
12 4
9 3
6 2
3 1
12.3
4.6
9.8
3.3
4.7
5.0
0 0
2021/22 2022/23 2023/24 2021/22 2022/23 2023/24
FINANCIAL CAPITAL
GRI 207-1
Our financial capital

represents the funds
necessary to conduct our
operations and generate
value for our stakeholders.
Strengthening financial
capital, which is
fundamental for driving
growth in other capitals, is
measured through several
factors:
Consistent dividend payments
Benefits from share price increases
Stable ROI
On-time payments for employees,

contractors & suppliers RELEVANT SDGS
Timely repayment of Debt Capital
While the external environment in recent years has reduced

private credit and increased economic uncertainty, we have
adopted prudent financial management tools and strategic MATERIAL TOPICS
operational changes to ensure the long-term sustainability of Profitability Financial Stability
our financial capital. Despite the decline in revenue due to the
country's economic downturn, we have laid the foundation for
financial stability in line with our long-term growth goals.
REVENUE
PLR looks at revenue through the lens of a well-defined prudent REVENUE FOR THE YEAR
revenue recognition policy. During the year under review, we recognized Rs. 8,090 Mn in
revenue in total from the sale of apartments, and land plots
for residential accommodation. The sale of apartments at The
REVENUE RECOGNITION POLICY
Grand - Ward Place (Colombo -07) generated a larger portion
SALE OF PROPERTY - LANDS (54%) of our revenue earnings for the year. The below table and
The sale of lands is generally expected to be the single illustrations present a breakdown of our revenue generation for
performance obligation and we determined that it will be the period under review.
satisfied at the point in time when the control is transferred.
REVENUE
8,090
SALE OF PROPERTY - APARTMENTS
We recognize revenue using the percentage of completion
method as construction progresses. Revenue is considered as the
lower of the percentage of project completion or the percentage Rs. Mn
of advances received, subject to the following criteria.
i. Minimum construction completion of 25% OPERATING PROFIT
1,735
ii. Minimum advances received from customers of 20%
Additionally, we recognize actual cash receipts received during

a financial year and refrain from including trade debtors in the
Rs. Mn
Statement of Financial Position.
OPERATING PROFIT
Our operating profit for the year was Rs. 1,735 Mn. Although
there was a decline in operating profit year-on-year due
to unfavourable fluctuations in the real estate market, we
successfully mitigated challenges and focused on long-term
financial stability. The below illustration reflects the operating
profit pattern for the past three years.
Operating Profit (Rs. Mn)

5,000
4,000
3,000
2,000
1,000 1,937
4,759
1,735
0
PROJECT WISE REVENUE BREAKDOWN 2021/22 2022/23 2023/24
Revenue
Project (Rs. Mn) %
The Grand - Ward Place (Colombo - 07) 4,337 54% NET PROFIT
43, by the Sea - Dehiwala 854 10%
As at the end of the financial year 2023/24, PLR posted a profit
The Palace - Gampaha 701 9% before tax of Rs. 1,591 Mn, while net profit for the year stood at
The Beachfront Uswetakeiyawa (UK II) 500 6% Rs. 1,129 Mn.
Other projects 154 2%
Land plots for residential PBT and NP (Rs. Mn)
accommodation 1,544 19%
Total Revenue 2023/2024 8,090 100%
2023/24 1,591 1,129
Revenue Composition
54%
19%
2022/23 3,979 3,351
2%
2021/22 1,848 1,682
6%
0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000
9%
Profit for the year (Rs.) Profit before taxation (Rs.)
10% Meanwhile, finance costs for the year stand at Rs. 691 Mn
(Rs. 1,213 Mn in 2022/23) which shows a drop of 43% compared
The Grand - Ward Place (Colombo -07) to 2022/23. The drop is attributable to a decrease in bank
43, by the Sea - Dehiwala
borrowing due to strengthening customer collection and a
The Palace - Gampaha
downward trend in interest rates.
The Beachfront Uswetakeiyawa (UK II)
Other projects
Sale of Lands
Financial Capital
ASSET BASE DIRECT ECONOMIC VALUE GENERATED AND

Lower Revenue recognition as per PLR’s Revenue Recognition DISTRIBUTED GRI 201 - 1
Policy (refer above) led to a decline in the Company’s total The company proposed an interim dividend of Rs. 0.60 per
assets as of the balance sheet date. ordinary voting share, reflecting a dividend payout ratio of 50%.
This exemplifies PLR's commitment to returning a portion of its
ASSET BASE profits to shareholders as dividends. Additionally, the payment
to the Government on current year profit increased due to the
For the year For the year adjustment of the corporate income tax rate from 14% to 30% for
ended ended the FY 2023/24.
31st March 2024 31st March 2023
Asset Base (Rs.) 15,760,134,828 17,522,721,656 For the year For the year
Return on Asset (ROA) 7% 19% ended ended
Return on Assets (Rs.) 1,125,944,815 3,350,364,117 31st March 2024 31st March 2023
Direct economic value

CAPITAL STRUCTURE generated
PLR maintained a steady Gross Profit margin, showcasing Revenue 8,090,379,095 19,798,684,442
adept cost management and pricing strategies. The decrease
in borrowing costs indicates effective debt management Economic Value
or potential refinancing at more favourable interest rates. distributed
Consequently, PLR was able to uphold a Net Profit Margin of Operating cost 5,557,395,289 14,920,496,568
14%, demonstrating robust profitability post-expenses. This led Employees Wages and
to a 3.17% increase in Retained Earnings, culminating in Rs. Salary 192,783,158 182,730,434
6,124 Mn in retained earnings. Payments for providers
to equity capital 562,500,000 937,500,000
CAPITAL STRUCTURE Payment to Government 447,743,030 934,388,490
Payments for providers
For the year For the year
to loan capital 604,954,539 1,090,734,452
ended ended
Economic value retained 725,003,078 1,732,834,498
Stated Capital (Rs.) 3,450,000,000 3,450,000,000 FUTURE OUTLOOK

Retained Earnings (Rs.) 6,124,741,476 5,936,296,661
As we continue to navigate the choppy waters of a recovering
Total Equity (Rs.) 9,574,741,476 9,386,296,661
economy, we will continue to respond in a prudent and far-
Total Borrowings (Rs.) 892,735,010 1,430,708,098
seeing manner to market conditions and use pragmatic financial
Debt/Equity Ratio 9% 15%
tools to manage our financial position, and cash flow and
develop our financial capital in line with sustainable growth
strategies while safeguarding the advances paid by our valued
customers.
“Be Bustling
with Determination”
Ap p roa c h eve ry ta s k w it h e n e rget i c
and relentless determination,
l e tt i n g n ot h i n g s t a n d i n yo u r way.
Our manufactured capital

consists of our physical
assets, infrastructure
as well as the built
environment in which we
operate. Manufactured
capital supports our
operational and financial
performance. In developing
our manufactured
capital to create a
Liveable, Loveable
Neighbourhoods, we take
into consideration the
aspects of environmental
sustainability, social
RELEVANT SDGS
responsibility and good governance
practices.
ENVIRONMENTAL SUSTAINABILITY IN
MANUFACTURED CAPITAL MATERIAL TOPICS
We incorporate environmental sustainability from the planning Land Inventory Project Execution
stages of our properties. In doing so, we take into consideration
energy efficient design elements, natural lighting and ventilation
while also looking at climate change related risks.
At our head office, we've taken a proactive step towards

energy conservation by installing solar panels and reducing Furthermore, in "The Palace - Gampaha" project, we've
our reliance on traditional energy sources. While our past implemented solar street lighting to decrease electricity usage
projects may have had a minimal emphasis on sustainability, within the development. This project serves as a prime example of
we're now wholeheartedly committed to integrating sustainable eco-friendly design, incorporating natural ventilation and lighting
energy systems into our upcoming endeavours. In particular, to further minimise energy consumption in residential units.
for our ongoing project, "The Colombo Border," we're exploring
innovative solutions such as utilising the roofs of covered car Our design philosophy prioritises the preservation of natural
parks for solar panel installation. This initiative not only reduces landscapes and vegetation. For instance, in "The Colombo
our carbon footprint but also demonstrates our dedication to Border," careful planning ensures minimal impact on existing
embracing renewable energy. trees, with any necessary removal followed by relocation efforts.
Additionally, landscaping initiatives are underway to introduce
more greenery, with construction limited to a percentage of the
total land area. Similarly, in "The Palace - Gampaha," where 60
apartment blocks are spread across expansive grounds, only a
fraction of the land is designated for construction, preserving the
majority as a natural landscape.
In our latest project, "The Seasons - Colombo 08," we're taking

energy efficiency to the next level by introducing Variable
Refrigerant Flow (VRF) systems, replacing traditional multi-split
systems. This investment not only reduces energy consumption
but also enhances the sustainability of the development.
SOCIAL IMPACT OF
The strategic locations of our properties
and proximity to infrastructure and
facilities enhance our ability to create
value on behalf of our clients and
contribute to long-term financial stability
as property values increase over time.
THE IMPACT OF
GOVERNANCE PRACTICES
ON MANUFACTURED
CAPITAL
PLR’s robust governance structure
allows us to incorporate processes that
support sustainable and ethical business
practices. The transparent, accountable
and integrity driven business process
that we employ acts as a linchpin that
improves the value of our manufactured
capital through imbuing long-term
financial stability.
LAND INVENTORY
Our land inventory is the pivotal resource that allows us to create
value. At present, our land inventory comprises 3 properties,
located in strategic locations throughout the country. We rely on
a well-defined systematic process to expand our land inventory
in line with our project pipeline. In doing so, we take into
consideration the sustainability of the property in correlation to
the relevant project as well as ease of access to basic facilities
- water, electricity, and logistics infrastructure such as road
networks. In addition, we look into the appreciation of land value
for the next three to five years.
PLR’S LAND BANK AS OF 31ST MARCH 2024
Dungalpitiya
Negombo
Hikkaduwa
Manufactured Capital
Consistently growing our land inventory allows us to obtain

sustainable financial capital, while the collective value of our
manufactured capital results in enhanced social and relationship
capital as well as brand reputation. Meanwhile, our strong land
inventory further elevates our brand reputation.
LAND INVENTORY PROCESS

Our real estate team oversees land acquisition and the inventory
process.
Screening and due diligence to

ascertain the title clearance of the land
Preparing the project feasibility
Submitting recommendations to the

Executive Committee
Finalising land acquisitions and

commence the project developments
FUTURE OUTLOOK
We will continue to create value in developing our manufactured
capital in line with organisational growth goals. These
objectives include strategic acquisitions to further strengthen
our manufactured capital as well as the use of technology to
expedite due diligence and the land acquisition process.
“Be Unwavering in
Your Commitment”
S t ay s t e a d fa s t i n yo u r d e d i c a t i o n
to yo u r g o a l s, m a i nt a i n i n g fo c u s a n d
c o n s i ste n cy t h ro u g h a l l c h a l l e n g e s.
INTELLECTUAL CAPITAL
Our inherently valuable

intangible assets
such as knowledge,
expertise, processes and
technological prowess
make up the intellectual
capital. Striving to develop
our intellectual capital,
we invest in process
improvement, management
system elevation and,
technology & innovation.
The below illustration depicts the
components of our intellectual capital.
RELEVANT SDGS
Strategic Memberships
Partnerships and Affiliations
MATERIAL TOPICS
Knowledge
Ethics and
Integrity
based Systems Brand Image Resilience
and Processes Culture and Excellence in and Business
Conduct Quality Continuity
Technology Brand
Systems Reputation
sharing, and continuous improvement. This in effect leads to

sustainable creation and accumulation of intellectual capital.
MEMBERSHIPS AND AFFILIATIONS GRI 2.28
In addition to nurturing strategic partnerships, we maintain

relevant memberships and affiliations to access knowledge
networks, benefit from collaborative innovation, gain access to
STRATEGIC PARTNERSHIPS resources, improve brand recognition, contribute to advocacy
Our strategic partnerships with contractors, suppliers, architects efforts and influence thought leadership. We are a member of
and design consultants act as the linchpin of a powerful the Condominium Developers Association (CDASL) in Sri Lanka.
mechanism that we use to pursue success through leveraging This allows PLR to be part of the common voice that strives
on collective intelligence, resources and networks. This allows us to safeguard the interests of the industry. In addition, we are
to seek innovation and value creation in line with our sustainable also an approved training partner of the Institute of Chartered
growth goals. Our partnerships allow us to access expertise, Accountants of Sri Lanka which allows students who follow
pool resources, share risks and opportunities, accelerate Chartered Accountancy to cover training needs.
learning and consistently enhance our brand reputation. In
addition, our strategic partnerships allow us to expand our
market access. As such, we nurture our strategic partnerships
to cultivate our organisational culture of innovation, knowledge
Meanwhile, our long-term employees, particularly in the

engineering, quality assurance and procurement areas provide
invaluable knowledge assets that contribute to our intellectual
capital.
SERVICE YEARS WISE AGE DISTRIBUTION - FY

2023/24
No. of Senior
No. of EXCO Members Management
Male Female Male Female
< 5 years 4 1 2 0
6 - 10 years 3 1 4 2
> 10 years 3 2 4 0
Total 10 4 10 2
Our knowledge assets develop intellectual capital through

facilitating the below aspects of organisational knowledge and
expertise:
KNOWLEDGE BASED SYSTEMS AND

PROCESSES
Market
Knowledge-based systems and processes play a pivotal role Innovation and
Intelligence and
Differentiation
in our intellectual capital by facilitating the acquisition, creation, Analysis
maintenance, organisation and usage of intangible knowledge
assets.
Legal
Our Executive Committee (EXCO) provides leadership and Property
Compliance
Valuation and
guidance to develop organisational intellectual capital. The and Knowledge
Assessment
Management
EXCO members collectively possess knowledge assets that
contribute to organisational growth.
Knowledge Customer
Sharing and Relationship
Collaboration Management
10 4
Male Female
EXCO - Expertise Matrix

Strategic Leadership
Financial Acumen
BRAND REPUTATION
Sales and Marketing There is a symbiotic relationship between our brand reputation
and intellectual capital. As an organisation that has been able
Legal
to maintain a strong brand reputation over the years, PLR
Risk and Governance
has been able to foster our core promise to create “Liveable,
Engineering & Operations Lovable Neighbourhoods” in a consistent manner. As such, our
Real Estate Acumen strong brand reputation continues to develop our intellectual
Information Technology capital through nurturing trust, credibility, differentiation, market
Human Resources positioning, risk management, brand equity, stakeholder
Government Affairs & Public Policy relationships, and overall value creation. In turn, our intellectual
capital promotes and safeguards our brand reputation through
fostering expertise, innovation, quality and long-term success.
Intellectual Capital
The PLR marketing team leverages AI-generated content Our intellectual capital contributes to enhanced brand reputation
tailored to resonate with distinct target audiences across various by facilitating the below:
platforms like social media ads, blog posts, and targeted
marketing campaigns. By customising content according to
user data and preferences using AI tools, PLR ensures that the
content remains pertinent and captivating, thereby nurturing Stakeholder
Trust and
Relationship
deeper connections with its customer base. Credibility
Management
BRAND PERFORMANCE - FY 2023/24

Name of the Award/ Ranking Awarding Body
Brand Equity
TAGS Awards - Silver and Intangible Differentiation
Award (LAND & PROPERTY Assets
COMPANIES SECTOR) The Institute of Chartered

TAGS Awards - Silver Accountants of Sri Lanka
Award (EMERGING LISTED
Risk Market
COMPANIES SECTOR) Management Positioning and
Most Respected Entity in Sri and Resilience Perception
Lanka LMD (Lanka Monthly Digest)

Most Awarded Entity in Sri Magazine
Lanka
Most Valuable Consumer
Brands (Ranked 60th in Most
Valuable Consumer Brands in
2023)
Best of the Best Finance – Brands Annual by Brand TECHNOLOGY SYSTEMS
Most Valuable Consumer Finance
Brand of the Year by Category Technology systems play an invaluable role in developing the
(Ranked intellectual capital of PLR, by contributing in improving our
The Most Valuable Real Estate operational efficiency, decision-making process, customer
Brand in Sri Lanka in 2023) relationship management, market intelligence, capacity
for innovation and risk management. As such, we invest in
developing technology systems in our operations to improve
efficiency, streamline knowledge assets and data, and contribute
to our environmental sustainability efforts.
The below table presents our ongoing technology systems and The illustration below depicts the components that drive our
their impact on operations: intellectual capital through our ethical approach to business:
Technology System Impact

A private cloud network Improved efficiency Brand
supported by a dual system Differentiation Trust and
Information security and Value Reputation
DR architecture maintains the
Proposition
organisation’s core enterprise
applications and all network
services
Automated Deed transfer Improved efficiency Compliance and Client
process Governance Relationships
Process visibility for
improved decision-making
Paper usage reduction

(95%) Risk
Employee
Engagement
Digital document archiving Improved confidentiality Management
and Retention
platform
Paper usage reduction
Effective use of office

space
ETHICS AND INTEGRITY

As an organisation that enjoys a long-held reputation as a
trustworthy, financially and operationally stable real estate and
property management entity in Sri Lanka, PLR’s inherent ethics
and integrity safeguards our brand reputation and contribute
FUTURE OUTLOOK
to the intellectual capital. As we continue to embed ethical Mindful of the inherent role that intellectual capital plays in
principles into the operations of our organisational culture and our success, we will continue to explore avenues to improve
decision-making process, we foster our intellectual capital by intellectual capital and invest in related technologies, knowledge
ensuring lasting and sustainable success and value creation for acquisition and development.
all stakeholders.
HUMAN CAPITAL
GRI 2.7, 2.8, 2.19, 2.20, 2.21, 401 - 2
Our human capital consists

of skills, knowledge,
and capabilities of our
employees who are
involved in different
aspects of our business.
As such, we seek to
nurture and invest
in our employees to
effectively manage our
own organizational goals
whilst also ensuring
the professional and
personal well-being of
our employees. These
efforts pivot on our larger
RELEVANT SDGS
concerns of purposefully managing our
economic, social and environmental
impact with focus on ESG issues.
In these efforts, our human capital value creation model provides Material Topics
the fundamental framework:
Health and Well-
Pay and Benefits Career Prospects being
Attract Retain
Be the employer of An arena to employees
choice to be their best
EMPLOYEE WELL-BEING AND

DEVELOPMENT (SOCIAL) GRI 2.16
CORE
VALUES Striving to offer our employees the tools to maintain their
professional integrity while taking care of their personal well-
being, we provide them with a safe and growth-conducive
environment. In addition, we maintain an open-door policy that
Reward aligns with the community-oriented approach that we promote
Develop Merit based rewards in
within the organisation, to provide the freedom to employees to
Evolve future leaders a performance driven
organization confidentially raise their concerns and grievances.
PRIME TRIP SEASON

In the spirit of fostering employee engagement and motivation,
PLR embarked on an exciting journey during the trip season in
November 2023. Recognising the importance of rewarding and
rejuvenating its hardworking staff, PLR took a unique approach
by organising department-specific trips tailored to the desires of
its employees. Departing from the conventional one-size-fits-all
approach, PLR allowed each department to choose its preferred
destination for the trip season.
PROGRAMS CONDUCTED TO ENJOY LIFE WHILE

WORKING:
ALL STAFF MOVIE OUT

In November 2023, PLR orchestrated a special event aimed
at enhancing employee engagement and well-being, held at
PROGRAMS CONDUCTED FOR RELIGIOUS
the Colombo City Centre (CCC), a hub of recreational activity
ENLIGHTENMENT
in Sri Lanka's capital, the event offered all staff members an
opportunity to unwind and bond outside the confines of the From August to November, PLR embarked on a journey of
office. spiritual enrichment and cultural immersion through a series of
programs conducted at the revered Alanmathiniyarama Temple.
Recognising the significance of fostering holistic well-being
EMPOWERS WOMEN: A CELEBRATION OF among its employees, PLR curated a range of activities aimed at
STRENGTH AND ACHIEVEMENT promoting religious enlightenment and personal growth.
In March 2024, Prime Lands Residencies demonstrated its
unwavering commitment to gender equality and employee
empowerment by organising a special Women's Day
celebration. Held at two prestigious venues, Colombo City
Centre and the Courtyard by Marriott, the event was not just a
commemoration but a testament to PLR's dedication to fostering
employee engagement and motivation.
HEALTH AND SAFETY 403 - 1, 403 - 3
In line with our Occupational Health and Safety concern, PLR

communicates occupational health and safety impacts and
practices with each contractor on a case-by-case basis and
informs relevant employees about the necessary precautions
Human Capital
and practices. Our contractor appointment process includes

exhaustive verification of contractors’ safety systems and
assurances regarding their safety track record. Our contractor
appointment policy stipulates that we work only with CS1
contractors who conform to the Construction Industry
Development Authority (CIDA) approved safety benchmarks.
This provides us enhanced assurance of the safety protocol of
our business partners and ensures employee wellbeing.
We follow stringent safety protocols at our head office premises

in Colombo. These include the implementation of mandatory
safety requirements, periodical maintenance of equipment,
along with annual safety/fire drills conducted to raise awareness.
TRAINING GRI 403 - 5, 404 - 1. 404 - 2
We rely on the annual performance review as well as feedback

from team leaders to gather information to determine training
needs. Once we identify the training needs, the HR department
compiles a comprehensive training plan for the financial year.
Once the management approves the training budget, based
on skill development goals, the HR department organises and
facilitates relevant training programmes. The HR department
also evaluates the progress of training programmes and
provides feedback.
Training Date No of Hours No of participants

Anti-Money Laundering Awareness Training 17-Jul-23 2 Hour Session 54
Awareness Session on Anti-Corruption Act 28-Feb-24 2 Hour Session 9
Board Leadership Training program 15-16-Nov-23 16 Hours Session 3
Cost Reduction and Waste Elimination 17-Feb-24 3 Hours Session 1
Power BI Comprehensive Training 3-Feb-24 3 Hours Session 2
"Service Serves Us“ 27-Mar-24 10 Hours Session 1
Negotiation skills for procurement and Supply Management 27-Mar-24 8 Hours Session 2
Unlocking the power of Chat GPT 23-Jan-24 3 Hours Session 1
Digital Media Marketing 15-Jan-24 2.5 Hours Session 4
Corporate Governance Rules 5-Oct-23 3 Hours Session 2
Tax Seminar 3-Apr-24 2.5 Hours Session 1
Law Seminar 2-Mar-24 3 Hours Session 1
In the financial year 2023/24, PLR demonstrated a steadfast FEMALE REPRESENTATION BY CATEGORY
commitment to employee development and skill enhancement,
2023/24 2022/23
utilising 59% of its training budget and delivering a total of 220.5
Male Female Male Female
hours of training. These efforts were coordinated under the
umbrella of "Prime Thaksalawa," an academy format designed Management 1 1 1 1
specifically for managing development programs aimed at Executive 72 14 65 14
improving employees' skills, knowledge, and attitudes. Non-Executive 0 0 0 0
Prime Thaksalawa served as the cornerstone of PLR's training

and development initiatives, providing a structured framework Female as a %
for delivering high-quality learning experiences to employees No of Female to total employee
across the organisation. Through Prime Thaksalawa, PLR was Department employees count
able to offer a diverse range of training programs tailored to the
specific needs and career aspirations of its workforce. Engineering 1 1%
Sales & Marketing 4 5%
One notable addition to the Prime Thaksalawa curriculum during
Support Services 9 10%
the financial year was the introduction of a special program
aimed at sharing tacit knowledge within the group. Recognising
Meanwhile, as an organisation, PLR respects gender, religious
the invaluable insights and expertise that exist within its
and ethnic diversity and identification. We refrain from
workforce, PLR sought to facilitate the transfer of tacit knowledge
discriminating against employees or prospective candidates in
from experienced employees to their peers.
terms of gender identification, religious beliefs and identified
ethnic backgrounds.
LABOUR PRACTICES AND SUPPLY CHAIN
(SOCIAL) PERFORMANCE MANAGEMENT
NON-DISCRIMINATION We maintain a robust Performance Management System
PLR is an equal opportunity employer. While cultural norms in (PMS) cycle to ensure fair remuneration and recognition and
the country as well as the nature of our business conventionally determine training needs. At the point of the annual budgeting
attracted male employees, we have been actively encouraging and strategic planning process, PLR determines and sets
prospective female employees to join the organization, whilst department-wise goals. Each department then facilitates the
also facilitating the wellbeing and growth of our existing female process of breaking down and assigning goals to individual
employees. employees. While we monitor the performance of sales teams
on a weekly basis, the other departments conduct monthly
evaluations. The Executive Committee conducts reviews on
TOTAL EMPLOYEE CATEGORY – GENDER-WISE
GRI 405 - 1 goals quarterly, while the HR department conducts bi-annual
analysis as well as annual appraisals for the purpose of
rewarding and development. During the year under review,
Total Employees by Gender
we provided all permanent cadre employees with increments,
83% based on the findings of PMS evaluations.
17%
TOP PERFORMERS WERE ENROLLED ON

THE PRIME PREMIERS’ CLUB.
In recognition of their outstanding contributions and exemplary
performance, Prime Lands Residencies has established the
prestigious Prime Premiers’ Club. This exclusive forum serves
as the pinnacle of recognition for the top performers within
the organisation, celebrating their dedication, excellence, and
significant impact on PLR's success.
Female Male
Human Capital
RECRUITMENT GRI 401 - 1
Once the Board approves the cadre plan, we rely on our

comprehensive and transparent recruitment process. Our Group
Recruitment and Selection Policy provides the framework for our
recruitment efforts. The policy framework was designed to ensure
our ability to remain an equal opportunity employer. While our
recruitment process refrains from any type of discrimination, the
recruited candidates go through a probation period of 6 months.
Once the employee successfully completes the probation period
requirements, we engage them on a permanent basis.
During the year under discussion, we welcomed a diverse

cohort of new recruits, reflecting a range of ages and gender
identities. The recruitment data provides insights into the
Membership in the Prime Premiers’ Club is reserved for a
demographics of PLR's newest team members:
select group of individuals who have demonstrated exceptional
performance, leadership, and commitment to excellence in their
New Recruits
respective roles. These top performers embody the core values
Male Female Total
and principles of PLR, serving as role models and inspiring their
colleagues to strive for excellence. Age Analysis <30 years 7 5 12
30 - 50 years 16 1 17
> 50 years 3 0 3
EMPLOYEE ENGAGEMENT AND

STAKEHOLDER RELATIONS (GOVERNANCE)
Purposeful and impactful communication is part and parcel of
our human capital efforts. In line with our leadership model, each
team leader remains in regular contact with members of their
team. The primary communication channel we rely on to engage
with employees is Email. In addition, our community-based
DIGITALISATION OF HR COMPONENTS approach to workplace engagements allows each employee to
Our employees can access their HR related requests including feel at ease in communicating their professional requirements
leave applications as well as their salary and commission with team members both formally and informally. The
earnings via a mobile application. This provides our employees management communicates operational changes to employees
with convenience and quick access to information. via email.
TALENT ATTRACTION AND RETENTION FUTURE OUTLOOK

(SOCIAL AND GOVERNANCE) As we prepare for the next phase of our growth, we remain
mindful of the importance of developing our human capital. In
CADRE PLANNING
the near future, we will continue to further explore improvements
Our Cadre planning process aligns with organizational goals
to our human capital management practices in line with our
and annual strategy development. The Chief Human Resources
efforts to implement sustainable business practices, enhance
Officer (CHRO) and members of PLR’s Executive Committee
stakeholder value and contribute positively to our social and
determine the cadre planning process, based on the annual
economic impact.
manpower requirement of the Company. The CHRO and
Executive Committee members take into action the information
gathered during the PMS review and submit the drafted cadre
plan for the year to the Board for approval.
“Be Better
Every Day”
Commit to continuous
se lf-i m p rove m e nt, st r i v i n g
to s u rpa ss yo u r p rev i o u s
a c h i eve m e nt s d a i l y.
SOCIAL AND RELATIONSHIP CAPITAL

GRI 2.6, GRI 203-1
Our ability to nurture our

social and relationship
capital determines the
long-term success of
PLR, the sustainability
of operations and our
ability to create value.
As we continue to invest
in our relationships, we
foster a culture of trust,
partnerships, collaboration
and integrity. Our social
and relationship capital
reflects the ability
to maintain mutually
beneficial relationships
CUSTOMER VALUE PROPOSITION GRI 416 - 1, 417 - 1
with customers, business partners, As a trusted entity in the real estate and property market in Sri
regulators and the community, whilst Lanka, PLR has already secured a strong brand reputation
upholding our brand reputation. The as a primary choice for customers. As such, we consistently
strive to be the first choice of a customer in home ownership.
below illustration depicts the components To this end, we have adopted a customer centric approach to
of PLR’s social and relationship capital. business, which incorporates a focus on design excellence,
exceptional procurement practices, high quality construction,
quality assurance as well as a deep understanding of customer
requirements.
Customer Value
Proposition Our core philosophy of construction revolves around creating
“Liveable and Lovable Neighbourhoods.” We incorporate the
fundamental premise of striving for excellence into our business
approach including design excellence, quality excellence,
Community
Business management excellence, and service excellence.
Partner
Relationships
Relationships
Government Public
and Regulatory Relations and
Relationships Communication
customers as per the legislative requirements of the Anti-Money

Laundering & Countering the Financing of Terrorism (AML/
CFT) and disclose such information only at the request of the
regulatory bodies.
BUSINESS PARTNER RELATIONSHIPS

GRI 204-1, 308 - 1, 414 - 1
Maintaining mutually beneficial partnerships with our business

partners is part and parcel of our social and relationship capital.
Our supply chain consists mainly of local suppliers (90%) and
local contractors100%. In addition, direct suppliers of accessory
items and finishes count as the second largest component of our
supply chain.
In our bid to consistently seek excellence, we connect with

suppliers and contractors that share our values of service
excellence, international standards, integrity and transparency.
In selecting suppliers and contractors, we evaluate a set of
predetermined criteria to assess the contractors' track record,
delivery timeline, financial credibility, compliance with company’s
The below illustration depicts our customer value proposition: anti-corruption programs, safety conduct and overall social
and environmental performance. An independent committee
led by our Chief Quantity Surveyor, Chief Procurement Officer
Innovative
including representatives from project design consultants and
bespoke
Design the engineering team conduct evaluations, which then are
designs to
Excellence
customise each submitted to the Executive Committee for further analysis and
project
approval. In accordance with our tender guidelines, PLR strictly
work with CIDA accredited (CS1 & PB1) contractors who adhere
Professional to global benchmarks such as the Euro codes and the British
Management
Quality OUR VALUE of the Project
Construction Standards.
Excellence PROPOSITION lifecycle in line
with global best
practices SUPPLIER RELATIONSHIP STATUS
2023/24 2022/23
Highest quality
materials and <2 years 30% 40%
Management Brand
best quality
Excellence Excellence 2 -5 years 30% 20%
construction
service >5 years 40% 40%
Most Trusted Supplier Spend %

condominium
Developer in Sri Payment to Main Contractors 80
Lanka Payment to Sub Contractors 12
Import Material Component 8
100
Moreover, we obtain customer feedback on a regular basis to
gain deeper insights into their requirements as well as necessary Local 92
improvements to our processes. The stakeholder engagement Foreign 8
section of this report further discusses how we engage 100
customers to receive feedback and involve them in our value
creation process. At present, we use innovative web based As the stakeholder engagement section of this report further
platform to capture and monitor customer complaints. explains, we maintain robust communication channels with our
business partners to ensure that we understand their needs and
Mindful of the fact that customer privacy is a fundamental right, meet those in a mutually beneficial manner.
we maintain strict confidentiality of the details we obtain from
Social and Relationship Capital
Our suppliers fall under the purview of our general sourcing

framework that aligns with the stewardship of the Company's Maintain
Procurement division. As such, we maintain a supplier registry a Strong,
Proactive
Transparent
and the aforementioned supplier selection process that also and Proactive
Engagement
with Media
include due diligence activities such as product testing and site Social Media
visits. To this end, we maintain a vital and transparent working Presence
relationship with leading local suppliers for such items as

sanitary ware, tiles and electrical appliances. Providing
Building and
Valuable and
Nurturing
Informative
The below illustration depicts the key components of our Content
Relationships
business partner relationship approach:
Media Coverage Transparency

Supplier Monitoring and Honesty
Conflict
Diversity and
Resolution
Inclusion
Ethical
Quality of
Sustainable
Relationships
Practices
SOCIAL MEDIA STATISTICS

Communication Supplier and
Collaborative
and Contractor
Transparency Performance
Partnerships Facebook Follower Instagram Follower
Growth Growth
Risk
44% 25%
Management Website User Visits YouTube Video Views
95% 486%
Engagement
667%
PUBLIC RELATIONSHIPS AND
COMMUNICATION
Our relationship with the larger community and media presence
pivot on our efforts to remain transparent and in communication
GOVERNMENT AND REGULATOR
with media outlets. Mindful of this fact, we maintain purposeful
RELATIONSHIPS
relationships with media and effectively manage our social
A robust relationship with government authorities and regulatory
media presence. The illustration below presents our overall
bodies allows us to effectively navigate the regulatory
public relationship strategy:
environment, engage with government stakeholders, and
contribute to the development of sustainable and resilient
communities as part of our own growth aspirations.
The below illustration depicts the components of our efforts to

maintain robust relations with the Government and regulators:
Condominium If the relevant construction is to be

Management developed as a condominium property,
Regulatory Authority the prior approval of this authority and
Compliance the final approval of the construction
must be obtained. The regulations of this
Authority also govern the Management
Political
Risk
Government Corporations. In this regard, the authority
Engagement
Management
Strategy (Advocacy, requires the appointment of a dedicated
(Scenario
Planning, Risk
Participation
in Industry
body for the control, management,
Assessment,
Contingency
Concerns, Direct maintenance and administration of each
Communication)
Planning) condominium
Sri Lanka Land If it is necessary to carry out the relevant
Community Reclamation and construction and fill the land at the site
Environmental
Engagement
and
Sustainability Development and develop it, the approval of this body
Efforts
Consultation Corporation should be obtained.
Ministry of If construction is taking place around
Defense areas critical for national security, it must
first be approved by this Ministry.
Ceylon Electricity Relevant institutions should obtain
Board/National confirmation that electricity and water can
Water Supply & be provided as infrastructure facilities for
Drainage Board the relevant construction.
Fire Service Approvals to be obtained from this
SPECIFIC LEGISLATIVE REQUIREMENTS Department department for the manner in which the
APPLICABLE TO PLR’S OPERATIONS relevant construction fire prevention
activities are carried out.
Urban The construction of the relevant buildings
Road If the construction is facing a road
Development should comply with the planning
Development belonging to the Road Development
Authority regulations prepared by the Urban
Authority Authority, prior approval should be
Development Authority (UDA) for the
obtained from this authority
relevant local authority
Central The Authority regulates the implementation
Environment of projects affecting the environment
Authority and the construction of sites specifically
designated by the Central Environment
Authority
Coastal If the construction is taking place in a
Conservation coastal area, the relevant approvals and
Department regulations should be obtained from
Coastal Conservation Department (CCD).
Civil Aviation If the relevant construction is a high rise
Authority building, approval should be obtained in
accordance with the regulations of the
Civil Aviation Authority (CAA).
National Building Approval from this Organization is
Research essential if construction is taking place on
Organization slopes and hills, and if there is excessive
digging for the foundation of the building
Social and Relationship Capital
COMMUNITY RELATIONSHIPS GRI 413 - 1 stakeholder relationship segment of this report explain, we
consistently engage communities and strive to become part of
Engaging communities and ensuring that we contribute to overall
the development of sustainable communities across Sri Lanka.
economic and social progress through managing our economic,
While our business process plays an important role in economic
social and environmental impact remain a vital components
and social progression, we provide direct assistance to various
of our fundamental sustainable value creation strategy. As the
community building efforts as part of our CSR strategy.
The table below presents the direct CSR projects that we initiated during the period under review:
Scholarship We donated scholarships at a value of Rs. 1 Mn rupees to support 20 economically underprivileged students
Programme and students with special needs in their first year at the University of Colombo through the Scholarship
for students at Scheme conducted by the Alumni Organization of the University.
University of
Colombo
We donated an air conditioner to the Centre for Environmental Law and Policy (CELP), affiliated
Donation of an
with the Faculty of Law at the University of Colombo. This donation highlights our commitment to
air conditioner
to University of supporting environmental conservation efforts and fostering academic excellence.
Colombo.
We refurbished the Ward 38 (ENT & Surgical Ward) at the Colombo South Teaching
Refurbishment
of Ward 38 at Hospital – Kalubowila. We continue to conduct maintenance work at the Ward for the
the Colombo foreseeable future. PLR donated emergency, ward round and dressing trolleys along with
South Teaching
Hospital in the pantry cupboards, partitions, and curtains. In addition, we donated 100 bed rexine and
Kalubowila.
stationery for the same ward worth of Rs. 2 Mn
Donation of
School Bags to
children at the
Chithra Lane We donated school bags to 140 special needs students at the school.
School
Renovation of
the Alan- We renovated the Alanmathiniyarama Temple, focusing on enhancing the Vihara premises and providing
mathiniyarama
Temple essential amenities. In addition, we provided kitchen appliances, wardrobes, and a pantry area valued at Rs.
3.1 Mn.
In addition, we organised Christmas Carols on 22nd December

2023, at The Palace - Gampaha project to engage with the
local community in a meaningful way. This unconventional CSR
initiative allowed us to foster a sense of belonging and goodwill
within the community.
FUTURE OUTLOOK
In the foreseeable future, we will continue to develop our
social and relationship capital through enhanced stakeholder
engagement, transparency and collaboration, strategic
partnership formation, investments in community development
and safeguarding sustainable corporate social responsibility.
In this endeavour, we will continue to learn and continuously
improve.
NATURAL CAPITAL
GRI 2.22, 302-1, 302 - 4, 302 - 5, 303 - 3, GRI 303 - 4, 303 - 5
At Prime Lands
Residencies, our
meticulous attention to
natural capital in our
business operations
enables us to actively
contribute to sustainable
development while
generating value for our
stakeholders and society
at large. By prioritising
natural capital, we
enhance property values,
streamline operational
processes, mitigate risks,
ensure compliance with
RELEVANT SDGS
regulations, distinguish ourselves in the
market, and fortify our resilience against
the challenges posed by climate change.
The illustration below depicts the components of our natural Material Topics
capital focus:
Environmental Stewardship
Environmental
Compliance
ENVIRONMENTAL COMPLIANCE GRI 2.27
We strictly adhere to all applicable environmental compliance

Integration
with Business regulations in all aspects of our business. The scope, scale and
Strategy location of our development projects determine the applicable
compliance criteria. During the year under review, there were no
incidents of non-compliance.
Mitigation and
Conservation
Strategies
The below table presents the environmental regulation purviews

applicable to PLR:
Environmental Regulations applicable to PLR’s operations

Urban The construction of the relevant buildings
Development should comply with the planning
Authority regulations prepared by the Urban
Development Authority for the relevant
local authority.
Central The authority regulates the
Environment implementation of projects affecting the
Authority environment and the construction of sites
specifically designated by the Central
Environment Authority.
Coastal If the construction is taking place in a
Conservation coastal area, the relevant approvals and
Department regulations should be obtained from the
Coastal Conservation Department
National Building Approval from this Organization is
Research necessary if construction is taking
Organisation place on slopes and hills, and if there is
excessive digging for the foundation of
the building.
Sri Lanka Land If it is necessary to carry out the relevant
Reclamation and construction and fill the land at the site
Development and develop it, the approval of this body
Corporation should be obtained
Natural Capital
MITIGATION AND CONSERVATION

STRATEGIES
In line with our environmental mitigation and conservation
strategies, we take proactive steps to include environmentally
sustainable practices in our building projects.
We work with architects to incorporate green building design

elements into our real estate building projects. Incorporating
energy efficient design elements such as natural lighting and
ventilation and building layout design to minimise energy usage
allows PLR to work towards environmental sustainability. Our
latest projects incorporate rainwater harvesting systems and
effective Building Management Systems. Our condominiums
built after the year 2020 are equipped with energy efficient
LED lighting, inverter air conditioning units and motion sensor
activated lighting in all common areas. Meanwhile, we strive to The nature of our construction work calls for the use of a large
maintain an overall building footprint between 40 - 50% of the volume of water. While we rely on water from municipal water lines
total land extent with the balance dedicated to landscaping and for urban building projects, we install deep tube wells to extract
green coverage. water for use in construction projects in other locations. As the
water runoff from our construction activities is free of harmful
contaminants, we release used water back into the municipal
sewage system. In instances where sewage system capacity is
insufficient, we install on-site soakage pits and septic tanks.
While the responsibility of safely disposing construction waste

lies with the construction contractor, we review their waste
disposal processes during the initial evaluation stage to ensure
the environmental sustainability of the said processes.
INTEGRATION WITH BUSINESS STRATEGY

Climate change impact is one of the key risks that we face as
a real estate and property development company. At present,
severe weather conditions negatively impact our project
completion timelines. As such, we incorporate climate risk
In addition to working with architects to incorporate analysis into our natural capital risk framework. We rely on
environmental sustainability into design concepts, we work with sophisticated weather analysis and forecast tools in crafting our
contractors who possess valid green credentials such as ISO construction project timelines.
14001 Environmental Management Standard.
Meanwhile, we integrate natural capital concerns into the
Meanwhile, we consistently look to minimise our usage of non- Company’s overall business strategy, including decision-making
renewable materials in construction activities. We work with processes, risk management and corporate sustainability
contractors to source reclaimed products and waste materials initiatives.
from other industries for various construction activities within
the safety and quality parameters required for the viability of our FUTURE OUTLOOK
buildings. We have equipped all our condominiums with water
As we map the future of PLR, we will assess the developments in
treatment plants to treat sewage and wastewater. A considerable
environmental sustainability, regulatory frameworks, and market
percentage of our concrete mixture is made using quarry dust
dynamics whilst also remaining mindful of climate change risks
or fly ash instead of sand mined from river basins. We use
to nurture our natural capital. As such, we will remain committed
reclaimed timber for doors and door frames. In addition, we use
to environmental stewardship and contribute to the conservation
land markers on newly sold land plots in place of conventional
and sustainable management of natural resources.
plastic boards and gift each client with a symbolic sapling when
they invest in our land plots.
“Be Burning
With Passion”
Let yo u r i nte n se e nt h u s ia s m
a n d l ove fo r w h at yo u d o fu e l
yo u r a ct i o n s a n d d r i ve yo u
towa rd s u ccess.
OUR APPROACH TOWARDS SUSTAINABILITY

GRI 405 - 2
Principles that Drive Our and development programs aimed

at enhancing the skills, knowledge,
Commitment to Sustainable and attitudes of PLR employees, was
Development initiated. 8. Decent Work and Economic Growth
Fresh talents are attracted, career
guidance is provided, and internships
are offered through collaboration with
government universities, aligning with
5. Gender Equality the commitment to the SDGs.
1. No Poverty
The Board of PLR is chaired by a female Career growth opportunities for each
Site workforces are sourced by PLR
chairperson, ensuring adequate female employee have been identified through
from rural areas across the country to
representation in leadership roles within career development programs.
enhance their livelihood and standard
PLR’s management team.
of living, thereby contributing to poverty An annual increment of 20% was given
alleviation. to all permanent staff of PLR to improve
their financial well-being and reduce
economic disparities.
6. Clean Water and Sanitation

2. Zero Hunger Rainwater harvesting systems have
Lunch is offered to PLR employees at a been incorporated into PLR’s latest
concessionary rate, with the majority of projects to promote sustainable water
management and conservation. 9. Industry Innovation and
the cost covered by the company.
Infrastructure
Food was provided to those observing Deep tube wells are installed at
The Revolutionary Prime 1% payment
sil at Alanmathiniyarama Temple on selected locations to sustainably
plan, a pioneering initiative in Sri
Poya days during the Katina season. extract water for construction purposes,
Lanka’s real estate industry, was
ensuring efficient and responsible water
introduced to make homeownership
use.
attainable for everyone.
Water runoff from construction activities,
Innovation in design and construction
free of harmful contaminants, is safely
3. Good Health & Wellbeing methodologies is harnessed by PLR,
released back into the municipal
Ward 38 at the Colombo South Teaching utilizing cutting-edge technologies like
sewage system. When the municipal
Hospital in Kalubowila was refurbished Building Information Modelling (BIM),
system’s capacity is insufficient, on-
and essential equipment worth Rs. 2 3D printing, and smart home systems to
site soakage pits and septic tanks
Mn was provided to enhance national enhance efficiency and sustainability.
are installed to manage wastewater
healthcare standards. effectively and sustainably.
Workmen compensation for site staff is
obtained by PLR to ensure their health
and safety.
10. Reduced Inequality
Health insurance, accidental cover, and
life cover are provided by the company
7. Affordable and Clean Energy Equal opportunities are ensured for
Energy conservation is proactively all employees and a zero-tolerance
for all employees.
pursued by PLR through the installation policy towards any form of unfair
of solar panels to reduce dependence discrimination, including those based
on traditional energy sources. on race, religion, and gender, is
maintained.
• At “The Colombo Border,” the roofs
4. Quality Education of covered car parks are utilized for The ratio of basic salary at the
140 school bags were donated to solar panel installation, reducing the entry level for males and females is
special needs children at the Chithra carbon footprint and showcasing a maintained at 1:1.
Lane School. commitment to renewable energy.
A scholarship program worth Rs. 1 Mn • Solar street lighting has been
was provided by PLR for economically integrated into “The Palace -
underprivileged students and students Gampaha” project to decrease 11. Sustainable Cities and
with special needs at the University of electricity consumption within the Communities
Colombo. development. Different customer segments are
catered to own a home by extending the
“Prime Thaksalawa,” an initiative
portfolio of PLR projects.
designed to manage educational
Sustainable vertical living is promoted

by PLR as a solution to urban land
scarcity.
Environmental sustainability is
integrated into design concepts 17 01
by partnering with architects, and 16 02
Partnership No
contractors certified with green Peace,
for the Poverty
Goal Zero
Justice,
credentials like the ISO 14001 & strong Hunger
Environmental Management Standard 15 Institution

03
are collaborated with to deliver Life
on Land
Good Health
& Well Being
sustainable products.
An air conditioner was donated to the 14 04

Centre for Environmental Law and Policy
Life
Below SUSTAINABLE Quality
Education
Water
(CELP) at the University of Colombo DEVELOPMENT

to demonstrate a commitment to
environmental conservation efforts.
13
Climate
Action
Respon-
GOALS Gender
Equality
Clean
05
sible Water
Consum- & Sanitation
ption
12. Responsible Consumption and 12 06
Production Sustainable
Cities
Clean
Energy
A digital document archiving platform Reduced Economic

11 Inequalities Industry, Growth 07
was implemented at PLR to contribute Innovation,
Infrastructure
to responsible consumption and
10 08
production sustainability. 09
Automated deed transfer and sale
& purchase agreement processes
were implemented, reducing paper
consumption by 95%.
13. Climate Action 17. Partnerships for the Goals

Green building design principles are
15. Life on Land
Strategic partnerships are fostered
integrated into real estate projects. The building footprint of The Palace
to address challenges in education,
Gampaha project and The Colombo
Climate risk analysis is integrated community empowerment, and
Border project is only 30% and 25% of
by PLR into the natural capital risk entrepreneurship development.
the total land area respectively with the
framework, aligning with the Sustainable remainder allocated for landscaping
Development Goals. Advanced weather and green spaces, promoting
analysis and forecasting tools are biodiversity and environmental
utilized to develop construction project conservation.
timelines.
Energy-efficient features such as natural

lighting, ventilation, layout design, LED
lighting, inverter air conditioning units,
and motion sensor-activated lighting are 16. Peace & Justice Strong
incorporated by PLR, contributing to Institutions
climate and environmental sustainability. A zero-tolerance policy for bribery and
corruption is upheld by PLR among
all employees and directors, ensuring
integrity and transparency in all
14. Life Below Water operations.
Although primarily focused on terrestrial
projects, water runoff is managed
responsibly by PLR to prevent pollution
and harm to aquatic ecosystems,
aligning indirectly with the SDGs.
“Be Relentless
in Your Efforts
to Succeed”
Pe rs ist t i re l ess ly i n yo u r p u rs u it of
s u ccess, n eve r gi v i n g u p u nt i l yo u
a c h i eve yo u r d es i red o utco m es.
GOVERNANCE
STRUCTURE
CORPORATE GOVERNANCE
GOVERNANCE FRAMEWORK
CORPORATE GOVERNANCE DECLARATION BY THE PLR’s corporate governance framework
CHAIRPERSON is the linchpin of our corporate structure
On behalf of the Board of Directors of Prime Lands Residencies PLC (PLR), I am encompassing business reputation
pleased to present our unwavering commitment to robust corporate governance and integrity, regulatory compliance,
practices. As custodians of your investment, we understand the paramount transparency, ethical business conduct
importance of effective governance in safeguarding your interests, promoting and ultimately our economic, social
transparency, and driving sustainable value creation. The Board of Directors at and environmental impact. There
PLR diligently oversees and provides strategic leadership to guide the Company exists a strong connection between
towards its objectives. Comprised of seasoned professionals with diverse our governance framework and the
expertise and perspectives, the Board ensures that PLR upholds the highest Environmental, Social and Governance
standards of integrity, ethics, and accountability. (ESG) approach. Mindful of the fact that
ESG issues have become integral to
At PLR, we are dedicated to upholding principles of transparency, fairness, and
being a good corporate citizen, we have
accountability in all our dealings. We operate in compliance with applicable
infused these aspects into our corporate
laws, regulations, and corporate governance guidelines, continuously striving to
enhance our governance framework to align with evolving best practices. The governance framework. Consequently,
Board is actively engaged in overseeing PLR’s risk management processes to our corporate governance efforts ensure
identify, assess, and mitigate risks that may impact the Company’s performance that our strategic objectives fall in line
or reputation. We maintain robust compliance mechanisms to ensure adherence with stakeholder interests and long-term
to legal and regulatory requirements, thereby minimising potential risks and value creation. As such, we are able
liabilities. to consistently maintain the correlation
between our strategic impetus with
PLR has established specialised Board committees, such as the Audit sustainability concerns, credibility and
Committee, Remuneration and Human Resources Committee, Related Party transparency.
Transaction Review Committee and Nominations and Governance Committee,
each with distinct responsibilities and mandates to enhance the performance PLR’s Board of Directors is the ultimate
of the Company to achieve its objectives within an effective governance custodian of the corporate governance
framework. This performance is an important role in ensuring effective oversight process, while sub-committees assist
and informed decision-making in key areas of corporate governance. PLR
the Board in implementing governance
is committed to continuous improvement and adaptation in its governance
decisions and strategies. During the
practices. We regularly evaluate and update our governance framework,
year under review, we appointed the
policies, and procedures to respond to changing market dynamics, emerging
Nominations and Governance Committee
risks, and stakeholder expectations.
in line with the latest regulatory
On behalf of the Board of Directors of Prime Lands Residencies PLC, we are requirements stipulated by the Colombo
pleased to confirm that the Company has maintained full compliance with all Stock Exchange. This has further
laws, rules, and regulations relevant to our business throughout the year under strengthened our corporate governance
review. This includes adherence to the Rules of the Securities and Exchange structure for the future. The below
Commission of Sri Lanka (SEC) and the Colombo Stock Exchange (CSE) for illustration depicts our latest corporate
listed entities. Furthermore, we affirm that all members of the PLR Board and governance structure:
employees have performed their duties and responsibilities in conformity with
corporate policies, procedures, and standards outlined in the Internal Code of
Ethics and Conduct.
Ms. H.K. Sandamini R. Perera

Chairperson
CORPORATE GOVERNANCE STRUCTURE AND FRAMEWORK GRI 2.9
EXTERNAL GOVERNANCE INTERNAL ASSURANCE

FRAMEWORKS STRUCTURE FRAMEWORKS FRAMEWORKS
Regulatory Shareholders
• Articles of • Internal Audit
Association of Framework
Voluntary Board of Directors the Company
• External Audit
• Board Charter
Related Party Nomination
Remuneration • Terms of
Board Audit Transactions and
and HR
Committee Review Governance Reference of
Committee
Committee Committee Board Sub-
Committees
Executive
Committee (EXCO) • Code of Ethics
and Conduct for
Internal Audit, Assurance
employees
Risk and through External
Compliance Audit
• Framework of
Board approved
Policies and
CHAIRPERSON Procedures
Executive Committee (EXCO) Management Committee
Management Committee - Management Committee -

Non-Engineering Engineering
Key Functions Key Functions
Decision making on operational Decision making and managing

matters related to support services affairs related to Engineering,
(Finance, IT, Marketing, Real Estate, Quantity Surveying, Procurement,
Legal, Admin & HR) Customer Quality Assurance, Maintenance
Service, Sales and Recoveries and Pre Functions of Management
Corporations
BOARD OF DIRECTORS The below illustration presents the Board Composition:

GRI 2.10, 2.11, 2.12, 2.13, 2.15, 2.17, 2.18
The Board of Directors exercise oversight Name of Director Nature of Directorship

on the strategic direction of the Company Ms. H K Sandamini R Perera* Chairperson/ Executive Director
as well as the risk management process. Mr. Premalal Brahmanage* Executive Director
This allows the Board to incorporate ESG Mr. N.M. Weerakkody Executive Director
related considerations to effectively steer Mr. H M N U Kumara Executive Director
the Company’s direction by identifying Ms. Shehana S A P Brahmanage Executive Director
risks and opportunities.
Mr. Anura Pathirage** Executive Director
Mr. Deepal Sooriyaarachchi Non-Executive, Senior Independent Director
The Board of Directors of Prime Lands
Mr. Sanjaya Bandara Independent Non-Executive Director
Residencies PLC (PLR) comprises six
Executive and five Independent Non- Mr. Mahinda Perera Independent Non-Executive Director
Executive Directors. The collective Mr. Dhammika Kalapuge Independent Non-Executive Director
experience and expertise of our Board Mr. Noel Joseph Independent Non-Executive Director
of Directors include a well-balanced and
diverse combination of skills, business *Effective 1st January 2024, Ms Sandamini R. Perera, previously Co-Chairperson, has
acumen, and professional knowledge, been appointed as Chairperson after Mr Premalal Brahmanage, the Company’s former
which renders our corporate governance Co-Chairman and Chair of the meeting, stepped down from his position to continue to
leadership competent and capable to serve as an Executive Director.
provide the Company a comprehensive
strategic outlook. As such, PLR is able to ** Appointed to the Board with effect from 1st January 2024.
incorporate a broader ESG approach to
corporate governance and craft a path INDEPENDENT DIRECTORS
geared for progress.
To ensure Board balance in compliance with the CSE listing rules and the Code of
Best Practices on Corporate Governance, all five Non-Executive Directors of the Board
PLR’s Board is headed by the
were independent as of 31st March 2024. All Non-Executive Directors declare their
Chairperson and, in accordance
independence on an annual basis against the specified criteria.
with good governance practices, the
Company has established a clear division
In appointing the Board of Directors, PLR follows the provisions laid down by the CSE
between the roles of Chairperson and
listing rules. In addition, we take into consideration the requirements of the Board
Managing Director.
in terms of the Company’s strategic direction, governance practices, gender and
knowledge gaps.
The Chairperson is responsible for
leading the Board and enabling the
Directors to operate effectively as one SENIOR INDEPENDENT DIRECTOR
unit to determine the strategy, risk In line with regulatory requirements and best corporate governance practices, a Senior
appetite, and governance structure that Independent Director has been appointed to support the Chairperson, who serves in an
are necessary to deliver Shareholder executive capacity. This role ensures adherence to Listing Rules and the Code of Best
value in a transparent and responsible Practice on Corporate Governance. The Senior Independent Director offers valuable
manner. guidance to the Chairperson on corporate governance matters. For further insights,
please refer to the statement provided by the Senior Independent Director, available on
PLR’s Managing Director is also the Chief Page 115.
Executive Officer of the Company and
is responsible for executing the Board
approved strategy in order to achieve
ROLE OF THE BOARD
the stated commercial objectives. The The Board of Directors oversees the operational success of the Company by setting
Managing Director is the head of the the strategic direction and taking on the core responsibility of creating lasting value on
Company’s Executive Committee (EXCO), behalf of all stakeholders, including shareholders. Risk identification and management
which is collectively responsible for the is an integral part of Board oversight. In addition, the Board consistently monitors
day-to-day management of the Company. the financial position and performance of the Company’s operations. The Board is
responsible for overseeing the timely delivery of transparent and accurate information to
shareholders, regulators and other stakeholders as well as regulatory compliance.
The following matters are reserved BOARD AND REMUNERATION AND HUMAN
expressly for consideration and approval SUBCOMMITTEE MEETING RESOURCES COMMITTEE:
by the PLR Board: ATTENDANCE This committee ensures responsible
Details on Board, sub-committee executive compensation to foster a
Approving the Company’s strategy high-performing, diverse workforce. They
meetings, and individual member
and business plan oversee human resource strategies,
attendance for FY 2023/24 can be found
Approving major acquisitions, on page 90 of this Report. review compensation packages, and
investments and capital expenditure promote a positive work environment
that attracts and retains top talent. This
Dividend policy BOARD COMMITTEES
ensures alignment with shareholder
At PLR, effective governance is interests and long-term value creation.
Changes to the capital structure
paramount to ensuring transparency,
Approving and/or amending the accountability, and strategic decision-
NOMINATIONS AND
Terms of Reference of Board Sub making. To fulfil this mandate, the Board
GOVERNANCE COMMITTEE:
Committees has established several specialised
committees, each tasked with specific The Nominations and Governance
Appointments to the Board and Board Committee is responsible for ensuring
committees responsibilities outlined in their Terms
of Reference (TOR). These committees effective Board composition, Director
Approving annual budgets and serve as integral components of the nominations, and governance practices
monitoring of performance against corporate governance framework, within the Company. It identifies qualified
budgets facilitating in-depth discussions, rigorous candidates for Board positions and
oversight, and informed decision-making evaluates their skills and expertise to
Amendments to key policies and
processes. ensure a diverse and proficient Board
procedures
membership. Additionally, it oversees
Approval of Interim and Audited Board performance evaluations, training
BOARD AUDIT COMMITTEE:
Financial Statements of Directors when required, and reviewing
The Audit Committee plays a pivotal role the corporate governance framework to
in overseeing PLR’s financial reporting, ensure it is effective and appropriate.
BOARD MEETINGS internal controls, risk management and This comprehensive approach considers
During the year under review, the compliance with regulatory requirements. not only the Listing Rules and other
Board convened on a quarterly basis Comprising Independent Directors regulatory requirements but also industry
as predetermined and planned at with financial expertise, this committee best practices to uphold the highest
the beginning of the calendar year. reviews financial statements, internal standards of governance. The committee
Guidelines and procedures were audit findings, and risk management was appointed in November 2024.
effectively communicated in advance practices. It ensures that the Company
to ensure that Directors were promptly adheres to sound accounting principles Each committee convenes periodically
informed about the scheduled meetings. and maintains the integrity of its financial to deliberate on relevant matters within
In addition to the regular meetings, the reporting. its purview, guided by its TOR. Meeting
Board of Directors convene as needed minutes are meticulously recorded,
for in-depth discussions on strategically RELATED PARTY TRANSACTION reflecting discussions, decisions,
important matters. REVIEW COMMITTEE: and action items. Once approved by
This committee is entrusted with committee members, these minutes are
The Board has approved the meeting disseminated to the respective boards
scrutinising transactions involving
dates for the year in advance, and any
related parties to identify any conflicts of for review and subsequently presented
changes to the schedule are promptly
interest and ensure fairness. Its mandate at the next Board meeting for review of
communicated to the Directors. The
includes evaluating the terms, necessity, the Directors. This ensures transparency,
agendas and Board papers are
and impact of such transactions on PLR’s accountability, and alignment with
distributed to all Board members
stakeholders. By conducting thorough organisational objectives throughout the
seven days prior to meetings, and if a
assessments, the committee upholds governance structure.
Board meeting is convened for urgent
circumstances, every effort is made to ethical standards and safeguards the
provide the Board papers as early as interests of all shareholders and other In addition, PLR appoints and maintains
possible. The Directors are also kept stakeholders. committees at the management level
informed of any changes in the economic to infuse concentrated oversight into
and industry landscape that could impact different, core aspects of the business.
the Group’s ability to create value and its
overall performance.
BOARD AND BOARD SUBCOMMITTEE ATTENDANCE

The number of meetings of the Board, Subcommittees and the individual attendance by members are as follows:
Number of meetings held

Number of meetings
Type of meeting
held
Board meetings 4
Audit Committee meetings 6
Related Party Transactions Review Committee meetings 4
Remuneration and Human Resource Committee meetings 3
Nomination and Governance Committee meetings 1
Date of the meetings held

Related Party Remuneration and Nomination and
Audit Committee
Board meetings Transactions Review Human Resource Governance Committee
meetings
Committee meetings Committee meetings meetings
26th May 2023 9th May 2023 22nd May 2023 20th April 2023 28th March 2024
10th August 2023 22nd May 2023 7th August 2023 27th October 2023 -
08th November 2023 7th August 2023 26th October 2023 02nd February 2024 -
02nd February 2024 26th October 2023 26th January 2024 - -
- 26th January 2024 - - -
- 28th March 2024 - - -
The Board composition, together with the attendance of the Board members
The details of the Board meeting attendance of each Board member are disclosed below:
26th 10th 08th 02nd

Name of director Nature of directorship Eligibility Attended May August November February
2023 2023 2023 2024
Ms. H.K. Sandamini R. Perera* Chairperson/ Executive 4 4    
Director
Mr. Premalal Brahmanage* Executive Director 4 3    
Mr. N.M. Weerakkody Executive Director 4 3    
Mr. H.M.N.U. Kumara Executive Director 4 4    
Ms. Shehana S.A.P. Brahmanage Executive Director 4 3    
Mr. Pathirage Anura W Perera** Executive Director 1 1 n/a n/a n/a 
Mr. Deepal Sooriyaarachchi Non-Executive, Senior 4 3    
Independent Director
Mr. Sanjaya Bandara Independent Non-Executive 4 4    
Director
Mr. Mahinda Perera Independent Non-Executive 4 4    
Director
Mr. Dhammika Kalapuge Independent Non-Executive 4 4    
Director
Mr. Noel Joseph Independent Non-Executive 4 4    
Director
* Effective 1st January 2024, Ms. Sandamini R. Perera, previously Co-Chairperson, has been appointed as Chairperson after Mr. B.
Premalal, the Company’s former Co-Chairman and Chair of the meeting, stepped down from his position.
** Appointed to the Board with effect from 1st January 2024.

The Subcommittee composition, together with the attendance of the members

The Board Subcommittees are comprised exclusively of Independent Non-Executive Directors. The membership of the Board Sub-
Committees and the individual attendance by members are as follows:
Board Related Party Board Nominations

Board Remuneration
Name of director Board Audit Committee Transactions Review and Governance
and HR Committee
Committee Committee
Status Attendance Status Attendance Status Attendance Status Attendance

Mr. Sanjaya Bandara C 6/6 C 4/4 M 3/3 M 1/1
Mr. Deepal Sooriyaarachchi M 5/6 M 3/4 C 3/3 M 1/1
Mr. Mahinda Perera M 6/6 M 4/4 n/a n/a C 1/1
Mr. Dhammika Kalapuge n/a n/a n/a n/a M 3/3 n/a n/a
C - Chairman M - Member
THE BELOW TABLES PRESENT THE LEVEL OF COMPLIANCE OF PRIME LANDS RESIDENCIES
PLC TO THE CODE OF BEST PRACTICE ON CORPORATE GOVERNANCE 2017 ISSUED BY THE
INSTITUTE OF CHARTERED ACCOUNTANTS OF SRI LANKA, COMPANIES ACT AND LISTING
RULES:
LEVEL OF COMPLIANCE WITH THE CODE OF BEST PRACTICE ON CORPORATE GOVERNANCE AS OF 31ST
MARCH 2024
Corporate Governance Principle
Compliance Level of Compliance and Implementations
Principle No.
The Board A.1  The Board, led by the Chairperson, comprises eleven directors, including five
Independent Non-Executive Directors. Comprised of seasoned professionals
in business leadership, engineering, finance, sales and marketing, legal and
compliance, human resources, corporate governance, and risk management,
the Board brings a wealth of diverse expertise to steer the Company's strategic
direction.
Regular Board A.1.1  The Board convenes quarterly, with additional meetings scheduled as
meetings, Structure and necessary.
process of submitting
information Throughout the financial year ending on 31st March 2024, the Board held four
meetings. Board packs, containing essential information, are sent seven days
prior to each session. Typically, these packs encompass:
Financial statements for the relevant quarter and year to date together with
comparatives for the corresponding period of the previous financial year
and budgets
Use of common seal and litigation status of the Company
Compliance dashboard
Current status of construction projects
Current status of the sales and recovery performance


Principle No.
Responsibility of the A.1.2  The board is primarily responsible for the Company's strategic planning
Board process. This involves being responsible for developing the Company's
strategic vision and mission.
The Board is also responsible for matters including;
Appointing a Chairperson to the Board.
• During the year, the Board has appointed Ms. H.K. Sandamini R. Perera
as the Chairperson of the Board.
Ensuring an effective succession plan for the MD/CEO and key

management personnel.
Approving budgets and major capital expenditures.
The Board has delegated the responsibility to the Board Audit Committee
to ensure effective systems to secure the integrity of information, internal
control, and risk management.
The Audit Committee Report on page 116 presents information about the
composition, responsibilities, and duties of the Board Audit Committee.
Act in accordance A.1.3  There is a significant emphasis across the organization on ensuring
with the law and compliance with applicable laws and regulations. The statutory and regulatory
obtain independent compliance dashboard is presented at every board meeting and is monitored
professional advice. at the board level.
The Board members are permitted to obtain independent professional advice

from a third party, including the Company’s external auditors, lawyers, and
other professional consultants, whenever deemed necessary at the expense of
the Company.
Access to the advice A.1.4  All Directors have access to the advice and services of the Company
and services of the secretarial function provided by SSP Corporate Services (Private) Limited,
Company secretary which is responsible for ensuring follow-up of Board procedures, ensuring that
the Company complies with its Articles of Association and Companies Act, and
maintaining minutes and relevant mandatory records.
Independent judgment A.1.5  All Directors exercise independent judgment in all decisions pertaining to
of Directors strategy, performance, resource allocation, risk management, compliance, and
standards of business conduct.
Each director receives a comprehensive set of board papers in advance of

every board meeting, allowing sufficient time for directors to evaluate and
express their independent judgment.
Dedication of adequate A.1.6  The Board met on four occasions during the year (once in each quarter).
time and effort by
Directors The board is satisfied that the chairperson and all other Directors committed
sufficient time during the financial year 2023/24 to fulfil their duties.
The Board Papers and the Agenda are received by the Directors ahead
of board meetings, enabling the directors to review the papers and obtain
clarifications ahead of the meetings.
Call for resolution by A.1.7  As per the Articles of Association, resolutions could be passed with majority
Directors voting. However, any single Director may call for a resolution to be presented to
the board if he or she feels it is in the interest of the Company.

Principle No.
Training for Directors A.1.8  The Board recognizes the need for continuous training and expansion of
Directors’ knowledge and skills to effectively discharge their duties and are
encouraged to attend various corporate forums and seminars.
Some Directors attend sessions of the Sri Lanka Institute of Directors.
Further, at Board and audit committee meetings, members are briefed on

regulatory changes that may affect the business.
Separation of the roles A.2  The positions of Chairperson and CEO are separated to provide a clear
of Chairperson and separation of responsibility at the apex of the Company as well as a balance of
CEO power and authority.
The Managing Director has the same authority as the CEO.

Chairman’s role & A.3- A.3.1  The Board was headed jointly by the Co-Chairman, Mr. Premalal Brahmanage,
Conduct of Board and the Co-Chairperson, Ms. H.K. Sandamini R. Perera, until 31st December
Meetings 2023. With effect from 1st January 2024, the Board is headed by Chairperson,
Ms. H.K. Sandamini R. Perera. Mr. Premalal Brahmanage continues to serve on
the board as an Executive Director.
The Chairperson ensures the following;
Developing an appropriate agenda for Board meetings with the Company

Secretaries, taking into consideration the Directors' recommendations.
Provide sufficient information in board packs and timely availability
Effective participation of Executive and Non-Executive Directors
Sufficient balance of power between Executive and Non-Executive

Directors
The views of directors on issues under consideration are obtained, and a

record of such deliberations is reflected in the Minutes appropriately.
Financial Acumen A.4  The Board is made up of directors who are skilled, experienced, and have the
expertise and capacity to provide the Board with expert advice on financial
concerns.
The Board includes a member who is a fellow member of the Institute of

Chartered Accountants of Sri Lanka, two members who are fellow members of
the Chartered Institute of Management Accountants (UK), and a fellow member
of the Chartered Institute of Taxation of Sri Lanka. Other members of the Board
also have the ability to offer guidance on matters of finance to the Board.
Board Balance A.5  The Board has a mix of executive and Non-Executive Directors, ensuring that
no individual or small group of individuals may control the Board's decision-
making. The oversight of the SID further strengthens the independence of the
Board performance and its decision making process.
Majority of Non- A.5.1  The Board consists of six executive directors and five Non-Executive Directors.
Executive Directors The Board is committed to appoint in due course another independent director
with the appropriate business acumen, skills and professional experience to
support the Board
Independent Non- 5.2  All five Non-Executive Directors on the Board are independent based on the
Executive Directors criteria set by the Code and the Listing Rules of the Colombo Stock Exchange.

Principle No.
Directors independent 5.3  The Company maintains the "Interest Register" mandated by the Companies
from management Act No. 07 of 2007, which also includes information on the Director's interest in
contracts with the Company.
A disclosure on related party transactions is available on Page 118.

Annual Declaration of 5.4  Every Non-Executive Director has made a signed declaration regarding their
Independence by Non- Independence or Non-Independence based on specified criteria set out by the
Executive Directors Code.
Determination of 5.5  The Board has determined the independence of the Non-Executive Directors
Independence of based on the declarations submitted by the Non-Executive Directors. No
Directors circumstances have arisen for the determination of independence by the
Board, beyond the criteria set out in the Code.
Accordingly, Independent Non-Executive Directors of the Company are:
Mr. Deepal Sooriyaarachchi
Mr. Sanjaya Bandara
Mr. Mahinda Perera
Mr. Noel Joseph and
Mr. Dhammika Kalapuge

Alternate Director 5.6 N/A No alternate Directors were appointed
Appointment of Senior 5.7  Mr. Deepal Sooriyaarachchi is appointed as the Senior Independent Director
Independent Director (SID) as the Chairperson is not an independent Director.
During the financial year, SID met with Non-Executive Directors twice and with
Executive Directors once to discuss and communicate governance-related
matters.
Confidential 5.8  The Senior Independent Director is available for confidential meetings if there
discussion with Senior are any concerns about governance or issues that may have an unfavourable
Independent Director impact on the Company and have not been appropriately addressed by the
Board.
No confidential meetings were held during the financial year.

Chairman’s meetings 5.9  The Chairperson has held a meeting with the Non-Executive Directors without
with Non-Executive the presence of Executive Directors.
Directors
Recording of Concerns 5.10  Concerns raised by the Directors during the financial year, if any, are
raised by Directors in adequately recorded in the minutes of Board meetings by the Company
Board Minutes Secretary.
Supply of Information A.6.1  The Company ensures that the Directors receive adequate information on a
timely basis. On urgent matters, every effort is made to give information as
soon as possible.
The Board receives a standard set of documents, which are timely, accurate,
and comprehensive. These papers include a detailed analysis of Financial and
Non-Financial Information. The Board may request additional information or
clarify issues with any member of the Executive Committee.
Adequate time for A.6.2  The Agenda for the Board meeting and connected Board papers are ordinarily
the conduct of Board circulated to the Directors seven days in advance to facilitate the effective
Meetings conduct of the meeting.

Principle No.
Appointments of a A.7.1  The Nominations & Governance Committee is established.
Director to the Board
The committee consists of three Independent Non-Executive Directors and the
Chairman of the committee is an Independent Non-Executive Director. (The
N&GC Report is available on Page 120)
Annual assessment of A.7.2  The Nominations and Governance Committee annually assessed the
Board composition Board composition against pre-defined criteria to ensure that the combined
knowledge and experience of the Board matches the strategic demand facing
the Company.
The outcomes of such assessments are taken into account when new Board
appointments are made.
Communication with A.7.3  All new appointments are communicated to the shareholders by way of
Shareholder on the announcement through the Colombo Stock Exchange (CSE).
appointment of new
Directors During the financial year, the Board appointed a Director Finance, which was
communicated to shareholders via a market announcement on the CSE.
Re-election A.8.1-8.2  Re-elections take place as per the provisions of the Code of Best Practice on
Corporate Governance.
Resignation 8.3  Written communications are provided to the Board by Directors who resign
prior to the completion of their appointed term. However, no resignations have
taken place during the year under review.
Appraisal of Board A.9.1-9.4  The performance of the Board and its Sub-committees was evaluated annually.
Performance
The Board was presented with the evaluation's final results.
Disclosure of A.10  The details in respect of Directors are disclosed in the Annual Report covering:
information in respect
of Directors Name, qualifications and brief profile (Refer Page 19)
The nature of his/her expertise in relevant functional areas (Refer Page 19)
Whether Executive, Non-Executive and/or Independent Director (Refer

Page 19)
Names of listed companies in Sri Lanka in which the Director concerned

serves as a Director (Refer Page 19)
Number of Board meetings of the Company attended during the year (Refer
Page 90)
The total number of Board seats held by each Director indicating listed and
unlisted Companies and whether in an Executive or Non-Executive capacity
(Refer Page 19)
Names of Board Committees in which the Director serves as Chairman or a

member - Refer to the “Committee Reports”
Number of committee meetings attended during the year (Refer Page 90)
Appraisal of Chief A.11-A.12  At the commencement of financial year, the Board in consultation with the
Executive Officer Managing Director has set short, medium and long-term objectives, and
reasonable financial and non-financial targets that should be met by the MD
during the year.
The performance of the Managing Director has been evaluated by the Board to
ascertain whether the targets have been achieved.

Principle No.
Directors’ Remuneration B.1  The Board has implemented a formal and transparent procedure for
developing policies on remuneration by setting up a Remuneration and HR
Committee. Its purpose is to assist the Board of Directors in matters relating to
the compensation of the Company’s Directors and Key Management Personnel.
Establishment and B.1.1-  Remuneration and Human Resources Committee consist of three Non-
composition of B.1.2 Executive Directors and all of them are independent. The Chairman of the
the Remuneration Remuneration Committee –Mr. Deepal Sooriyaarachchi is a Senior Independent
Committee Non-Executive Director.
Disclosure of Chairman B.1.3  Please Refer Page 119 – for details on Remuneration and Human Resources
and Members of Committee
the Remuneration
Committee
Remuneration of Non- B.1.4  The Board as a whole determine the fees payable to the Non-Executive
Executive Directors Directors including members of the Remuneration Committee.
Remuneration of B.1.5  The Remuneration Committee consults the Chairperson about its proposals
Executive Directors relating to the remuneration of other Executive Directors.
The Level and Make up B.2-2.10  The Board ensures that Executive Directors are provided with an attractive
of Remuneration remuneration package to attract them and retain them with the Company,
and the remuneration is designed to promote the long-term success of the
Company.
At the same time, the Board as a whole determines the levels of fees for
NEDs (who are all INEDs), taking into account the time, commitment, and
responsibilities associated with their role and with due consideration of industry
best practices and non-discriminatory principles.
Disclosure of B.3.1  Annual Report contains a statement of Remuneration & Human Resources
Remuneration Committee and a Statement of Remuneration Policy.
Please refer Note 7 to the Financial Statements on Page 156 for aggregate
remuneration paid to the Executive Directors and the aggregate fees paid to
Non-Executive Directors.
Relationship with C.1-C.2  AGM is held on a timely basis for shareholder participation.
Shareholders
Notice of the AGM, Form of the Proxy and related papers sent to shareholders
before the meeting in order to provide the opportunity to all the shareholders to
attend the AGM.
The effective communication with shareholders has been established. The

primary means of communication between the Company and its shareholders
are CSE announcements. The Company used the following channels to provide
timely information to all shareholders.
Shareholders meetings
Corporate website
Press notices
Major and Material C.3.1-3.2  During the year, there were no major transactions as defined by Section 185 of
Transactions the Company’s Act No. 07 of 2007 which materially affect the Net Assets Base
of the Company. Transactions which materially affect the Net Assets Base of
the Company will be disclosed in the Interim/Audited Financial Statements, if
any.

Principle No.
Accountability and D
Audit
Financial and Business D.1.1  The Board has presented the Annual Report, which includes the Financial
Reporting Statements of the Company that is true and fair, balanced and understandable
and prepared and presented in accordance with LKASs and SLFRSs as
required by statutory requirements.
The Annual Report is partially compliant with Integrated Reporting standards.

Financial and Business D.1.2  The Board recognizes its responsibility to present regulatory and statutory
Reporting with Statutory reporting, as well as other price-sensitive information, in a balanced and
and Regulatory Bodies understandable manner.
in a balanced and
understandable manner The Company strictly followed the requirements of Companies Act No. 07 of
2007 in the preparation of interim and annual financial statements, which were
prepared and presented in accordance with Sri Lanka Accounting Standards.
Furthermore, the Company has complied with the reporting requirements
prescribed by the regulatory authority, such as the Colombo Stock Exchange
(listing rules).
Declaration by Director D.1.3  The Director Finance and CFO review the quarterly and year-end Financial
Finance and CFO Statements before submitting them to the Audit Committee and Board, ensuring
on the Accuracy of that the entity's financial records have been properly maintained, and that the
Financial Records Financial Statements comply with the appropriate accounting standards and
give a true and fair view.
The Directors’ Report in D.1.4  The Annual Report of the Board of Directors on the Affairs of the Company
the Annual Report given on Pages 122 to 127 covers all of these sections.
Directors’ and Auditors’ D.1.5  A statement setting out the responsibilities of the Board of Directors for the
Responsibility for the preparation and presentation of financial statements is given on Page 130.
Financial Statements
A statement by the Auditors about their reporting responsibilities is given on
page 129.
Management D.1.6  Please refer to the Chairperson’s Statement on Pages 34 to 36, MD’s review
discussion and analysis on Pages 38 to 40, and Organizational Performance on Pages 33 to 83 of this
Annual Report.
Summoning an Extra D. 1.7  Circumstances to summon an EGM did not arise during the financial year
Ordinary General 2023/24.
Meeting (EGM) to notify
serious loss of capital However, if the situation arises, an EGM will be called for and shareholders will
be notified.
Related party D.1.8  The transactions entered into by the Company with the related parties are
transactions disclosed on Note 31 of the Financial Statements.
Risk Management and D.2  A risk management and internal control system was effected by the Board
Internal Control under the Internal Audit, Risk and Compliance Department which will report to
the Board Audit Committee.
Internal Control D.2.1  The board has devised a monitoring system to assess the Company's risk
Mechanism management and internal control systems.
The Company's internal audit department evaluates the effectiveness of

the internal control system by conducting regular reviews of all processes,
including risk assessments, and presenting them to the Board Audit
Committee.

Principle No.
Robust assessment of D.2.2  The risk assessment conducted by the internal audit, risk, and compliance
the principal risk department is reviewed by the Company's Executive Committee, which
discusses all of the key risks in depth. The reviewed risk register is presented
to the Board Audit Committee, which oversees the effectiveness of the
Company's risk management and internal control systems.
Please refer Pages 104 to 111 in the Risk Management report.

Internal Audit Function D.2.3  An internal audit function is established.
The Board’s D.2.4  The Internal Audit Division of the Company conducts regular reviews of the risk
responsibility over management function and internal control system, including internal control
risk management and over financial reporting. The Audit Committee monitors, reviews, and assesses
internal controls the effectiveness of internal control systems, particularly internal controls over
financial reporting.
Audit Committee D.3
Composition of Audit D.3.1  The Audit Committee consists of three Non-Executive Directors; of whom all
Committee are Independent. The Committee is Chaired by Mr. Sanjaya Bandara, who is
an independent Non-Executive Director and a fellow member of the Institute of
Chartered Accountants of Sri Lanka.
The members of the Committee have expertise in finance, risk, governance,

and compliance.
Terms of Reference of D.3.2  The Audit Committee has a written Term of Reference covering its purpose,
the Audit Committee duties and responsibilities.
Activities of the Audit D.3.3  The Audit Committee Report, describing the scope of the committee in
Committee discharging its responsibilities is included in the Annual Report – Page 116
Related Party D.4
Transactions Review
Committee (RPTRC)
Definition of Related D.4.1  Related party and Related Party Transactions are defined as LKAS 24
party and Related Party
Transactions
Composition of RPTRC D.4.2  The RPTRC consist of three Non-Executive Directors, of whom all are
Independent. The Committee is Chaired by Mr. Sanjaya Bandara, who is an
Independent Non-Executive Director.
Terms of Reference of D.4.3  The Related Party Transaction Review Committee has a written Term of
the RPTRC Reference covering its purpose, duties and responsibilities.

Principle No.
Code of Business D.5.1  The Company has adopted a Code of Business Conduct and Ethics, and the
Conduct & Ethics directors, key management personnel, and all employees are committed to
upholding the code and its values. There were no recorded instances of non-
compliance with the Code of Business Conduct and Ethics by any Director, key
management personnel, or other employees.
The Code of Business Conduct and Ethics includes but is not limited to the
following provisions.
Strictly avoid employees from accepting gifts from partners or service

providers including contractors.
Strictly avoid giving or accepting any kind of bribe, either directly or

indirectly.
Exercise honesty, objectivity, and diligence when performing one’s duties.
Strictly avoid any form of sexual harassment and discrimination.
Strictly avoid possessing and using prohibited drugs at the workplace.
The code of conduct also includes provisions relating to the protection and
privacy of whistleblowers, and their identities are never disclosed at any time.
Process for material D.5.2  The Company has implemented policies and procedures that ensure that
and price-sensitive material and price-sensitive information is immediately disclosed to the
information Colombo Stock Exchange after relevant decisions are made by the Board of
Directors.
Policy for monitoring D.5.3  A procedure is in place to monitor share acquisitions by Directors, and any
and disclosure of such purchases will be reported to the Company Secretary immediately so
shares purchased by that the necessary disclosure can be made to the Colombo Stock Exchange
any directors, KMPs immediately.
and other employees.
Shares purchased by key management personnel or other employees
involved in the financial reporting process will be reported to the compliance
department.
Affirmative statement D.5.4  The Chairperson’s affirmation in the Company’s Annual Report that she is not
by the Chairman aware of any violation of any of the provisions of the Code of Business Conduct
and Ethics is on Page 86.
Corporate Governance D.6.1  The Corporate Governance Report sets out the manner and extent to which
Disclosures the Company has complied with the principles and provisions of the code is
included in the Annual Report – Page 91
Institutional investors/ E.1  Institutional shareholders are given the right to use their votes.
Shareholder Voting
Communication with E.1.1  The Board engages in discussions with its shareholders at the general
Shareholders meetings to avoid conflicts of interest and foster mutual understanding.
Due weight by E.2  The institutional investors have the freedom to give due weight to matters
Institutional Investors relating to the Board structure and composition when they consider resolutions
relating to the Board structure and composition.
Individual Shareholder’s F.1  Individual investors are encouraged to carry out adequate analysis or seek
Investing/Divesting independent advice when making investment or divesting decisions.
decision
Individual Shareholder F.2  Individual shareholders are encouraged to participate in general meetings and
voting exercise their voting rights.

Principle No.
Internet of things and G  The Board delegated this responsibility to the Information Technology Division,
Cybersecurity and the Chief Information Technology Officer is primarily responsible for
completing this work.
IT policy and Cybersecurity policies are in place which are approved by the
Board.
As part of risk management, the Board Audit Committee reviews the risk
register of the IT function, which is reassessed each year.
Environment, Society H  Annual Report contains information on Environment (Page 78-Environment
and Governance Capital), Social (Social Capital- Page 72) and Governance (Governance report-
Page 86), that will enable investors and other stakeholders to assess how ESG
risks and opportunities are recognized, managed, measured and reported.
LEVEL OF COMPLIANCE WITH MANDATORY REGULATIONS

This section provides a summary of the level of compliance with the Companies Act and the Regulations issued by the Colombo Stock
Exchange with references to relevant pages for ease of reference.
DISCLOSURES REQUIRED BY THE COMPANIES ACT NO. 07 OF 2007

Section
Requirement Annual Report Reference (Page)
Reference
168 (1) (a) The nature of the business of the Company together with any change thereof, if About the Company - Page 8
any, during the accounting period
Notes to the Financial Statements on
Pages 138 to 182
168 (1) (b) Signed Financial Statements of the Company for the accounting period Audited Financial Statements - Page
129 to 182
168 (1) (c) Auditors’ Report on Financial Statements of the Group and the Company Independent Auditor’s Report - Page
129
168 (1) (d) Accounting Policies and changes thereto, if any Notes to the Financial Statements -
Page 138
168 (1) (e) Particulars of the entries made in the Directors’ Interests Register during the Annual Report of Directors on the
accounting period State of Affairs of the Company - Page
122
168 (1) (f) Remuneration and other benefits paid to Directors of the Company during the Annual Report of Directors on the
accounting period State of Affairs of the Company - Page
122
168 (1) (g) The total amount of donations made by the Company during the accounting Social Capital - Page 72
period
168 (1) (h) Information on the Directorate of the Company and its Subsidiaries during and Annual Report of Directors on the
at the end of the accounting period State of Affairs of the Company - Page
122
168 (1) (i) Amounts paid/payable to the External Auditor as audit fees and fees for other Notes to the Financial statements -
services rendered by them during the accounting period Page 156
168 (1) (j) Auditors’ relationship or any interest with the Company and its Subsidiaries Annual Report of Directors on the
State of Affairs of the Company - Page
122
168 (1) (k) Acknowledgment of the contents of this Report and Signatures on behalf of the Annual Report of Directors on the
Board (Annual Report of the Board of Directors) State of Affairs of the Company - Page
122
DISCLOSURES REQUIRED BY THE LISTING RULES OF THE COLOMBO STOCK EXCHANGE

Rule No. Subject Applicable Requirement Status Compliance Details
9.3.1 Board Committees Listed entities shall ensure that at a minimum, Compliant Refer to the sub-committee
the following Board committees are established, reports on Pages 116, 118,
maintained, and functioning effectively. 119, and 120.
a) Nominations and Governance Committee
b) Remuneration Committee
c) Audit Committee
d) Related Party Transactions Review Committee.

9.3.2 Listed Entities shall comply with the composition, Compliant Refer to the sub-committee
responsibilities and disclosures required in respect of report on Pages 116, 118,
the Board committees as set out in the Listing Rules 119, and 120.
9.4.1 Adherence to Listed Entities shall maintain records of all resolutions Compliant The Company secretaries
principles of and the other information upon a resolution being maintain records of
democracy considered at any General Meeting of the Entity. all resolutions and the
other information upon a
resolution is considered at
any General Meeting of the
Company.
9.6.1 Chairperson and The Chairperson of every Listed Entity shall be a Compliant The Chairperson is an
CEO Non-Executive Director and the positions of the Executive Director, and a
Chairperson and CEO shall not be held by the same SID has been appointed.
individual, unless otherwise a SID is appointed by
such Entity The position of
Chairperson and CEO has
not been held by the same
person.
9.6.2 Where the Chairperson of a Listed Entity is an Compliant The market announcement
Executive Director and/or the positions of the has been made within one
Chairperson and CEO are held by the same month.
individual, such Entity shall make a Market
Announcement within a period of one (1) month.
9.6.3(a) The Requirement Listed Entity shall appoint an Independent Director as Compliant A SID has been appointed.
for a SID the SID if the Chairperson is an Executive Director.
9.6.3(b) The Independent Directors shall meet at least once a Compliant SID has met the
year or as often as deemed necessary at a meeting Independent Directors
chaired by the SID without the presence of the other twice this year.
Directors.
9.6.3(c) The SID shall chair a meeting of the Non-Executive Compliant SID has met Non-
Directors without the presence of the Chairperson Executive Directors
at least annually, to appraise the Chairperson’s without the presence of
performance the Chairperson twice this
year.
9.6.3(e) The SID shall make a signed explanatory disclosure Compliant Senior Independent
in the Annual Report demonstrating the effectiveness Director's report on Page
of the duties of the SID. 115
9.8.5(a) Independence Each Independent Director is to submit a signed Compliant The Non-Executive
declarations and dated declaration annually of his or her Directors have submitted
“independence” or “non-independence” the signed and dated
declarations in the
prescribed format.

9.8.5(b) Disclosure of Disclose the names of Directors determined to be Compliant Board profile – Pages 19
Independent ‘Independent’ in the Annual Report. - 29.
Directors
9.9 (a)-(e) Alternate Directors Appointment of Alternate Directors Compliant No alternate director is
appointed
9.10.2 Disclosures Listed Entities shall, upon the appointment of a new Compliant An immediate market
relating to Director to its Board, make an immediate Market announcement was made
Directors Announcement after the appointment of
Director Finance.
9.10.3 Listed Entities shall make an immediate Market Compliant No changes to the
Announcement regarding any changes to the composition of Board Sub-
composition of the Board Committees. committees.
9.10.4 Listed Entities shall also disclose the following in Compliant Refer to;
relation to the Directors in the Annual Report.
i. Board profile – Pages
(a) name, qualifications and brief profile; 19 - 29
(b) the nature of his/her expertise in relevant ii. Corporate Governance

functional areas; report (Board
attendance)- Page 90
(c) whether either the Director or Close Family
Members has any material business relationships iii. Sub-committee
with other Directors of the Listed Entity; reports-Pages 116,
118, 119 and 120
(d) whether Executive, Non-Executive and/or
independent Director; iv. Senior Independent
Director's report - Page
(e) the total number and names of companies in Sri
115
Lanka in which the Director concerned serves
as a Director and/or Key Management Personnel
indicating whether such companies are listed or
unlisted companies and whether such Director
functions in an Executive or Non-Executive
capacity
(f) number of Board meetings of the Listed Entity

attended during the year;
(g) names of Board Committees in which the Director

serves as Chairperson or a member;
(h) Details of attendance of Committee Meetings of

the Audit, Related Party Transactions Review,
Nominations and Governance and Remuneration
Committees; and,
(i) The terms of reference and powers of the SID

(where applicable).
9.11.1-9.11.4 Nominations Listed Entities shall have a Nominations and Compliant Report of the Board
and Governance Governance Committee that conforms to the Nominations and
Committee requirements set out in Rule 9.11 Governance Committee –
Page 120
9.11.6 Disclosures in The Annual Report of Listed Entities shall contain a Compliant Report of the Board
Annual Report report of the Nominations and Governance Committee Nominations and
signed by its Chairperson. Governance Committee –
Page 120

9.12.1-9.12.6 Remuneration Listed Entities shall have a Remuneration Committee Compliant Report of the
Committee that conforms to the requirements set out in Rule 9.12 Remuneration and Human
Resources Committee-
Page 119
9.12.8 Disclosure in The Annual Report should set out the following: Compliant Report of the
Annual Report Remuneration and Human
(a) Names of the Chairperson and members of Resources Committee -
the Remuneration Committee and the nature of Page 119
directorships held by such members
Annual Report of Directors
(b) A statement regarding the remuneration policy;
on the State of Affairs of
and,
the Company - Page 122
(c) The aggregate remuneration of the Executive and
Non-Executive Directors.
9.13.1-9.13.3 Audit Committee Where Listed Entities do not maintain separate Compliant Report of the Board Audit
Committees to perform the Audit and Risk Functions, Committee- Page 116
the Audit Committee of such Listed Entities shall
additionally perform the Risk Functions set out in Rule
9.13
7.10.6 (b) & Functions of the The Audit Committee shall also prepare an Audit Compliant Report of the Board Audit
c) (Instead of Audit Committee Committee Report which shall be included in the Committee- Page 116
9.13.4 & 5) & Disclosures in Annual Report of the Listed Entity.
Annual Report
9.14.1-2 Related Party Listed Entities shall have a Related Party Transactions Compliant Report of the Board RPTR
Transactions Review Committee that conforms to the requirements Committee- Page 118
Review Committee set out in Rule 9.14
9.14.7 Disclosures Immediate Disclosures Compliant No such events that
require immediate
disclosure have occurred
during the financial year.
9.14.8 Disclosures in the Recurrent/Non-recurrent transaction Compliant Notes to the Financial
Annual Report Statements – Page 138
(Related party
transactions)
The Annual Report shall contain a report by the Compliant Report of the Board RPTR
Related Party Transactions Review Committee Committee- Page 118
9.16 Additional The following declarations by the Board of Directors Compliant Annual Report of Directors
disclosures to be included in the Annual Report: on the State of Affairs of
the Company - Page 122
(i) They have declared all material interests in
contracts involving in the Entity; There were no material
non-compliances during
(ii) They have conducted a review of the internal
the financial year.
controls covering financial, operational and
compliance controls and risk management;
(iii) They made arrangements to make themselves

aware of applicable laws, rules and regulations;
(iv) Disclosure of relevant areas of any material non-

compliance with law or regulation
RISK MANAGEMENT REVIEW

GRI 201-2, 207 - 2
Risk management is essential to risk management approach, purposefully identify and categorise risks. Our risk
sustaining our success and ensuring identifying, assessing, and mitigating approach involves the use of a risk heat
long-term value creation. Our risk these risks. This consideration of ESG map, designed to map the likelihood of
management framework enables us to issues in risk management provides occurrence against the severity of impact
anticipate, assess and mitigate risks guidance to improve our sustainability, on the Company. Once we identify and
effectively, which in turn safeguards our resilience, and sustained value creation categorise risks based on impact and
investments, operations and financial while meeting the expectations of likelihood, we formally document each
stability whilst supporting us to build investors, homeowners, regulators, and risk in the Risk Register. The Internal
social and relationship capital and other stakeholders. Audit, Risk and Compliance Department
maintain our brand reputation. is responsible for the maintenance of the
Mindful of the fact that risk monitoring is Risk Register.
We integrate Environmental, Social, and the first step to effective risk mitigation,
Governance (ESG) principles into our we rely on a comprehensive process to
RISK HEAT MAP 2023/24 Risks that exceed PLR’s Risk Appetite
1 Currency Risks/ Foreign Exchange
Certain
Risk
2 Interest Rate Risk
3 Operational Risk
Likely
4 Legal, Compliance and Regulatory

Risk
Likelihood
Possible
②③⑥ 5 Reputation Risk

①
⑨ 6 Strategic Risk
7 IT & Data Security Risks
Unlikely
④⑤⑦
⑧ 8 Data Privacy Risk
⑩⑪
9 Disruption in Supply Chain
Management
Rare
10 Climate Related Risks
Insignificant Minor Moderate Major Critical 11 Health and Safety Risk
Severity
RISK GOVERNANCE
Our risk governance framework is based on the three lines of defence approach. This framework allows us to delegate responsibility
for risk management in an appropriate manner to relevant parties from the management to operational employees.
Third Line of Defence

Shareholders
Independent
Assurance
(External Audit)
Board of Directors
Second Line of Defence

Internal Audit, Risk and
Compliance Department (IARC)
Board Audit
Committee
First Line of Defence

Executive
Employees and Their Departments (Risk Owners)
Committee
THE FIRST LINE OF DEFENCE THE SECOND LINE OF DEFENCE The Audit Committee is responsible
– DEPARTMENT HEADS AND - INTERNAL AUDIT, RISK for thoroughly evaluating quarterly
EMPLOYEES AND COMPLIANCE (IARC) reports in consultation with the Board.
Department heads and employees form DEPARTMENT Following these discussions, the
the first line of defence, leveraging their The IARC serves as the second line of Committee assesses the adequacy and
expertise to identify potential risks. Once defence, conducting targeted internal effectiveness of internal controls and
each department identifies risks, the audits to assure the effectiveness of the recommends the introduction of new
heads of departments are responsible Company's risk controls. policies and procedures or the revision of
for documenting the risks and presenting existing ones to the Board.
the findings on an annual basis or sooner The annual internal audit programme
if circumstances require otherwise. is developed by the Internal Audit THE THIRD LINE OF DEFENCE -
Department heads are also responsible Department using a Risk Base Approach. EXTERNAL AUDITORS
for implementing risk mitigation activities It is reviewed and approved by the Board External Auditors constitute the third
and providing feedback for queries Audit Committee (BAC). Findings with line of defence, offering independent
raised through internal audit reports. the Management Comments are then assurance to shareholders via the Board.
submitted to the review of the BAC who
The Company’s Executive Committee in turn keeps the Board Appraised of
(EXCO) oversee the actions of the key issues that need the Board's
Department heads and their teams, attention.
acting as guardians of the first line of
defence. They review divisional risk Further, the Senior Management
assessments annually or sooner if (Chairperson) conduct discussions with
circumstances need it, to assess the relevant managers to explore High-Risk
effectiveness of existing risk controls and issues/ major deviations in the standard
identify areas for improvement. processes as raised in the internal audit
reports.
Risk Management Review
RISK AWARENESS AND TRAINING

The IARC department conducts periodic training on risk awareness throughout the organization to train employees to take
responsibility for identifying and mitigating risk in an appropriate manner within the risk management framework. A high level of risk
awareness across the organization embeds accountability, transparency and ethical standards.
The below table presents identified risk factors, mitigation measures implemented during the period under review with their severity of
impact and likelihood of occurrence: Also, based on the reasonable and supportable assumptions, we provide a forward looking risk
rating for the key risks identified.
2023/24
Risk Category Description of the Risk Impact to PLR Severity of
Likelihood
Impact
1 Currency Risks/ Foreign Unusual depreciation/ Delaying allocation of foreign Major Possible
Exchange Risk appreciation of the rupee against currency for import materials /
foreign currencies. Restriction over import materials
in the second half of the year
may result in increased costs of
material prices that cannot be
passed on to customers
2 Interest Rate Risk The potential adverse impact on PLR’s exposure to the risk of Moderate Possible
the value of financial instruments changes in market interest
or investments resulting from rates relates primarily
fluctuations in interest rates to short-term/long-term
floating rate based debt and
investments.
Increased construction costs

as a result of fluctuations in
high market interest rates.
High interest rates also

affect potential customers’
affordability
3 Operational Risk The risk of loss resulting from Disruption to the normal course Moderate Possible
inadequate or failed internal of business due to non-
processes, people, systems, or availability of key resources
external events. such as construction materials,
skilled employees and adequate
suppliers/contractors in the
market.
Forward looking
Mitigating Strategy Severity of
Likelihood
Impact
Rigorous tracking of foreign exchange rate fluctuations. Moderate Unlikely
Secure fixed-price contracts with upfront payments backed by unconditional Bank Guarantees.
Implement periodic price adjustments for unsold units to offset cost increases from exchange rate
fluctuations.
Employ hedging mechanisms to mitigate foreign currency risks.
Enforce stringent controls over treasury management practices in alignment with prevailing bank Moderate Unlikely
borrowing rates.
Continuously engage with banks and financial institutions to secure optimal rates for the Group's
borrowing and investments.
Establish long-term interest rate agreements with grace periods to manage interest rate risks
effectively.
Actively pursue overdue payments from customers to minimize finance costs and improve cash
flow.
Offer flexible payment options to customers opting for bank loans to enhance affordability and
encourage timely settlements.
Collaborate with banks to negotiate favourable banking facilities based on AWPLR plus a margin
(AWPLR + x) and fixed rates.
Establishing POD facilities in lien over the fixed deposit (local and foreign currency) (FD + x), and
prioritising POD utilisation for PODs on FD lien.
Secure long-term fixed-price contracts with suppliers to stabilize costs and minimize uncertainties. Moderate Unlikely
Incorporate mandatory clauses in construction contracts outlining project milestones to ensure

adherence to timelines.
Conduct monthly monitoring of project timelines against expected milestones to identify and
address any significant deviations promptly.
Develop proactive strategies to attract potential candidates, ensuring a steady influx of talent.
Create talent pipelines within the organization to foster internal growth and succession planning.
2023/24
Likelihood
Impact
4 Legal, Compliance and Non-compliance with legal and No non-compliance with legal Major Unlikely
Regulatory Risk regulatory requirements and regulatory requirements has
been identified during the year.
However, if this occurs, it can
cause to loss of reputation, and
consequently impact sales.
5 Reputation Risk The potential for negative Negative client and public Major Unlikely
publicity or damage to a opinion regarding the
Company's good standing can Company / Group and its
harm its profitability, customer actions and the damage
base, and overall success. caused by the failure
to manage customers,
shareholders and public
expectations.
Loss of customer satisfaction

will impact negatively
the current and future
performance of the Company
6 Strategic Risk The potential for adverse Changes in Government Moderate Possible
outcomes stemming from legislation affecting the
inadequate or failed strategic strategies and planning of the
decisions, actions, or responses Organization
to changes in the business
Competition from the
environment.
multinational construction
development companies
involved in the local
construction industry.
7 IT & Data Security Risk Disruptions to IT systems, caused IT system failures, ransomware Major Unlikely
by cyberattacks, infrastructure attacks, or data breaches can
failures, or other unforeseen disrupt business operations,
events, can lead to significant leading to downtime, loss of
business disruptions. productivity, and delays in
delivering services.
8 Data Privacy Risk Breach of data confidentiality Unauthorised access to Critical Unlikely
in stakeholder information by proprietary information or
unauthorised access or misuse. intellectual property can result in
competitive disadvantage, loss
of market share, and damage to
operation.
Forward looking
Likelihood
Impact
Conduct regular review of laws and regulations relevant to the company's operations to ensure Major Unlikely
compliance.
Provide periodic reports on internal and external regulatory compliance to the Board for oversight.
Engage external audit, tax, and legal consultants as needed to address legal, regulatory, and
compliance matters.
Ensure prompt and timely payment of all taxes and other obligations.
Maintain strict adherence to the company's Code of Business Ethics and Conduct to uphold
ethical standards and integrity.
Implement sound HR practices and robust governance measures to foster a culture of shared Major Unlikely
values and integrity, prioritizing stakeholder interests.
Ensure strict adherence to statutory and regulatory requirements, particularly as a Listed

Company, through dedicated controls.
Address customer complaints promptly to enhance satisfaction and maintain goodwill.
Effectively address shareholder concerns and promptly escalate issues to the Board when
necessary.
Monitor and respond to feedback received through the corporate website in real time to
demonstrate responsiveness and accountability.
Implement portfolio diversification strategies to broaden revenue streams across various sectors Moderate Possible
including lands, housing, apartments, and investments.
Offer a diverse range of products spanning from affordable luxury to ultra-luxury segments to cater
to different market segments.
Leverage industry networks and the company's stability to negotiate favourable terms with
suppliers and contractors, thereby enhancing bargaining power.
Capitalize on the company's long-standing history, strong reputation, and industry expertise to
command premium prices from customers, reflecting the value proposition offered.
Implement stringent cybersecurity measures including robust firewalls, antivirus software, and Major Unlikely
spam filters to safeguard against cyber threats.
Utilize advanced technologies such as SPF, DKIM, and DMARC to authenticate legitimate senders
and prevent email spoofing.
Employ SSL/TLS protocols to ensure secure end-to-end communication and protect sensitive data
from interception or tampering.
Enforce strict IT security policies to govern the usage of technology resources and promote
adherence to best practices for information security.
Identify the location of confidential information to ensure proper safeguarding. Critical Unlikely
Conduct staff training on data privacy protocols to enhance awareness and compliance.
Enforce adherence to IT policies and processes among users.
Establish a password-protected system with enforced password policies for enhanced

cybersecurity measures.
Implement system validations, such as NIC number and mobile number validations, to minimise
human errors.
2023/24
Likelihood
Impact
9 Disruption in Supply This risk of interruptions in the The interruptions in the flow of Moderate Possible
Chain Management flow of materials, equipment, or materials, equipment, or essential
services essential for construction services will significantly impact
projects. the project's progress, which may
lead to delays in the expected
date of completion of the project.
10 Climate-Related Risk The potential hazards and Rising temperatures and Major Unlikely
challenges posed by changes heatwaves can impact
in weather patterns and extreme construction activities and
weather events. pose health risks to workers,
hence leading to labour
shortages.
Changes in rainfall patterns,

including increased rainfall
intensity or prolonged
droughts, can lead to soil
erosion, and waterlogging at
construction sites, affecting
site stability and project
progress.
11 Health and Safety Risk Risk of possible threats to the Non-adherence to health Major Unlikely
health and safety of customers, and safety regulations or any
employees and any person major safety measures at
within the office premises or the construction site could
construction sites result in legal issues, fines,
or project stoppages and
reputational damage.
Breeding grounds for

mosquitoes within office
premises and construction
sites pose a significant risk of
disease transmission.
FUTURE OUTLOOK
As the country moves forward on a path of recovery from the financial crisis, we remain vigilant of the specific risks inherent to the real
estate and property development sector. As such, we will continue to adhere to our risk management framework and gain effective
insights into current and future risks in line with the ESG approach to ensure sustainable value creation in the Company.
Forward looking
Likelihood
Impact
Diversify suppliers and maintain buffer stocks of critical materials while fostering strong Moderate Unlikely
relationships with reliable suppliers to mitigate supply chain risks.
Utilize technology for real-time monitoring of supply chain activities, enabling proactive
identification and response to potential disruptions.
Develop contingency plans and alternative scenarios to ensure resilience and adaptability in the
face of supply chain disruptions.
Conduct a comprehensive analysis of climate-related risk factors in advance and integrate them Moderate Unlikely
into the project program.
Maintain transparent communication with customers in case of unforeseen delays resulting

from factors beyond our control, offering detailed explanations for any extensions to the project
completion timeline due to such unavoidable circumstances.
Implement stringent health and safety guidelines, including mandatory usage of safety equipment Major Unlikely
and regular awareness programs.
Enforce compulsory vaccination and adhere to Government directives regarding health measures.
Obtain workman compensation insurance to cover workplace injuries and accidents, in addition to
providing personal accident coverage for all employees.
Provide medical cover for permanent employees and contract employees with more than two
years of service, along with life cover for all employees.
Ensure regular disinfection and sanitisation of work floors.
Conduct continuous inspections and implement regular pest control measures.

STAKEHOLDER ENGAGEMENT
GRI 2.29, 207 - 3
Stakeholder engagement is a OUR STAKEHOLDER Our ESG approach enables us to

fundamental aspect of our value GROUPS examine stakeholder engagement from a
creation process. Building purposeful Shareholders & Potential Investors broader ESG performance perspective,
relationships with our stakeholders ensuring that our methodology enhances
allows us to manage risk, enhance Customers brand reputation, builds trust, and aligns
reputation, identify innovation needs Employees with our business strategy.
and opportunities and ultimately achieve
sustainable growth in the complex and Government and Interested Our four-pronged stakeholder
interconnected business environment. Regulatory Bodies identification methodology allows us to
We rely on our core ESG approach Contractors and Suppliers remain in line with ESG concerns.
to manage relationships with various
stakeholder groups and report the Providers of Debt Capital
outcomes to the management to ensure Community & Society
that they are utilised in the Company’s
strategy and decision-making processes.
FOUR-PRONGED STAKEHOLDER IDENTIFICATION APPROACH:
IDENTIFY PRIORITISE ENGAGE REPORT
Business Map stakeholder Use relevant Gather and record

unit leaders groups into power/ engagement all feedback
identify related interest grid methods to and information
stakeholders to understand communicate with received from
and prioritise stakeholders stakeholders
the degree of
engagement
We comprehend stakeholder impact and degree of engagement based on the power/interest grid tool.
POWER INTEREST GRID

Keep Satisfied Manage Closely
Power-based stakeholders have the
power to influence business outcomes. Providers of Debt Capital Shareholders
High
Government Key Customers

Interest based stakeholders are not able
to directly influence business outcomes,
but there is an indirect correlation to their
Power
ability to influence the sustainability of our

business. Monitor Keep Informed
Community Employees
Low
Contractors and Suppliers
Potential Investors
Low High
Interest
Our stakeholder engagement process prioritises transparent communication, and collaboration with stakeholders to empower each
group to become involved in our value creation process.
The table below presents our stakeholder engagement process:
Engagement
Stakeholder Frequency Key concerns raised Our response
Mechanism
SHAREHOLDERS Interim Financial Quarterly Financial performance We employ a prudent approach towards
& POTENTIAL Statements managing our financial resources to
INVESTORS
Annual Report and Annually Business strategies and ensure adequate resources are re-
AGM operational efficiency invested in the business, while fully
Announcement to As required Governance stability and honouring stakeholder obligations.
the CSE sustainability
Digital platforms Risk management
Press releases
EMPLOYEES HR Digital platform Continuous & On Employee engagement PLR is committed to assure an excellent
(HRIS), WhatsApp going and communication employee experience throughout the
Groups, Group Technology collaboration employee lifecycle. The Company
Email believes a friendly and supportive work
One- on- one As required Industrial Harmony environment will be a definite positive
discussions impact on productivity and service quality
Staff meetings improvement. We make a conscious effort
Regular As required Employee wellbeing to inculcate the Company’s core values
performance among employees to drive the team
review towards a high performance organization;
ultimately meeting the expectations of all
Training need Review and Growth conducive work
the stakeholders.
analysis discussions environment
Remuneration and Annually Career growth,
benefit review development and
remuneration
Competitive
remuneration benefits
CUSTOMERS One-one- As required Product affordability and PLR consistently provide assurance,
interaction quality transparency, and quality of services to
Digital Continuous & On Support services ensure value creation and enhancement
communication going on behalf of customers, whilst
Marketing activities Access to information maintaining our robust reputation through
Press releases Timely delivery of compliance, good governance and
projects pragmatic business progress that ensure
sustainability of operations.
GOVERNMENT One-on-one As required Regulatory and statutory We take proactive measures to comply
& INTERESTED meetings compliance with all applicable regulations and ensure
REGULATORY that we remain transparently committed
Compliance Continuous & On Environmental
BODIES
Verification going management and to social and environmental impact
Framework compliance enhancement
Compliance Audits Health and safety
management
Other As required Concerns about
Correspondence sustainability initiatives
and compliance with anti
money laundering (AML/
CTF) regulations
Stakeholder Engagement
Engagement
Stakeholder Frequency Key concerns raised Our response
Mechanism
CONTRACTORS One-on-one As required Cost effectiveness and PLR strives to build strong trust-based
AND SUPPLIERS meetings the quality of the work relationships with all suppliers including
performed contractors for progress reviews and
Progress reviews Continuous & On Timely delivery of timely delivery.
going projects
Other Procurement practices Contractors are selected based on a
correspondence Payment schedule strict tender procedure, while other
suppliers are comprehensively vetted to
Business ethics and
ensure their alignment with PLR’s ethical
compliance
procurement standards.
Supply chain
management
PROVIDERS OF One-on-one As required Financial Stability and PLR aims to enhance our credibility
DEBT CAPITAL meetings liquidity among the banking sector by meeting all
Project Evaluations debt service obligation in a timely manner.
Other Continuous & On Timeliness of debt
correspondence going servicing
Annual Report Annually Organisational
Resilience and Business
Continuity
COMMUNITY & Annual Report Annually Development PLR remains committed to contribute
SOCIAL PLR’s Digital Continuous & On opportunities for regional towards improving community well-being
platforms going economies and the development of sustainable
Press releases & communities across Sri Lanka.
Other Marketing
Activities
Announcements in As required
CSE
As we seek to engage our stakeholders in a meaningful manner, we continue to improve our resilience, reputation and impact in the
evolving business landscape to contribute to our overall goals as well as our social, economic and environmental impact.
Integrating ESG considerations into stakeholder management practices, real estate companies can enhance their resilience,
reputation, and competitiveness in a rapidly evolving business landscape while contributing to broader social and environmental
goals.
SENIOR INDEPENDENT DIRECTOR’S STATEMENT
To strengthen corporate governance, PLR PLC, with an Executive Chairperson, has

appointed a Senior Independent Director (SID) as mandated by the Colombo Stock
Exchange’s Revised Corporate Governance Rules (Section 9). This aligns with best
practices outlined in the Institute of Chartered Accountants of Sri Lanka’s “Code of Best
Practice on Corporate Governance 2017.”
The SID role fosters a framework for evaluating the Board’s effectiveness and the
Chairperson’s performance, while promoting transparency in governance. In this
capacity, I collaborate with the Chairperson on critical strategic and governance issues.
To ensure open communication, I actively engaged with the Board by holding separate
meetings with Non-Executive Directors (twice) and Executive Directors (once) during
the financial year to discuss governance matters. I remain readily available for
confidential discussions with any Director concerning the Company’s business.
Mr. Deepal Sooriyaarachchi
Senior Independent Director Furthermore, I participated in all meetings with majority, significant, and minority
shareholders to understand their concerns, fostering a culture of open communication.
Deepal Sooriyaarachchi
04th June 2024

AUDIT COMMITTEE REPORT
INTRODUCTION DUTIES AND

The Audit Committee is established to RESPONSIBILITIES
support the Board in its oversight of the Overseeing the preparation,
Company’s financial reporting system, presentation, and adequacy of
internal controls, legal and regulatory disclosures in the financial statements
compliance, risk management processes, in accordance with Sri Lanka
and the internal audit function. Accounting Standards.
Additionally, the Committee reviews
Overseeing the Company’s
the independence and performance of
compliance with financial reporting
the external auditors, safeguarding the
requirements and all relevant financial
interests of both shareholders and all
regulatory frameworks.
other stakeholders.
Overseeing the processes to ensure
that the Company’s internal controls
Sanjaya Bandara COMPOSITION
and risk management procedures are
Chairman – Audit Committee The Audit Committee is comprised adequate.
exclusively of three Independent Non-
Executive Directors. The committee Provide oversight assessing the
is chaired by an Independent Non- Company’s ability to continue as a
Executive Director who is a Fellow going concern in the foreseeable
Member of the Institute of Chartered future.
Accountants of Sri Lanka. Make recommendations to the Board
on appointment, re-appointment and
The above composition complies with the removal of external auditors and
provisions of the Code of Best Practice to approve the remuneration and
on Corporate Governance and the Listing terms of engagement of the external
Rule of CSE regarding the composition of auditors.
the Audit Committee.
MEETINGS OF THE
AUDIT COMMITTEE COMMITTEE
MEMBERS
During the financial year, the Audit
Mr. Sanjaya Bandara (CHAIRMAN) Committee met six times to discuss the
Independent Non-Executive Director Internal and External Auditors’ Reports,
Interim Financial Statements, risk
Mr. Deepal Sooriyaarachchi (Member)
registers, and compliance reports. The
activities are listed below.
Mr. Mahinda Perera (Member)
Independent Non-Executive Director The attendance of the Audit Committee
meetings held during the financial year
Brief profiles of the Directors are given on ended 31st March 2024, is given on Page
Pages 19 to 29 of this Annual Report. 90 of this Annual Report.
The Finance Director, Chief Financial

ACTIVITIES IN THE FY
Officer, Chief Accountant, Consultant-
2023/24
Finance, Manager- Internal Audit, Risk and
Compliance, and when necessary, relevant The Audit Committee convened six times
Operational Directors and Managers during the financial year. The table below
attend the meetings by invitation. provides an overview of the key areas
reviewed by the Committee.
TERMS OF REFERENCE
The Audit Committee has written terms
of reference approved by the Board that
clearly define its scope, authority, and
duties.
Areas COMPLIANCE AND REPORTING TO THE BOARD

Meeting No GOVERNANCE
Covered The minutes of the Audit Committee
01 – 09th May 2023 ②⑥ The Internal Audit, Risk, and Compliance meetings are tabled at the Board
Department reports on the Company’s meetings for the information of all the
02 – 22nd May 2023 ③④⑤
compliance with statutory and regulatory Board members.
03 – 07th August 2023 ②③④ requirements, as well as adherence to
04 – 26th October 2023 ①②③④ best practices in corporate governance. I would like to express my gratitude to all
The Audit Committee reviews and members who served on the Committee
05 – 26th January 2024 ②③④ provides feedback on the Company’s and contributed to its discussions
06 – 28th March 2024 ①②③⑤ compliance and governance status. throughout the period. Your dedication
The Committee is satisfied that laws and and insights have been invaluable.
① Risk Management regulations are duly complied with and
② Internal Audit statutory payments have been made on a
timely basis.
③ Compliance and Governance
④ Financial Reporting Sanjaya Bandara
FINANCIAL STATEMENTS Chairman - Audit Committee
⑤ External Audit
The Audit Committee reviews the
⑥ Review of Audit Committee Charter 04th June 2024
quarterly and annual financial statements
before their publication. This includes Colombo
RISK MANAGEMENT AND evaluating the appropriateness and
INTERNAL CONTROLS changes in accounting policies,
The committee assesses the adequacy significant estimates and judgments
of internal controls and provides made by management, and compliance
guidance on enhancing them further. It with relevant accounting standards and
evaluates the risk assessments for each regulatory requirements. The review also
division, discussing significant risks and covers issues identified by the internal
their corresponding controls in detail. and external auditors, the Company’s
Key risks that exceed the Company’s ability to continue as a going concern,
risk appetite are examined in the risk and statements and reports included in
management report from Pages 104 to the Annual Report.
111.
EXTERNAL AUDIT
The Committee is satisfied that an
The Committee reviewed and discussed
effective system of internal control is in
the external audit approach and
place to provide reasonable assurance
scope with the External Auditors and
on safeguarding the Company’s
Management prior to the commencement
assets and the reliability of Financial
of the audit. Further, before the
Statements. The effectiveness of the
conclusion of the audit, the Committee
Company’s system of internal controls is
had closed-door discussions with the
evaluated through reports provided by
External Auditors to address audit issues
the management, Internal Auditors and
and any observations they may have.
External Auditors.
The Committee has also assessed the
independence of the external auditors,
INTERNAL AUDIT Messrs. BDO Partners, Chartered
The Committee serves as a platform Accountants, as well as their fees.
for the objective review of internal audit
reports, considering the findings and EVALUATION OF THE
recommendations related to significant COMMITTEE PERFORMANCE
business risks and control issues. The
The annual evaluation of the committee
Manager of Internal Audit, Risk, and
was conducted by the committee
Compliance provides the necessary
members and reported to the Board.
information for these discussions.
RELATED PARTY TRANSACTIONS REVIEW

COMMITTEE REPORT
MEMBERS OF THE RELATED PARTY
COMMITTEE TRANSACTIONS DURING
Mr. Sanjaya Bandara (CHAIRMAN) THE YEAR
Independent Non-Executive Director During the year, there were no non-
recurrent or recurrent related party
Mr. Deepal Sooriyaarachchi (Member) transactions that exceeded the
Senior Independent Director respective thresholds mentioned in the
Listing Rules requiring disclosure in the
Mr. Mahinda Perera (Member) Annual Report .
All the recurrent transactions that
Brief profiles of the Directors are given on
exceeded the internal thresholds set
Pages 19 to 29 of this Annual Report.
by the Committee were brought to
the Committee’s prior approval before
The Finance Director, Chief Financial
Sanjaya Bandara execution.
Officer, Chief Accountant, Manager-
Chairman – Related Party Internal Audit, Risk and Compliance and
Transactions Review Committee Details of other related party transactions
when necessary, relevant Operational
entered into by the Company during
Directors and Managers attend the
the year are disclosed in Note 31 to the
INTRODUCTION meetings by invitation.
Financial Statements.
The Board established the Related
Party Transactions Review Committee to
TERMS OF REFERENCE
MEETINGS OF THE
perform the oversight function on behalf The Committee has written terms of
reference adopted by the Board that
COMMITTEE
of the Board in complying with the Listing
clearly describe its scope, authority, During the financial year, the Committee
Rules of the Colombo Stock Exchange
and responsibilities. The terms of met four times. The attendance of the
and with the Code of Best Practices on
reference cover matters outlined in the Committee meetings held during the
Related Party Transactions issued by the
Listing Rules of the Colombo Stock financial year ended 31st March 2024, is
Securities and Exchange Commission to
Exchange. given on Page 90 of this Annual Report.
ensures that the interests of shareholders
as a whole are taken into account when
entering into Related Party Transactions. DUTIES AND EVALUATION OF THE
The committee independently reviews RESPONSIBILITIES COMMITTEE PERFORMANCE
transactions between the company Reviewing all transactions between The annual evaluation of the Committee
and its related parties, either before the Company and its related parties was conducted by the Committee
the transaction is entered into or upon and determining if such transactions Members and reported to the Board.
completion. are in the best interests of the
Company and its stakeholders.
REPORTING TO THE BOARD
COMPOSITION Evaluating if transactions fall within The Minutes of the RPTRC meetings
the ambit of a normal business are tabled at the Board meetings for the
The Related Party Transactions Review
relationship and whether the terms information of all the Board members.
Committee is comprised exclusively
of such transactions are no more
of three Independent Non-Executive
favourable than would reasonably be I would like to express my gratitude to all
Directors, and the committee is chaired expected of transactions negotiated
by an Independent Non-Executive members who served on the Committee
on an arm’s length basis. and contributed to its discussions
Director.
Ensure the implementation of policies, throughout the period. Your dedication
procedures, guidelines, and manuals and insights have been invaluable.
The above composition complies with the
provisions of the Code of Best Practice necessary to review transactions.
on Corporate Governance and the Listing Determining if transactions that are
Rule of CSE regarding the composition to be entered into by the Company
of the Related Party Transactions Review require the approval of the Board or Sanjaya Bandara
Committee. shareholders. Chairman - Related Party Transactions
Establish guidelines for Senior Review Committee
Management to follow on ongoing
related party transactions (recurrent 04th June 2024
related party transactions). Colombo
REMUNERATION AND HUMAN RESOURCES

COMMITTEE REPORT
Brief profiles of the Directors are given on REMUNERATION POLICY
Pages 19 to 29 of this Annual Report. The Company’s remuneration policy aims
to:
The Chairperson, Chief Human
Resources Officer, and when necessary, Attract, retain, and motivate talented
relevant Operational Directors and Directors and employees.
Managers attend the meetings by
invitation. Align compensation with experience,
contribution, Company performance,
and shareholder value.
TERMS OF REFERENCE
The Committee has written terms of Please refer Note 7 to the Financial
reference adopted by the Board that Statements on Page 156 for aggregate
clearly describe its scope, authority, and remuneration paid to Executive and Non-
Deepal Sooriyaarachchi responsibilities. Executive Directors.
Chairman – Remuneration and
Human Resources Committee DUTIES AND ACTIVITIES IN THE FY
RESPONSIBILITIES 2023/24
INTRODUCTION The Committee’s responsibilities include: The R&HRC held three meetings in FY
The Remuneration and Human 2023/24, focusing on:
Recommending Board appointments
Resources Committee (R&HRC) supports
and overseeing succession plans for Strategic human resources policies
the Board by making recommendations
key management personnel.
on Executive Director compensation Succession planning for key
structures, selection and succession Reviewing Board composition, size, management personnel (KMPs)
planning for key management personnel and diversity.
Remuneration for Executive Directors
and strategic human resources policies.
Recommending insurance coverage and senior management
for Directors and key management
COMPOSITION Training and development programs
personnel.
The R&HRC is comprised of three Overseeing the development and
Independent Non-Executive directors, EVALUATION OF THE
implementation of the Company’s
chaired by Mr. Deepal Sooriyaarachchi COMMITTEE PERFORMANCE
remuneration policy for Directors and
(Senior Independent Director). senior management. The annual evaluation of the committee
was conducted by the committee
The above composition complies with the Evaluating strategic human resources members and reported to the Board.
provisions of the Code of Best Practice policies.
on Corporate Governance and the Listing
Note: The Company previously had a REPORTING TO THE BOARD
Rule of CSE regarding the composition of
the Remuneration Committee. Remuneration, Nomination, and Human R&HRC meeting Minutes are presented
Resources Committee (RNHRC). to the Board for full transparency.
However, in compliance with the revised
MEMBERSHIP listing rules, the Board has established I would like to express my gratitude to all
Mr. Deepal Sooriyaarachchi a separate committee known as the members who served on the Committee
(CHAIRMAN) Nomination and Governance Committee and contributed to its discussions
Senior Independent Director (N&GC) to fulfil the responsibilities throughout the period.
outlined in the listing rules. Consequently,
Mr. Sanjaya Bandara (Member) prior to the formation of the N&GC, the
Independent Non-Executive Director RNHRC was tasked with handling the
responsibilities related to the nomination
Mr. Dhammika Kalapuge (Member) of Directors and Key Management
Independent Non-Executive Director Personnel for the Company.
Deepal Sooriyaarachchi
Chairman - Remuneration and HR
Committee
04th June 2024

Colombo
NOMINATION AND GOVERNANCE COMMITTEE

REPORT
Their biographies can be found on pages ACTIVITIES IN FY 2023/24
19 to 29 of this Annual Report. The N&GC convened only once during
the financial year after it was constituted.
The Finance Director, Chief Human
During this meeting, they reviewed and
Resources Officer, Manager- Internal
found satisfactory of the Company’s
Audit, Risk and Compliance and, when
compliance with:
necessary, Executive Directors and
Managers responsible for relevant The Code of Best Practice on
operations attend the meetings on the Corporate Governance
invitation of the Committee.
Mandatory Listing Rules and
Companies Act regulations
TERMS OF REFERENCE
Governance Policy documents
The Committee adheres to the terms of
required by the revised Listing Rules.
Mahinda Perera reference adopted by the Board that
Chairman – Nomination and clearly describe its scope, authority, and
Governance Committee responsibilities. The terms of reference, CONCLUSION
inter alia, cover specific responsibilities The Committee is committed to ensure
delegated to the Committee in the Listing that strong governance practices are
INTRODUCTION Rules of the CSE. adhered to within the Company.
The Nomination and Governance
Committee (N&GC) is tasked with
RESPONSIBILITIES OF THE
evaluating nominees to identify qualified
COMMITTEE
candidates to recommend for appointment
to the Board and the CEO/MD positions, to The Committee’s key responsibilities
oversee Board performance evaluations, include:
and to ensure compliance with strong Mahinda Perera
Recommending a policy for
corporate governance practices Chairman – Nomination and Governance
appointment and re-appointment of
sanctioned by the Board. Committee
Directors to the Board.
Recommending persons for 04th June 2024

COMMITTEE COMPOSITION
appointment/re-appointment to the
The N&GC comprises of three
Board Subcommittees.
Independent Non-Executive Directors,
chaired by Mr. Mahinda Perera Evaluating the performance of Board
(Independent Non-Executive Director). members and the CEO/MD.
The composition complies with the
Establishing a corporate governance
provisions of the Code of Best Practice
framework aligned with relevant
on Corporate Governance and the Listing
regulations.
Rules of the Colombo Stock Exchange
(CSE). Monitoring compliance with
governance policies and relevant
regulations.
MEMBERS OF THE
COMMITTEE
Mr. Mahinda Perera (CHAIRMAN)
MEETINGS OF THE
COMMITTEE
The Committee was appointed by the
Mr. Deepal Sooriyaarachchi (Member) Board in November 2023, following the
Senior Independent Director Revised Rules issued by the Exchange in
October 2023. Since their appointment,
Mr. Sanjaya Bandara (Member) the Committee met once during this
Independent Non-Executive Director Financial Year. The attendance of the
Committee meeting held during the
financial year ended 31st March 2024, is
given on Page 90 of this Annual Report.
FINANCIAL
REPORTS
ANNUAL REPORT OF THE BOARD OF DIRECTORS

ON THE STATE OF AFFAIRS OF THE COMPANY
Annual Report of the Board of Directors PURPOSE AND VALUES Institute of Chartered Accountants of Sri
on the Affairs of the Company as required The Company's Vision and Values are Lanka, and comply with the requirements
by section 168 of the Companies Act No. given on Pages 8 to 9 of the Annual of Companies Act No. 7 of 2007.
07 of 2007 as amended (“the Companies Report. In achieving its set goals and
Act”) The financial statements of the Company,
objectives all Directors, Management,
which are duly certified by the Director
and Employees of the Company conduct
Finance and Chairperson, approved
GENERAL their activities to the highest level of
by the Board of Directors, and signed,
The Directors of Prime Lands Residencies ethical standards and integrity as set out
by the Executive Director (Mr. Premalal
PLC have the pleasure of presenting this in the Code of Ethics of the Company.
Brahmanage) and the Board Audit
Report to the shareholders together with Committee Chairman, are shown on
the Audited Financial Statements for the PRINCIPLE BUSINESS Pages 133 to 134 of this Annual Report.
year ended 31st March 2024 and the ACTIVITIES
Auditors’ Report, in conformity with the The principal activities of the Company
requirements of the Companies Act No. DIRECTORS’
include primarily the business of the
07 of 2007. The details set out herein RESPONSIBILITY FOR
development and sale of residential
provide appropriate information required FINANCIAL REPORTING
apartments, and the sale of lands for
by the Companies Act and subsequent The Directors are responsible for the
residential purposes. The business caters
amendments thereto and recommended preparation of the financial statements
to all market segments and the economic
best practices on Corporate Governance. of the Company, which reflect a true
landscape of Sri Lanka.
The Board of Directors approved this and fair view of the state of its affairs.
Report on 04th June 2024. The Directors are of the view that the
CHANGES TO THE COMPANY statement of comprehensive income,
STRUCTURE statement of changes in equity, statement
COMPANY OVERVIEW
There were no changes to the Company of cash flow, significant accounting
Prime Homes International (Private) structure during the year under review. policies and notes for the year ended
Limited was incorporated as a Private 31st March 2024, and statement of
Limited Company in May 2005 under financial position as at that date have
the provisions of the Companies Act No. REVIEW OF OPERATIONS
been prepared in conformity with the
17 of 1982 and re-registered under the AND FUTURE
requirements of the Sri Lanka Accounting
Companies Act No. 07 of 2007 under DEVELOPMENTS
Standards, the Companies Act No. 07
the Company Registration Number PV An overall assessment of the Company’s of 2007, the Sri Lanka Accounting and
7540. The Company name was changed financial position and performance during Auditing Standards Act No. 15 of 1995.
to Prime Lands Residencies (Private) the year, with comments on financial
Limited in 2015 and was converted results, special events that took place, The “Statement of Director’s
to a Public Limited Liability Company and future developments, is summarized Responsibility for Financial Reporting”
with effect from 12th February 2021 in in the Chairperson’s Message on Pages is provided on Page 130 and forms an
accordance with the provisions of the 34 to 37 and the Managing Director’s integral part of this report.
Act. Ordinary shares of the Company Review on Pages 38 to 40, while more
have been listed on the Colombo Stock comprehensive details are available in
Exchange with effect from 08th June the Business Report on Pages 49 to 50 AUDITOR’S REPORT
2021. The Company changed its name and the Capital Management Reports The Company’s Auditors, BDO Partners
from Prime Lands Residencies Limited on Pages 54 to 80 of this Annual Report. (Chartered Accountants) have performed
to Prime Lands Residencies PLC under These sections form an integral part of a comprehensive audit of the financial
registration No. PQ00234680 with effect the report of the Directors, and together statements for the year ended 31st March
from 17th July 2021. Rs. 937,500,000 fully with the Audited Financial Statements 2024 and the Auditor’s Report issued
paid ordinary voting shares were issued reflect the state of affairs of the Company thereon is given on Page 129 of this
and listed on the DiriSavi Board of the for the year ended 31st March 2024. Annual Report.
Colombo Stock Exchange (CSE) on 08th
June 2021. ACCOUNTING POLICIES
FINANCIAL STATEMENTS OF
THE COMPANY AND CHANGES DURING THE
The Registered office of the Company
The financial statements of the Company YEAR
and the principal place of business
have been prepared in accordance Significant new accounting policies
is situated at No 75, D.S Senanayake
with Sri Lanka Accounting Standards adopted in preparation of the financial
Mawatha, Colombo 08.
(SLFRSs/LKASs) laid down by the statements of the Company are given on
Pages 138 to 182. These financial statements comply with the requirements of Sri Lanka PROPERTY, PLANT AND
Accounting Standards on “Presentation of Financial Statements” (LKAS 01) and comply EQUIPMENT/ RIGHT-OF-
with Section 168 (1) (d) of the Companies Act No. 07 of 2007. USE ASSETS/ INTANGIBLE
ASSETS
ACCOUNTING PERIOD
The total capital expenditure incurred on
The financial accounting period reflects the information from 1st April 2023 to 31st
Property, Plant, and Equipment including
March 2024.
intangible assets and Right-of-use Assets
of the Company in the year ended 31st
FINANCIAL RESULTS March 2024 amounted to Rs. 25 Mn
(Rs. 22 Mn as at 31st March 2023). The
REVENUE
details of Property, Plant, and Equipment
Total Revenue of the Company for the FY 2023/24 was Rs. 8,090 Mn (Rs. 19,799 Mn are presented in Notes 10, 11, and 13
for the FY 2022/23) A more descriptive analysis of Revenue is given in Note 04 to the on Pages 158 to 162 of the Financial
Financial Statements on Page 155. Statements.
FINANCIAL RESULTS The Directors confirm that there is

2023/24 2022/23 no other significant changes in the
Rs. Mn Rs. Mn Company’s Fixed Assets, which
substantially differs from book value.
Revenue 8,090 19,799
Operating profit 1,735 4,759
INVESTMENT PROPERTY
Profit before taxation 1,590 3,979
The value of Investments Properties as
Profit after taxation 1,129 3,351
at 31st March 2024 amounted to Rs. 766
Profit brought forward from the previous year 5,936 3,242
Mn (Rs. 735 Mn as at 31st March 2023).
Dividend proposed/paid for the year 563 938 The figure includes the fair value gain
of Rs. 31 Mn that was recognized in the
The Company recorded a Net Profit of Rs. 1,129 Mn for the FY 2023/24 (Rs. 3,351 Mn
current financial year.
for the FY 2022/23). The Company’s performance and details of appropriation of profit
relating to the Company are tabulated as above. Extents, locations, valuations, and the
number of buildings of the Entity’s land
PROVISION FOR TAXATION holding and investment properties are
The income tax rate applicable on the profits and income earned during the year detailed in Note 12 in the Financial
was 30%, according to the Inland Revenue Act, No 24 of 2017, and the amendments Statements.
thereto.
INVENTORY PROPERTY
Accordingly, the current year income tax expense of the Company is Rs. 461 Mn, A
Total Inventory Property was valued at
more descriptive note on income tax charged and differed tax assets/liability of the
Rs. 10,020 Mn (Rs. 12,388 Mn as at 31st
Company is disclosed in Note 08 to the Financial Statements.
March 2023), of which Rs. 3,204 Mn is
attributed to the lands segment.
DIVIDEND
An Interim Dividend of Rs. 0.60 per share has been declared to be paid on 26th June INVESTMENTS
2024 to the holders of the ordinary shares.
Details of investments held by the
Company are disclosed in Notes 14 and
The Board of Directors remains satisfied that the Company will meet the requirement
16 on Pages 163 to 164 of the Financial
of the Solvency Test in terms of Section 56 (3) of the Companies Act No. 07 of 2007
Statements.
immediately after the payment of said Interim Dividend. Accordingly, the Board of
Directors has obtained a Certificate of Solvency from the External Auditors in respect of
Dividend payment in conformity with the statutory provision. STATED CAPITAL AND
SHAREHOLDERS’ FUNDS
In compliance with the Companies Act,
the Financial Statements reflect the
Stated Capital of the Company. The
Stated Capital is the total of all amounts
Annual Report of the Board of Directors on the State of Affairs of the Company
received by the Company in respect of SUBSTANTIAL SHAREHOLDINGS

the shares in issue. Parent Company, Prime Lands (Private) Limited is the majority shareholder, holding
80% of the Company's ordinary voting shares as at 31st March 2024. The list of the
The Stated Capital and Retained Company’s top 20 shareholders, number of shares held by them, percentage of
Earnings stood at Rs. 3,450 Mn and Rs. their respective holding, and Public holding percentages are given under the title
6,125 Mn respectively as at 31st March ‘Shareholder Information’ on Page No. 184.
2024 (Rs. 3,450 Mn and Rs. 5,936 Mn as
at 31st March 2023). INFORMATION TO SHAREHOLDERS
The Board strives to be transparent and provide accurate information to shareholders in
Details of the movement of Retained
all published material.
Earnings and Stated Capital are provided
in the Statement of Changes in Equity on
Page 135 of the Financial Statements. BOARD OF DIRECTORS
As at 31st March 2024, the Directorate of Prime Lands Residencies PLC consisted of 11
DEBT CAPITAL Directors with wide financial, commercial knowledge and experience. The qualifications
and experience of the Directors is provided on Page 19 of this Annual Report. The
The Company has not issued any rated,
following Directors held office as at the end of the financial year.
unsecured, subordinated, redeemable
debentures which are listed on the
Colombo Stock Exchange during the Executive / Non-Executive Independence / Non-
Financial year. Name of Director status Independence status
Mr. Premalal Brahmanage Executive Non- Independent
Ms. H K Sandamini R Executive Non- Independent
SHARE INFORMATION
Perera
The five-year financial summary is given Mr. N M Weerakkody Executive Non- Independent
on Page 186 and shareholder information
Mr. H M N U Kumara Executive Non- Independent
and information on trading have been
provided under the title Share Information Ms. S S A P Brahmanage Executive Non- Independent
on Page 184 of this Annual Report and is Mr. Pathirage Anura W Executive Non- Independent
presented with the purpose of providing Perera
more price-sensitive information to the Mr. D H Kalapuge Non-Executive Independent
shareholders which includes; Mr. M Perera Non-Executive Independent
Mr. S M S S Bandara Non-Executive Independent
Number of shares representing the
Mr. D Sooriyaarachchi Non-Executive Senior Independent
entity’s stated capital
Mr. N L S Joseph Non-Executive Independent
A distribution schedule of the number
of holders in each class of equity RESIGNATIONS AND APPOINTMENTS
securities, and the percentage of their
Effective 01st January 2024, Ms H.K Sandamini R. Perera, previously Co-Chairperson,
total holding
has been appointed as Chairperson after Mr Brahmanage Premalal, the Company's
The ratio of Dividend Per Share, former Co-Chairman and Chair of the meeting, stepped down from his position to
Dividend Payout, and Net Assets Per continue to serve as an Executive Director.
Share
Mr. Pathirage Anura W. Perera was appointed to the Board as Director Finance on 01st
Market Value per share recorded as
January 2024. He serves as an Executive, Non-Independent Director.
at the end of the financial year (2021
onwards after the listing)
INTEREST REGISTER
In compliance with the Companies Act, the Company maintains an interest register
which is available for inspection with the Secretary of the Company.
DIRECTORS’ INTEREST IN TRANSACTIONS

The Directors of the Company have made general declarations as provided in sections
192 (1) and 192 (2) of the Companies Act No. 07 of 2007 of their interests in contracts
or proposed contracts with the Company. Details of the interest disclosed therein are
given on Page 173 under related party transactions. Furthermore, the Chairperson
and the Board of Directors have made general declarations that there is no financial,
business, family, or other material/relevant relationship between themselves as required SYSTEM OF INTERNAL
to be disclosed by the Listing Rules of the Colombo Stock Exchange and with the Code CONTROLS
of Best Practices on Related Party Transactions issued by the Securities and Exchange The Board of Directors has taken steps
Commission. to oversee the implementation of an
effective and comprehensive system
DIRECTORS’ REMUNERATION of internal controls covering financial
The details of Directors fees and director’s emoluments paid during the year are stated operations and compliance controls
below: required to carry its operation in an
orderly manner, safeguard its assets, and
FY 2023/24 FY 2022/23 secure as far as possible the accuracy
and reliability of the financial and other
Executive Director’s Remuneration 42,000,000 64,500,000 information. The Board has confirmed
Non-Executive Directors Fees 5,121,800 5,400,000 that the financial reporting system has
been designed to provide reasonable
DIRECTORS’ INTEREST IN SHARES assurance regarding the reliability of
In compliance with section 200 of the Companies Act, the Directors have disclosed to the financial reporting and that the
the Board their shareholding in the Company and any acquisitions or disposals thereof. preparation of financial statements for
external purposes have been done in
The Directors’ individual shareholdings in the Company as at 31st March 2023 and 31st accordance with relevant accounting
March 2024 are given on Page 184 of this Annual Report. principles and regulatory requirements.
The Board Audit Committee Report forms
an integral part of the Annual Report
DIRECTOR’S MEETINGS and is given on Pages 116 to 117. The
Directors have assigned the internal audit
The details of Directors’ meetings are presented in the Corporate Governance Report
function to the Manager Internal Audit,
on page 90 of this Annual Report.
Risk, and Compliance, who reviews and
reports on the effectiveness of financial,
BOARD SUB-COMMITTEES operational, and compliance controls.
BOARD AUDIT COMMITTEE
All the members of the Audit Committee are Independent Non-Executive Directors. CORPORATE GOVERNANCE
Senior Management Committee members, and Internal and External Auditors attend the The Board of Directors is committed to
meetings by invitation. The Board Audit Committee Report is given on Pages 116 to 117 developing the Corporate Governance
of this Annual Report. principles of the Company and
furthermore has adopted a Corporate
REMUNERATION AND HUMAN RESOURCES COMMITTEE Governance Charter including therein the
procedures and processes governing the
The Report of the Remuneration and Human Resources Committee is given on Page
different participants in the organization
119 of this Annual Report.
– such as the Board, Managers,
Shareholders and other Stakeholders
NOMINATION AND GOVERNANCE COMMITTEE
to ensure that the highest principles of
The Report of the Nomination and Governance Committee is given on Page 120 of this Corporate Governance are maintained
Annual Report. across the Company,
RELATED PARTY TRANSACTIONS REVIEW COMMITTEE In adopting the aforesaid Corporate

Governance Charter, the Board has
The Report of the Related Party Transactions Review Committee is given on Page 118 of ensured that the Company is compliant
this Annual Report. with the recommendations and
proposals of the Code of Best Practice
RELATED PARTY TRANSACTIONS on Corporate Governance issued by the
The Company has complied with the requirements of the Code of Best Practice on Institute of Chartered Accountants of
Related Party Transactions in respect of requisite disclosures. The Directors have Sri Lanka.
disclosed the transactions that could be classified as related party transactions which
are adopted in the presentation of the Financial Statements and accordingly given in
Note 31 on Pages 172 to 174 of this Annual Report.
Annual Report of the Board of Directors on the State of Affairs of the Company
The Directors declare that, ENVIRONMENTAL GOING CONCERN

PROTECTION GRI 2.14 After considering the financial position,
The Company has not engaged in
To the best of knowledge of the Board, the Company’s Corporate / Business
any activity which contravenes laws
the Company has complied with plans, operating conditions, regulatory
and regulations
the relevant environmental laws and and other factors and such matters
The company has made all regulations. The Company has not required to be addressed in the Code of
endeavours to ensure the equitable engaged in any activity that is harmful or Best Practice on Corporate Governance,
treatment of shareholders hazardous to the environment. issued by the Institute of Chartered
Accountants of Sri Lanka, the Directors
The business is a going concern
The Company has not engaged in have a reasonable expectation that
Effectiveness and successful any activity that can be construed as the Company possesses adequate
adherence of internal controls and detrimental to the environment. Initiatives resources to continue in operation for
risk management is practiced by the taken by the Company are outlined in the the foreseeable future. For this reason,
Company. Natural Capital Report on Pages 78 to 81. they continue to adopt the going
concern basis in preparing the Financial
The measures taken in this regard are set Statements.
COMPLIANCE WITH LAWS
out in the Corporate Governance Report
AND REGULATIONS
on Pages 86 to 103 of this Annual Report.
The Company has not engaged in any AUDITORS
The Board Audit Committee, activity contravening any laws and The Company’s Auditors during the
Remuneration and Human Resources regulations. year under review were BDO Partners.
Committee, Nomination and Governance (Chartered Accountants)
Committee and Related Party STATUTORY PAYMENTS
Transactions Review Committee function Based on the declaration made by BDO
To the best of their knowledge and Partners, and as far as the Directors
as Board sub committees with Directors belief, the Directors are satisfied that
who possess the requisite qualification are aware, the auditors do not have any
all statutory payments due to the relationship or interest in the Company or
and experience. The composition of the Government, other regulatory institutions
said committees is set out in Page 90 of its subsidiaries other than to the extent
and in relation to the employees have disclosed.
this Annual Report. been made within the due date.
REMUNERATION
HUMAN RESOURCES OUTSTANDING LITIGATION BDO Partners, Chartered Accountants
The Company has continued to invest In the opinion of the Directors formed in were paid a sum of Rs. 1.7 Mn (Rs. 1.7
in human capital development and consultation with the Company lawyers, Mn for the FY 2022/23) by the Company
implement effective human resource litigation currently pending against the for audit and related services during the
management policies to develop an Company will not have a material impact year under review.
effective and efficient workforce to on the reported financial results or future
optimise their contribution towards the operations of the Company. RE-APPOINTMENT
achievement of corporate goals and
objectives and to ensure the future The retiring Auditors, BDO Partners have
success of the Company and the EVENTS AFTER THE expressed their willingness to continue in
workforce. The steps taken are further REPORTING DATE office and a resolution to re-appoint them
elaborate in the Human Capital Report on Details of events after the reporting date as Auditors, and authorizing the Directors
Pages 66 to 71 of this Annual Report. are reflected in Note 34 Page 176 to the to fix their remuneration will be proposed
Financial Statements. at the forthcoming Annual General
Meeting.
STAKEHOLDER
MANAGEMENT / CORPORATE
SOCIAL RESPONSIBILITY ANNUAL GENERAL MEETING
The Company continues to take The Annual General Meeting will be held
measures on an ongoing basis to at Prime Lands Residencies PLC on the
manage the stakeholders and enhance 28th June 2024 at 10.00 am.
the value created to customers,
suppliers, and the community. These
efforts are presented in the Social and
Relationship Capital Report presented on
Pages 72 to 77 of the Annual Report.
NOTICE OF MEETING
Notice of the meeting relating to the
Nineteenth Annual General Meeting is
provided on Page 193 of this Annual
Report.
ACKNOWLEDGMENT OF THE
CONTENTS OF THE REPORT
As required by Section 168(1)(k) of the
Companies Act No 07 of 2007, the Board
of Directors hereby acknowledges the
responsibility for the contents of this
report.
By order of the Board of Directors of
SSP Corporate Services (Private)

Limited
Company Secretaries
On behalf of the Board;
Ms. H K Sandamini R Perera

Chairperson
Colombo
04th June 2024
FINANCIAL CALENDAR - 2023/24
Submission of unaudited interim financial statements to the Colombo Stock Exchange (Rule-7.4 (a))
Description Due Date Complied Date
Three months ended 30th June 2023 14-Aug-2023 10-Aug-2023
Six months ended 30th September 2023 14-Nov-2023 9-Nov-2023
Nine months ended 31st December 2023 14-Feb-2024 2-Feb-2024
Twelve months ended 31st March 2024 30-May-2024 29-May-2024
Authorisation for issue of Audited Financial Statements for 2023/24 31-May-2024
Publication of Annual Report for the financial year ended 31st March 2024 04-Jun-2024
19th Annual General Meeting to be held on 28-Jun-2024
Dividends
First interim dividend for 2022/23 paid on 26-Jun-2023
First interim dividend for 2023/24 - to be paid on 26-Jun-2024

INDEPENDENT AUDITOR’S REPORT
TO THE SHAREHOLDERS OF KEY AUDIT MATTERS Note 3.8 - Material accounting policy
PRIME LANDS RESIDENCIES PLC Key audit matters are those matters information: Inventory Properties
that, in our professional judgment, were Note 15 - Inventory Properties
Report on the Audit of the
of the most significance in our audit of
Financial Statements
the financial statements of the current
HOW OUR AUDIT
OPINION period. These matters were addressed
ADDRESSED THE KEY AUDIT
We have audited the financial statements in the context of our audit of the financial
MATTER
of Prime Lands Residencies PLC (the statements as a whole, and in forming
our opinion thereon, we do not provide a In establishing whether the Inventory
“Company”), which comprise the statement
separate opinion on these matters. Properties – work-in-progress, completed
of financial position as at 31st March 2024,
apartments and lands for sale were
and the statement of comprehensive
stated at the lower of cost and NRV, our
income, statement of changes in equity KEY AUDIT MATTER procedures included the following:
and statement of cash flows for the year
MEASUREMENT OF INVENTORY
then ended, and notes to the financial
PROPERTIES We evaluated and tested the
statements, including a summary of
management’s process in estimating
material accounting policy information as As disclosed in Note: 15 to the Financial
the future costs for the completion
set out on pages 132 to 182. Statements, the Company’s Inventory
of the Inventory Properties – work-
Properties including work-in progress,
in-progress, on a sample basis,
In our opinion, the accompanying completed apartments and lands
by comparing them to the actual
financial statements give a true and amounted to Rs. 10,019,522,244/- as at
development cost of similar
fair view of the financial position of the 31st March 2024. Inventory Properties
completed properties of the
Company as at 31st March 2024, and account for 64% of the Company’s total
Company.
of its financial performance and its assets and are measured at the lower of
cash flows for the year then ended in cost and Net Realisable Value (NRV). We test-checked the appropriateness
accordance with Sri Lanka Accounting of the NRV of the Inventory Properties
Standards. Measurement of Inventory Properties was – work in progress, completed
considered as a Key Audit Matter due to apartments and lands for sale, by
the following factors: comparing the NRV to market prices
BASIS FOR OPINION
achieved in the same projects
We conducted our audit in accordance Inventory properties are significant or comparable properties and
with Sri Lanka Auditing Standards and determining cost of sales relating our knowledge of the Company’s
(SLAuSs). Our responsibilities under to revenue recognised and carrying business.
those standards are further described value involves complex calculations.
in the Auditor’s Responsibilities for the We assessed the impact of continuing
Estimates and assumptions are macro economic development
Audit of the Financial Statements section
applied in determining the carrying and current market conditions on
of our report. We are independent of the
amount and Net Realisable Value inventory properties and evaluated
Company in accordance with the Code
which are impacted by prevailing whether it was required to adjust the
of Ethics for Professional Accountants
market conditions and the economic carrying value of the inventory prior to
issued by CA Sri Lanka (Code of Ethics)
situation continuing in the country. reflecting them at the lower of cost or
and we have fulfilled our other ethical
responsibilities in accordance with the net realisable value, and checked the
The disclosures associated with adjustments made where applicable.
Code of Ethics. We believe that the audit
measurement of Inventory Properties are
evidence we have obtained is sufficient
set out in the financial statements in the
and appropriate to provide a basis for our
following notes:
opinion.
Independent Auditor’s Report
We assessed the appropriateness are free from material misstatement, sufficient and appropriate to provide
of the amount recognised in cost whether due to fraud or error. a basis for our opinion. The risk of
of sales relevant to revenue by not detecting a material misstatement
performing re-computation tests on In preparing the financial statements, resulting from fraud is higher than for
cost of sales transfers. management is responsible for assessing one resulting from error, as fraud may
the Company’s ability to continue as a involve collusion, forgery, intentional
We also assessed the adequacy
going concern, disclosing, as applicable, omissions, misrepresentations, or the
of the related financial statement
matters related to going concern and override of internal control.
disclosures.
using the going concern basis of
Obtain an understanding of internal
accounting unless management either
control relevant to the audit in order
OTHER INFORMATION intends to liquidate the Company or to
to design audit procedures that are
Management is responsible for the cease operations, or has no realistic
appropriate in the circumstances, but
other information. The other information alternative but to do so.
not for the purpose of expressing an
comprises the information included in opinion on the effectiveness of the
the Annual Report. The Annual Report is Those charged with governance
Company’s internal control.
expected to be made available to us after are responsible for overseeing the
the date of this auditor’s report. Company’s financial reporting process. Evaluate the appropriateness of
accounting policies used and the
Our opinion on the financial statements reasonableness of accounting
AUDITOR’S
does not cover the other information and estimates and related disclosures
RESPONSIBILITIES FOR THE
we do not express any form of assurance AUDIT OF THE FINANCIAL made by management.
for conclusion thereon. STATEMENTS Conclude on the appropriateness
Our objectives are to obtain reasonable of management’s use of the going
In connection with our audit of the
assurance about whether the financial concern basis of accounting and,
financial statements, our responsibility
statements as a whole are free from based on the audit evidence
is to read the other information identified
material misstatement, whether due to obtained, whether a material
above when it becomes available and,
fraud or error, and to issue an auditor’s uncertainty exists related to events or
in doing so, consider whether the other
report that includes our opinion. conditions that may cast significant
information is materially inconsistent with
Reasonable assurance is a high level doubt on the Company’s ability to
the financial statements or our knowledge
of assurance, but is not a guarantee continue as a going concern. If we
obtained in the audit, or otherwise
that an audit conducted in accordance conclude that material uncertainty
whether it appears to be materially
with SLAuSs will always detect a exists, we are required to draw
misstated.
material misstatement when it exists. attention in our auditor’s report to the
Misstatements can arise from fraud related disclosures in the financial
When we read the Annual Report, if
or error and are considered material statements or, if such disclosures are
we conclude that there is a material
if, individually or in the aggregate, inadequate, to modify our opinion.
misstatement therein, we are required
they could reasonably be expected Our conclusions are based on the
to communicate the matter to those
to influence the economic decisions audit evidence obtained up to the
charged with governance.
of users taken on the basis of these date of our auditor’s report. However,
financial statements. future events or conditions may cause
RESPONSIBILITIES OF the Company to cease to continue as
MANAGEMENT AND As part of an audit in accordance with a going concern.
THOSE CHARGED WITH SLAuSs, we exercise professional
Evaluate the overall presentation,
GOVERNANCE FOR THE judgment and maintain professional
structure and content of the financial
FINANCIAL STATEMENTS skepticism throughout the audit. We also:
statements, including the disclosures,
Management is responsible for the and whether the financial statements
preparation of financial statements that Identify and assess the risks of
represent the underlying transactions
give a true and fair view in accordance material misstatement of the financial
and events in a manner that achieves
with Sri Lanka Accounting Standards, and statements, whether due to fraud
fair presentation.
for such internal control as management or error, design and perform audit
determines, is necessary to enable the procedures responsive to those risks,
preparation of financial statements that and obtain audit evidence that is
We communicate with those charged REPORT ON OTHER

with governance regarding, among other LEGAL AND REGULATORY
matters, the planned scope and timing of REQUIREMENTS
the audit and significant audit findings, As required by Section 163 (2) of the
including any significant deficiencies in Companies Act No. 07 of 2007, we
internal control that we identify during have obtained all the information and
our audit. explanations that were required for the
audit and, as far as it appears from our
We also provide those charged with
examination, proper accounting records
governance with a statement that we
have been kept by the Company.
have complied with ethical requirements
regarding independence and have CA Sri Lanka membership number of
agreed to communicate to them all the engagement partner responsible for
relationships and other matters that may signing this independent auditor’s report
reasonably be thought to bear on our is 3890.
independence, and where applicable,
actions taken to eliminate threats or
related safeguards.
From the matters communicated with CHARTERED ACCOUNTANTS

those charged with governance, we
determine those matters that were of Colombo
the most significance in the audit of 31st May 2024
the financial statements of the current
period and are, therefore the key audit VR/cc
matters. We describe these matters
in our auditor’s report unless law or
regulation precludes public disclosure
about the matter or when, in extremely
rare circumstances, we determine that
a matter should not be communicated
in our report because the adverse
consequences of doing so would
reasonably be expected to outweigh
the public interest benefits of such
communication.
STATEMENT OF COMPREHENSIVE INCOME
For the year ended 31st March 2024 For the For the year
year ended ended
31.03.2024 31.03.2023
Note Rs. Rs.
Revenue 4 8,090,379,095 19,798,684,442

Cost of sales (5,865,399,938) (14,377,688,836)
Gross profit 2,224,979,157 5,420,995,606
Other income 5 58,395,791 53,908,040

Gain on fair valuation of investment property 12 31,000,000 10,000,000
Distribution expenses (189,581,128) (272,937,870)
Administrative expenses (389,547,711) (452,600,296)
Operating profit 1,735,246,109 4,759,365,480
Finance income 6.1 546,336,159 432,978,171

Finance expenses 6.2 (690,988,983) (1,213,027,231)
Profit before taxation 7 1,590,593,285 3,979,316,420
Tax expenses 8 (461,591,585) (628,084,657)

Profit for the year 1,129,001,700 3,351,231,763
Other comprehensive income

Items that will not be re-classified to profit or loss
Actuarial loss on retirement benefit obligation 21.3 (4,366,979) (1,239,494)
Tax on other comprehensive income 1,310,094 371,848
Other comprehensive income for the year, net of tax (3,056,885) (867,646)
Total comprehensive income for the year 1,125,944,815 3,350,364,117
Earnings per share 9 1.20 3.57
Figures in brackets indicate deductions.
The accounting policies and notes on pages 138 to 182 form an integral part of these financial statements.
Colombo
31st May 2024
STATEMENT OF FINANCIAL POSITION
As at 31st March 2024 As at As at

31.03.2024 31.03.2023
Note Rs. Rs.
ASSETS
Non-current assets
Property, plant and equipment 10 13,453,906 7,302,143
Right-of-use assets 11 11,170,749 13,913,562
Investment properties 12 766,000,000 735,000,000
Intangible assets 13 302,655 359,742
Financial assets at amortised cost 14 419,055,321 145,900,235
Total non-current assets 1,209,982,631 902,475,682
Current assets
Inventory properties 15 10,019,522,244 12,388,430,515
Financial assets at amortised cost 14 - 384,815,095
Financial assets - Fair value through profit or loss 16 195,000 193,500
Advance paid for contractors 17 533,606,944 391,532,225
Advances, deposits and other receivables 18 44,494,500 264,618,846
Cash and cash equivalents 19 3,952,333,509 3,190,655,793
Total current assets 14,550,152,197 16,620,245,974
Total assets 15,760,134,828 17,522,721,656
EQUITY AND LIABILITIES

Equity
Stated capital 20 3,450,000,000 3,450,000,000
Retained earnings 6,124,741,476 5,936,296,661
Total equity 9,574,741,476 9,386,296,661
Non-current liabilities
Retirement benefit obligation 21 32,418,497 22,326,080
Interest bearing borrowings 22 485,114,217 634,439,530
Lease liabilities 23 1,608,101 8,893,125
Deferred tax liabilities 24 67,339,381 59,649,238
Total non-current liabilities 586,480,196 725,307,973
Statement of Financial Position
As at 31st March 2024 As at As at

31.03.2024 31.03.2023
Note Rs. Rs.
Current liabilities
Trade and other payables 25 634,343,023 1,165,388,517
Amount due to related party 26 5,311,172 7,867,056
Interest bearing borrowings - Current portion 22 399,325,212 769,370,613
Lease liabilities - Current portion 23 6,687,480 18,004,830
Customer advance collection 27 3,526,713,007 2,366,866,780
Income tax payable 28 219,989,096 467,297,568
Bank overdraft 19 806,544,166 2,616,321,658
Total current liabilities 5,598,913,156 7,411,117,022
Total liabilities 6,185,393,352 8,136,424,995
Total equity and liabilities 15,760,134,828 17,522,721,656
Certification
We certify that the above Financial Statements have been prepared in compliance with the requirements of the Companies Act No.07
of 2007.
Mr. Pathirage Anura W. Perera Ms. H.K. Sandamini R. Perera

Director - Finance Chairperson
The Board of Directors is responsible for the preparation and presentation of these Financial Statements.
Approved and signed for and on behalf of the Board.
Mr. Brahmanage Premalal Mr. Sanjaya Bandara

Director Director
Colombo
31st May 2024
VR/cc
STATEMENT OF CHANGES IN EQUITY
For the year ended 31st March 2024 Retained

Stated capital earnings Total
Rs. Rs. Rs.
Balance as at 01st April 2022 3,450,000,000 3,242,182,544 6,692,182,544
Profit for the year - 3,351,231,763 3,351,231,763

Other comprehensive income for the year, net of tax - (867,646) (867,646)
Dividend paid - (656,250,000) (656,250,000)
Balance as at 31st March 2023 3,450,000,000 5,936,296,661 9,386,296,661
Profit for the year - 1,129,001,700 1,129,001,700

Other comprehensive income for the year, net of tax - (3,056,885) (3,056,885)
Dividend paid - (937,500,000) (937,500,000)
Balance as at 31st March 2024 3,450,000,000 6,124,741,476 9,574,741,476
Colombo
31st May 2024
STATEMENT OF CASH FLOWS
For the year ended 31st March 2024 For the For the
year ended year ended
31.03.2024 31.03.2023
Note Rs. Rs.
Cash flows from operating activities

Profit before taxation 1,590,593,285 3,979,316,420
Adjustment for
Depreciation 10/11 5,955,303 36,968,161
Amortisation 13 57,087 57,244
Provision on retirement benefit obligation 21 6,825,688 6,055,255
Overdraft interest 6.2 389,423,860 469,018,130
Lease interest 6.2 2,968,666 6,858,340
Loan interest 6.2 210,606,148 611,906,099
Interest on debentures 14 (24,036,001) (27,444,831)
Fair value (gain)/loss on share investment 16 (1,500) (13,500)
Exchange gain on investment in debenture 14 58,812,065 (13,632,008)
Fair value gain on investment property 12 (31,000,000) (10,000,000)
619,611,316 1,079,772,890
Operating cash flows before change in working capital 2,210,204,601 5,059,089,310
Changes in working capital

Decrease in inventory properties 15 2,368,908,271 2,763,813,594
(Increase)/Decrease in contractor advances 17 (142,074,719) 518,638,407
Decrease/(Increase) in advances, deposits and other receivables 18 190,695,216 (216,391,403)
Decrease in trade and other payables 25 (531,045,494) (11,619,599)
Decrease increase in amounts due to related parties 26 (2,555,884) (242,850)
Increase/(Decrease) in customer advance collection 27 1,159,846,227 (2,220,740,725)
Cash generated from operations 5,253,978,218 5,892,546,734
Income tax paid 28 (670,470,689) (242,316,509)
Interest paid 6.2 (389,423,860) (469,018,130)
Gratuity paid 21 (1,100,250) (1,674,550)
Net cash generated from operating activities 4,192,983,419 5,179,537,545
Cash flows from investing activities
Interest received from debentures 14 76,883,944 46,784,390
Acquisition of property, plant and equipment 10 (9,364,253) -
Net cash generated from investing activities 67,519,691 46,784,390
Cash flows from financing activities

Lease installments paid 23 (21,571,040) (21,835,980)
Dividends paid (937,500,000) (655,025,370)
Proceeds from interest bearing borrowings 22 250,000,000 754,111,808
Repayment of interest bearing borrowings 22 (769,370,714) (2,746,473,934)
Loan interest paid 6.2 (210,606,148) (611,906,099)
Net cash used in financing activities (1,689,047,902) (3,281,129,575)
Net increase in cash and cash equivalents during the year 2,571,455,208 1,945,192,360
Cash and cash equivalents at the beginning of the year (Note A) 574,334,135 (1,370,858,225)
Cash and cash equivalents at the end of the year (Note B) 19 3,145,789,343 574,334,135
For the year ended 31st March 2024 For the For the
31.03.2024 31.03.2023
Note Rs. Rs.
Note A
Cash and cash equivalents at the beginning of the year
Short-term deposit 3,013,414,074 710,897,962
Cash in hand 79,301,773 475,100,177
Cash at bank 97,939,946 249,093,998
Bank overdraft (2,616,321,658) (2,805,950,362)
574,334,135 (1,370,858,225)
Note B
Cash and cash equivalents at the end of the year
Short-term deposit 3,811,550,110 3,013,414,074
Cash in hand 60,599,887 79,301,773
Cash at bank 80,183,512 97,939,946
Bank overdrafts (806,544,166) (2,616,321,658)
3,145,789,343 574,334,135
Colombo
31st May 2024
NOTES TO THE FINANCIAL STATEMENTS
1 CORPORATE 2 BASIS OF PREPARATION

INFORMATION
2.1 STATEMENT OF COMPLIANCE
1.1 GENERAL INFORMATION The statement of financial position, statement of comprehensive income,
Prime Lands Residencies PLC changes in equity and statement of cash flows, together with accounting
(“the Company”) is a public policies and notes (“Financial Statements”) of Prime Lands Residencies PLC
limited liability company, as at 31st March 2024 and for the year then ended, comply with the Sri Lanka
incorporated on 15th September Accounting Standards (hereinafter referred to as SLFRS/LKAS) issued by
2008 in Sri Lanka under the the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) and are in
Companies Act No. 07 of 2007 compliance with the requirements of the Companies Act No. 07 of 2007 and Sri
(“the Act”) as a private limited Lanka Accounting and Auditing Standards Act No. 15 of 1995.
liability company, and was
converted to a public limited 2.2 RESPONSIBILITY FOR FINANCIAL STATEMENTS
liability company with effect
The Board of Directors is responsible for the preparation and presentation of
from 12th February 2021 in
these Financial Statements as per the provisions of the Companies Act No. 07 of
accordance with the provisions
2007 and Sri Lanka Accounting Standards (SLFRS/LKAS).
of the Act. Ordinary shares of
the Company have been listed
2.3 DATE OF AUTHORISATION FOR ISSUE
on the Colombo Stock Exchange
with effect from 08th June 2021. The Financial Statements of Prime Lands Residencies PLC for the year ended
The Company changed its name 31st March 2024 were authorised for issue on 31st May 2024 in accordance with
from “Prime Lands Residencies a resolution of the Board of Directors.
Limited” to “Prime Lands
Residencies PLC” with effect from 2.4 BASIS OF MEASUREMENT
17th July 2021. The registered The financial statements of the Company have been prepared on the historical
office and the principal place cost basis, except for the following material items in the statement of financial
of business are situated at No. position.
75, D.S. Senanayake Mawatha,
Colombo 08. Item Basis of Measurement Note Number
Investment property Measured at cost at the 3.7
1.2 PRINCIPAL ACTIVITIES time of acquisition and
AND NATURE OF subsequently, at revalued
OPERATIONS amounts which are the fair
The principal activities of the values at the date of valuation
Company are purchasing lands Financial assets classified as Measured at fair value 3.2.3
and constructing residential fair value through profit or loss
apartment complexes and Retirement benefit obligation Recognised based on 3.11
developing and selling land plots actuarial valuation
for residential purpose.
2.5 FUNCTIONAL AND PRESENTATION CURRENCY
1.3 PARENT ENTERPRISE
Items included in these financial statements are measured using the currency
AND ULTIMATE PARENT
of the primary economic environment in which the Company operates (the
ENTERPRISE
functional currency), which is the Sri Lankan Rupee.
The Company’s immediate and
ultimate parent undertaking as These financial statements have been presented in Sri Lankan Rupees (Rs.).
at 31st March 2024 was Prime All financial information presented have been rounded to the nearest rupee
Lands (Private) Limited which has except where it is otherwise indicated as permitted by the Sri Lanka Accounting
been incorporated in Sri Lanka. Standard – LKAS 01 on “Presentation of Financial Statements”.
1.4 SUBSIDIARIES AND 2.6 MATERIALITY AND AGGREGATION

ASSOCIATES
Each material class of similar items is presented separately in the financial
The Company has no subsidiaries statements. Items of a dissimilar nature or function are presented separately
or associates. unless they are immaterial as permitted by the Sri Lanka Accounting Standard –
LKAS 01 on ‘Presentation of Financial Statements’ and amendments to the LKAS 1
on ‘Disclosure Initiative’ which was date together with the related generate cash flows that
effective from 01st January 2016. judgments that have a significant are attributable not only to
risk of causing a material property but also to other
Notes to the financial statements adjustment to the carrying assets used in the production
have been presented in a amounts of assets and liabilities or supply process.
systematic manner which within the next financial year.
ensures the understandability Actual results may differ from Some properties comprise
and comparability of financial these estimates. a portion that is held to
statements of the Company. earn rentals or for capital
Understandability of the financial Accounting judgments, estimates appreciation and another
statements is not compromised and underlying assumptions are portion that is held for use
by obscuring material information reviewed on an ongoing basis. in the production or supply
with immaterial information or by Revisions to accounting estimates of goods or services or for
aggregating material items that are recognised in the year in administrative purposes. If
have different nature or function. which the estimates are revised these portions can be sold
and in any future periods affected. separately (or leased out
2.7 OFFSETTING separately under a finance
2.8.1 Judgments lease), the Company accounts
Financial assets and financial
for the portions separately. If
liabilities are offset and the net In the process of applying the
the portions cannot be sold
amount reported in the statement Company’s accounting policies,
separately, the property is
of financial position, only when management has made the
accounted for as investment
there is a legally enforceable following judgments, apart from
property only if an insignificant
right to offset the recognised those involving estimations, which
portion is held for use in
amounts and there is an intention have the most significant effect
the production or supply
to settle on a net basis or to on the amounts recognised in the
of goods or services or for
realise the assets and settle the Financial Statements.
administrative purposes.
liabilities simultaneously. Income
Judgment is applied in
and expenses are not offset in i) Classification of property
determining whether ancillary
the income statement unless it
The Company determines services are so significant that
is required or permitted by Sri
whether a property is a property does not qualify
Lanka Accounting Standard and
classified as investment as investment property. The
as specially disclosed in the
property or owner occupied Company considers each
material policy information of the
property for significant property separately in making
Company.
judgment as disclosed in note its judgment.
3.3 and note 3.7.
2.8 SIGNIFICANT ACCOUNTING
ii) Revenue from contracts with
JUDGMENTS, ESTIMATES Investment property
customers
AND ASSUMPTIONS comprises land and buildings
which are not occupied The Company applied
The preparation of the financial
substantially for use by, the following judgments
statements of the Company in
or in the operations of the that significantly affect the
conformity with SLFRS/LKAS
Company, nor for sale in the determination of the amount
requires the management to
ordinary course of business, and timing of revenue from
make judgments, estimates
but are held primarily to earn contracts with customers:
and assumptions, which may
affect the amounts of income, rental income and capital
In recognising the revenue
expenditure, assets, liabilities appreciation.
from the sale of properties,
and the disclosure of contingent
The Company determines management applies
liabilities, at the end of the
whether a property qualifies judgment ascertaining when
reporting period. In the process
as investment property by the controls have passed to
of applying the Company’s
considering whether the the buyers. In this regard,
accounting policies, key
property generates cash flows the management recognises
assumptions were made relating
largely independently of the revenue over a period of time
to the future and the sources
other assets held by the entity. (percentage of completion
of estimation at the reporting
Owner-occupied properties method) as the Company’s
Notes to the Financial Statements
performance does not create The value of investment property of the Company has been ascertained
an asset with an alternative by an independent valuer and due consideration has been given to
use to it and the Company recommended best practice in the valuation of real estate in uncertain times.
has an enforceable right to
payment for performance ii) Principal assumptions for management’s estimation of fair value
completed to date.
If information on current or recent prices of assumptions underlying the
discounted cash flow approach of investment properties is not available, the
The Company determined that
fair values of investment properties are determined using the discounted
the input method is the best
cash flow valuation techniques. The Company uses assumptions that are
method in measuring progress
mainly based on market conditions existing at each reporting date.
of the construction because
there is a direct relationship
The principal assumptions underlying the management’s estimation of fair
between the Company’s
value are those related to: future rentals, maintenance requirements, and
effort and the transfer of
appropriate capitalisation rates / yields and voids. These valuations are
control to the customer. The
regularly compared to actual market yield data and actual transactions by
Company recognises revenue
the Company and those reported by the market.
on the basis of the total cost
incurred relative to the total
Further information about critical judgments, estimates and assumptions in
expected cost to complete the
applying the accounting policies that have the most significant effect on the
construction.
amounts recognised in the financial statements is included in the following
notes to these financial statements.
2.8.2 Accounting estimates and
assumptions Critical Accounting Estimate / Judgment Disclosure Note
The key assumptions concerning Going concern 2.9
the future and other key sources Fair value measurement 3.12
of estimation of uncertainty at Useful life of property, plant and equipment 3.3.3
the reporting date, that have a
Fair value of investment property 3.7.2
significant risk of causing material
Useful life of intangible assets 3.5.1
adjustments to the carrying
Retirement benefit obligations 3.11.2
amounts of assets and liabilities
within the next financial year are Impairment losses on financial assets 3.2.6
discussed below. The respective Provision for liabilities, commitment and contingencies 3.19
carrying amounts of assets and Net realisable value of inventory 3.8
liabilities are given in related Income tax (Current tax and Deferred tax) 3.16
notes to the financial statements.
2.9 GOING CONCERN
i) Estimation of fair value of The Company has prepared the financial statements for the year ended 31st
Investment Properties March 2024 on the basis that it will continue to operate as a going concern.
The Company carries its
investment properties at In determining the basis of preparing the Financial Statements for the year
fair value, with changes in ended 31st March 2024, based on available information, the management has
fair value being recognised assessed the current macroeconomic conditions and its effect on the Company
in the statement of profit or and the appropriateness of the use of the going concern basis.
loss. The Company engaged
an independent valuer to It is the view of the management that there are no material uncertainties that
determine the fair value as may cast significant doubt on the Company’s ability to continue to operate as a
at 31st March 2024. The going concern. In determining the above, significant management judgments,
valuation of investment estimates and assumptions including the impact of the current macroeconomic
property requires making challenges have been considered as of the reporting date and specific
significant estimates such as disclosures have been made under the relevant notes to the financial statements.
current market price per perch The Directors are satisfied that the Company has adequate resources to continue
and yield rate which are based in operational existence for the foreseeable future and hence, has adopted the
on current and future market going concern basis in preparing and presenting these financial statements.
or economic conditions.
3 MATERIAL 3.2 FINANCIAL INSTRUMENTS the contractual terms of the

ACCOUNTING POLICY 3.2.1 Initial recognition, classification
financial asset give rise on
INFORMATION and subsequent measurement
specified dates to cash flows
The material accounting policy that are solely the payments of
Date of recognition principal and interest (“SPPI”).
information that have been
used in the preparation of All financial assets and liabilities
are initially recognised on the A debt instrument is measured
these financial statements are
trade date, i.e., the date that the at FVTOCI only if it meets both of
summarised below.
Company becomes a party to the following conditions and is not
the contractual provisions of the designated as at FVTPL:
3.1 FOREIGN CURRENCY
TRANSACTIONS AND instrument. This includes “regular
way trades”: purchases or sales the asset is held within a
BALANCES
of financial assets that require business model whose
Transactions in foreign currencies objective is achieved by both
delivery of assets within the time
are translated to the respective collecting the contractual
frame generally established by
functional currency, the Sri Lanka cash flows and selling the
regulation or convention in the
Rupee (Rs.), at the exchange financial assets
market place.
rates prevailing at the date of the
its contractual terms give
transactions.
Initial measurement of financial rise on specified dates to
Monetary assets and liabilities instruments cash flows that are solely
denominated in foreign currencies The classification of financial the payments of principal
at the reporting date are re- instruments at initial recognition and interest on the principal
translated to the functional depends on the purpose and the amount outstanding
currency at the spot rate of management’s intention for which
the financial instruments were On initial recognition of an
exchange at that date. The
acquired and their characteristics. equity investment that is not
foreign currency gain or loss on
All financial instruments are held for trading, the Company
monetary items is the difference
measured initially at their fair may irrevocably elect to present
between the amortised cost in
value plus transaction costs, subsequent changes in fair value
the functional currency at the
except in the case of financial in OCI. This election is made
beginning of the year, adjusted
assets and financial liabilities on an investment by investment
for effective interest and the
recorded at fair value through basis. All other financial assets
payments made during the
profit or loss. are classified as measured at
year, and the amortised cost in
FVTPL.
foreign currency translated at the
exchange rate at the end of the 3.2.2 Classification and subsequent
In addition, on initial recognition,
year. measurement of financial
the Company may irrevocably
instruments
designate a financial asset that
Non-monetary assets and
On initial recognition, a financial otherwise meets the requirements
liabilities denominated in foreign
asset is classified as measured to be measured at amortised cost
currencies that are measured
at: amortised cost, fair value or at FVOCI as at FVTPL if doing
at fair value are re-translated to
through other comprehensive so eliminates or significantly
the functional currency at the
income (FVTOCI) or fair value reduces an accounting mismatch
exchange rate at the date that
through profit or loss (FVTPL). that would otherwise arise.
the fair value was determined.
Non-monetary items in a foreign A financial asset is measured at
currency that are measured Business model assessment
amortised cost if it meets both of
in terms of historical cost are the following conditions and is not The Company makes an
translated using the exchange designated as at FVTPL: assessment of the objective of
rate at the date of the transaction. a business model in which an
the asset is held within a asset is held at a portfolio level
Foreign currency differences business model whose because this best reflects the
arising on re-translation are objective is to hold assets to way the business is managed
recognised in the Statement of collect contractual cash flows and information is provided to
Comprehensive Income. Management.
The information considered fair value basis are measured at FVTPL because they are neither held to collect
includes: contractual cash flows nor held both to collect contractual cash flows and to sell
financial assets.
The stated policies and
objectives for the portfolio and Financial assets - assessment whether contractual cash flows are solely
the operation of those policies the payments of principal and interest
in practice. In particular,
For the purposes of this assessment, ‘principal’ is defined as the fair value of the
whether Management’s
financial asset on initial recognition. ‘Interest’ is defined as consideration for the
strategy focuses on earning
time value of money and for the credit risk associated with the principal amount
contractual interest revenue,
outstanding during a particular period of time and for other basic lending risks
maintaining a particular
and costs (e.g. liquidity risk and administrative costs) as well as a profit margin.
interest rate profile, matching
the duration of the financial
In assessing whether the contractual cash flows are solely the payments of
assets to the duration of the
principal and interest, the Company considers the contractual terms of the
liabilities that are funding
instrument. This includes assessing whether the financial asset contains a
those assets or realising cash
contractual term that could change the timing or amount of contractual cash
flows through the sale of the
flows as such that it would not meet this condition. In making this assessment,
assets;
the Company considers:
How the performance of the
portfolio is evaluated and contingent events that would change the amount or timing of cash flows
reported to the Company’s
terms that may adjust the contractual coupon rate, including variable-rate
Management;
features
The risks that affect the
prepayment and extension features
performance of the business
model (and the financial terms that limit the Company’s claim to cash flows from specified assets
assets held within that (e.g. non-recourse features)
business model) and its
strategy for how those risks A prepayment feature is consistent with solely the payments of principal and
are managed; interest criterion if the prepayment amount substantially represents unpaid
amounts of principal and interest on the principal amount outstanding, which
How managers of the may include reasonable additional compensation for early termination of the
business are compensated contract. Additionally, for a financial asset acquired at a discount or premium to
(e.g. whether compensation its contractual paramount, a feature that permits or requires prepayment at an
is based on the fair value amount that substantially represents the contractual par amount plus accrued
of the assets managed or (but unpaid) contractual interest (which may also include reasonable additional
the contractual cash flows compensation for early termination) is treated as consistent with this criterion if
collected); the fair value of the prepayment feature is insignificant at initial recognition.
The frequency, volume
and timing of sales in prior These assets are subsequently measured at fair value.
Financial assets
periods, the reasons for such Net gains or losses, including any interest or dividend
at FVTPL
sales and its expectations income, are recognised in profit or loss.
about future sales activity. These assets are subsequently measured at amortised
However, information about cost using the effective interest method. The amortised
sales activity is not considered Financial assets cost is reduced by impairment losses. Interest income,
in isolation, but as part of an at amortised cost foreign exchange gains and losses and impairment
overall assessment of how the are recognised in profit or loss. Any gain or loss on
Company’s stated objective derecognition is recognised in profit or loss.
for managing the financial These assets are subsequently measured at fair
assets is achieved and how value. Interest income calculated using the effective
cash flows are realised. interest method, foreign exchange gains and losses
Debt investments
and impairment are recognised in profit or loss. Other
Financial assets that are held for at FVTOCI
net gains and losses are recognised in OCI. On
trading or managed and whose derecognition, gains and losses accumulated in OCI are
performance is evaluated on a re-classified to profit or loss.
These assets are subsequently measured at fair value. Subsequent to initial recognition,
Dividend is recognised as income in profit or loss unless these are measured at fair value
Equity investments the dividend clearly represents a recovery of part of the and changes therein other than
at FVTOCI cost of the investment. Other net gains and losses are impairment losses are recognised
recognised in OCI and are never re-classified to profit or in other comprehensive
loss. income and presented within
equity in the fair value reserve.
When an investment in debt
3.2.3 Financial assets
instrument is derecognised,
Financial assets are classified appropriately as financial assets recognised the cumulative gain or loss in
through profit or loss, financial assets measured at fair value through other other comprehensive income is
comprehensive income and financial assets at amortised cost. transferred to profit or loss.
All the financial assets are recognised at fair value at its initial recognition.
Cash and cash equivalents
Financial assets measured at fair value through profit or loss
comprise cash in hand and cash
A financial asset is classified at fair value through profit or loss if it is classified
at banks and other highly liquid
as held for trading or is designated as such upon initial recognition. Financial
financial assets which are held for
assets are designated at fair value through profit or loss if the Company
the purpose of meeting short-
manages such investments and makes purchase and sale decisions based on
term cash commitments with
their fair value in accordance with the Company’s documented risk management
original maturities of less than
or investment strategy. Upon initial recognition, transaction costs are recognised
three months which are subject
in profit or loss as incurred.
to insignificant risk of changes in
their fair value.
Financial assets at fair value through profit or loss are measured at fair value,
and subsequent therein are recognised in Profit or Loss.
Bank overdrafts that are
repayable on demand and form
The following assets represent financial assets at fair value though profit or loss.
an integral part of the Company’s
cash management are included
Investment in quoted shares
as a component of cash and cash
Amortised cost equivalents for the purpose of the
statement of cash flows.
A financial asset shall be measured at amortised cost if both of the following
conditions are met:
3.2.4 Financial liabilities
a. the financial asset is held within a business model whose objective is to hold The Company initially recognises
financial assets in order to collect contractual cash flows debt securities and borrowings on
the date that they are originated.
b. the contractual terms of the financial assets give rise on specified dates
All other financial liabilities are
to cash flows that are solely the payments of principal and interest on the
recognised initially on the trade
principal amount outstanding
date, which is the date that the
Company becomes a party to
Financial assets at amortised cost of the Company comprise the following.
the contractual provisions of the
instruments.
Investment in debentures
Other receivables The Company derecognises

a financial liability when its
contractual obligations are
discharged, cancelled or expire.
Financial assets measured at fair value through other comprehensive
income
The Company classifies non-
Financial assets measured at fair value through other comprehensive income derivative financial liabilities
(FVTOCI) are non-derivative financial assets that are designated FVTOCI and into the other financial liabilities
that are not classified in any of the previous categories of financial assets. category. Such financial liabilities
FVTOCI are recognised initially at fair value plus any directly attributable are recognised initially at fair
transaction costs. value plus any directly attributable
transaction cost. Subsequent to Financial liabilities at amortised comprehensive income. The

initial recognition, these financial cost Company, at each reporting date,
liabilities are measured at Financial liabilities issued by the measures the loss allowance for a
amortised cost using the effective Company that are not designated financial instrument at an amount
interest rate method. at fair value through profit or loss equal to the lifetime expected
are recognised initially at fair credit losses if the credit risk
Financial liabilities comprise: value plus any directly attributable on that financial instrument has
transaction costs, by taking into increased significantly since the
Interest bearing borrowings account any discount or premium initial recognition.
Lease liabilities on acquisition and fees or costs
that are an integral part of the For trade and other receivables,
Other payables the Company applies a simplified
effective interest rate. Subsequent
Amount due to related party to initial recognition, these approach in calculating ECLs.
financial liabilities are measured Therefore, the Company does
Amount due to directors not track changes in credit risk,
at amortised cost using the
Bank overdraft effective interest method. but instead recognises a loss
allowance based on lifetime ECLs
The effective interest rate at each reporting date. However,
Recognition and measurement
amortisation is included in there are no trade and other
of financial liabilities
“Interest Expense” in the receivables as at the reporting
The Company classifies period.
statement of profit or loss. Gains
financial liabilities other than
or losses too are recognised
financial guarantees and loan
in the income statement when 3.2.7 Derecognition of financial assets
commitments, into one of the
the liabilities are de-recognised and financial liabilities
following categories:
as well as through the effective
Financial assets
interest rate amortisation process.
financial liabilities at amortised A financial asset (or, where
cost applicable a part of a financial
Financial liabilities at fair value
financial liabilities at fair value asset or part of a group of similar
through profit or loss
through profit or loss financial assets) is derecognised
Financial liabilities at fair value when:
through profit or loss include
A financial liability is measured
derivative liabilities held for risk the rights to receive cash
initially at fair value plus,
management purposes. flows from the asset have
transaction costs that are directly
attributable to its acquisition or expired,
issue. Subsequent measurement 3.2.5 Re-classification of financial
the Company has transferred
of financial liability is at fair value assets and liabilities
its rights to receive cash
or amortised cost. The amortised Financial assets are not re- flows from the asset or has
cost of a financial liability is the classified subsequent to their assumed an obligation to pay
amount at which the financial initial recognition, except and the received cash flows in
liability is measured at initial only in those rare circumstances full without material delay to
recognition, minus principal when the Company changes its a third party under a ‘pass–
repayments, plus or minus the objective of the business model through’ arrangement; and
cumulative amortisation using for managing such financial either:
the effective interest method of assets. Financial liabilities are
any difference between the initial not re-classified as such re- the Company has transferred
amount and the maturity amount. classifications are not permitted substantially all the risks and
by SLFRS 9. rewards of the asset, or
Classification and subsequent the Company has neither

measurement of financial 3.2.6 Impairment of financial assets transferred nor retained
liabilities The Company recognises a loss substantially all the risks and
The subsequent measurement allowance for Expected Credit rewards of the asset, but has
of financial liabilities depends on Losses (ECLs) on financial transferred the control of the
their classification. assets measured at amortised asset.
cost or at fair value through other
When the Company has of financial position if, and only if, there is a currently enforceable legal right to
transferred its rights to receive offset the recognised amounts and there is an intention to settle on a net basis,
cash flows from an asset or or to realise the asset and settle the liability simultaneously.
has entered into a “pass–
through” arrangement and 3.2.9 Amortised cost measurement
has neither transferred nor
The amortised cost of a financial asset or liability is the amount at which the
retained substantially all the
financial asset or liability is measured at initial recognition, minus principal
risks and rewards of the asset
repayments, plus or minus the cumulative amortisation using the effective
nor transferred control of the
interest method of any difference between the initial amount recognised and the
asset, the asset is recognised
maturity amount, minus any reduction for impairment.
to the extent of the Company’s
continuous involvement in the
3.3 PROPERTY, PLANT AND EQUIPMENT
asset. In that case, the Company
also recognises an associated Property, plant and equipment are tangible items that are held for use in the
liability. production or supply of goods or services or for administrative purposes and are
expected to be used during more than one period.
The transferred asset and the
associated liability are measured 3.3.1 Recognition and measurement
on a basis that reflects the rights Items of property, plant and equipment are measured at cost less accumulated
and obligations that the Company depreciation and any accumulated impairment losses.
has retained. Continuous
involvement that takes the form of Purchased software that is integral to the functionality of the related equipment is
a guarantee over the transferred capitalised as part of that equipment.
asset is measured at the lower
of the original carrying amount If significant parts of an item of property or equipment have different useful lives,
of the asset and the maximum then they are accounted for as separate items (major components) of property
amount of consideration that the and equipment.
Company could be required to
repay. Any gain or loss on disposal of an item of property and equipment (calculated
as the difference between the net proceeds from disposal and the carrying
Financial liabilities amount of the item) is recognised within other income in profit or loss.
A financial liability is
derecognised when the obligation 3.3.2 Subsequent cost
under the liability is discharged Subsequent expenditure is capitalised only when it is probable that the future
or cancelled or expires. Where economic benefits of the expenditure will flow to the Company. Ongoing repairs
an existing financial liability is and maintenance are expensed as incurred.
replaced by another from the
same lender on substantially 3.3.3 Depreciation
different terms, or the terms of an
Depreciation is calculated to write off the cost of items of property and
existing liability are substantially
equipment less their estimated residual values using the straight-line method
modified, such an exchange
over their estimated useful lives, and is generally recognised in profit or
or modification is treated as
loss. Leased assets are depreciated over the shorter of the lease term and
derecognition of the original
their useful lives unless it is reasonably certain that the Company will obtain
liability and the recognition of
ownership by the end of the lease term. Land is not depreciated.
a new liability. The difference
between the carrying value of the
The estimated useful lives of significant items of property, plant and equipment
original financial liability and the
are as follows:
consideration paid is recognised
in profit or loss.
Type of assets Year
Computer and equipment 05 years
3.2.8 Off-setting financial instruments
Motor vehicle 08 years
Financial assets and financial
Office equipment 04 years
liabilities are offset and the net
Plant and machinery 08 years
amount reported in the statement
Furniture and fittings 04 years
The assets’ useful lives and costs incurred and an The lease liability is measured
depreciation methods are estimate of costs to dismantle at amortised cost using the
reviewed if there is an indication and remove the underlying effective interest method. It
of a significant change since the asset or to restore the is remeasured when there
last annual reporting date. underlying asset or the site is a change in future lease
on which it is located less any payments arising from a
3.3.4 Derecognition lease incentives received. change in an index or rate.
The carrying amount of an item
The right-of-use asset is When the lease liability is re-
of property, plant and equipment
subsequently depreciated measured, a corresponding
is derecognised on disposal or
using the straight-line method adjustment is made to the
when no future economic benefits
from the commencement date carrying amount of the right-
are expected from its use or
to the end of the lease term, of-use asset, or is recorded
disposal. The gain or loss arising
unless the lease transfers the in profit or loss if the carrying
from derecognition of an item of
ownership of the underlying amount of the right-of-use
property, plant and equipment is
asset to the Company by the asset has been reduced to
included in profit or loss when the
end of the lease term or the zero.
item is derecognised.
cost of the right-of-use asset
reflects that the Company will Short-term leases and
When replacement costs are
exercise a purchase option. leases of low value assets
recognised in the carrying amount
In that case, the right-of-use
of an item of property, plant The Company elected not to
asset will be depreciated over
and equipment, the remaining recognise right-of-use assets
the useful life of the underlying
carrying amount of the replaced and lease liabilities for lease
asset, which is determined
part is derecognised. of low value assets and short-
on the same basis as those
term leases. The Company
of property and equipment.
3.4 LEASES recognises the lease
In addition, the right-of-use
payments associated with
At the inception of a contract, asset is periodically reduced
these leases as an expense
the Company assesses to by impairment losses, if any,
on the straight-line basis.
ascertain whether a contract is, and adjusted for certain
or contains, a lease. A contract is, remeasurements of the lease
or contains, a lease if the contract ii) As a lessor
liability.
conveys the right to control the When the Company acts
use of an identified asset for a The lease liability is as a lessor, it determines at
period of time in exchange for a initially measured at the lease inception whether each
consideration. To assess whether present value of the lease lease is a finance lease or an
a contract conveys the right to payments that are not paid operating lease.
control the use of an identified at the commencement date,
asset, the Company uses the discounted using the interest To classify each lease, the
definition of a lease in SLFRS 16. rate implicit in the lease or, Company makes an overall
if that rate cannot be readily assessment of whether the
i) As a lessee determined, the Company’s lease transfers substantially
incremental borrowing rate. all of the risks and rewards
Right-of-use assets and incidental to ownership of
Generally, the Company uses
Lease liabilities the underlying asset. If this
its incremental borrowing rate
The Company recognises as the discount rate. is the case, then the lease is
the right-of-use asset and a finance lease; if not, then
a lease liability at the lease The Company determines it is an operating lease. As
commencement date. The its incremental borrowing part of this assessment, the
right-of-use asset is initially rate by obtaining the interest Company considers certain
measured at cost, which rates from debt financing indicators such as whether the
comprises the initial amount of arrangements at the inception lease is for the major part of
the lease liability adjusted for of the lease period. the economic life of the asset.
any lease payments made at,
or before the commencement
date, plus any initial direct
The Company recognises assets or a group of assets. When had no impairment loss been
lease payments received the carrying amount of an asset recognised for the asset in
under operating leases as or CGU exceeds its recoverable prior years. Such reversal is
income on a straight-line basis amount, the asset is considered recognised in the Statement of
over the lease term as part of impaired and is written down to its Profit or Loss unless the asset is
“other income”. recoverable amount. In assessing carried at the revalued amount, in
the value in use, the estimated which case, the reversal is treated
3.5 INTANGIBLE ASSETS future cash flows are discounted as a revaluation increase.
to their present value using a
3.5.1 Software pre-tax discount rate that reflects 3.7 INVESTMENT PROPERTY
Software acquired by the the current market assessments
Company is measured at cost less of the time value of money and 3.7.1 Basis of recognition
accumulated amortisation and any the risks specific to the asset. In Investment properties are the
accumulated impairment losses. determining the fair value less properties held either to earn
costs to sell, an appropriate rental income or for capital
Subsequent expenditure on valuation model is used. These appreciation or both but not for
software assets is capitalised calculations are corroborated sale in the ordinary course of
only when it increases the future by valuation multiples or other business, used in the production
economic benefits embodied available fair value indicators. in the ordinary course of
in the specific asset to which it business, used in the production
relates. All other expenditure is Impairment losses of continuous or supply of goods or services
expensed as incurred. operations are recognised in or for administrative purposes.
the Statement of Profit or Loss Investment properties are
Software is amortised on a in those expense categories recognised if it is probable that
straight-line basis in profit or loss consistent with the function of future economic benefits that are
over its estimated useful life, from the impaired asset, except for associated with the investment
the date on which it is available the property previously revalued property will flow to the Company
for use. The estimated useful life where the revaluation was and the cost of the investment
of software is 10 years. taken to equity. In this case, the property can be reliably
impairment is also recognised in measured.
Amortisation methods, useful lives equity up to the amount of any
and residual values are reviewed previous revaluation. Investment property comprises
at each reporting date and freehold land, freehold buildings
adjusted, if appropriate. For assets, an assessment is together with the integral parts of
made at each reporting date to such properties.
3.6 IMPAIRMENT OF NON- ascertain as to whether there is
FINANCIAL ASSETS any indication that previously 3.7.2 Basis of measurement
The Company assesses at each recognised impairment losses
Fair value model
reporting date, whether there is may no longer exist or may have
decreased. If such indication Investment property is measured
any indication that an asset may
exists, the Company makes initially at its cost, including
be impaired.
an estimate of the recoverable related transaction costs. After
If any indication exists, or when amount. A previously recognised initial recognition, investment
the annual impairment testing for impairment loss is reversed only property is carried at fair value.
an asset is required, the Company if there has been a change in
the estimates used to determine The fair value of investment
estimates the asset’s recoverable
the asset’s recoverable amount property reflects, among other
amount. An asset’s recoverable
since the last impairment loss was things, the rental income from
amount is the higher of an asset’s
recognised. If that is the case, current leases and assumptions
or CGU’s fair value less cost of
the carrying amount of the asset about rental income from future
disposal and its value in use. The
is increased to its recoverable leases in the light of current
recoverable amount is determined
amount. That increased amount market conditions, as appraised
for an individual asset unless
cannot exceed the carrying by an independent valuer,
the asset does not generate
amount that would have been annually.
cash inflows that are largely
independent of those from other determined, net of depreciation,
Subsequent expenditure is or completion of construction or costs of site preparation,

charged to the asset’s carrying development. property transfer taxes and
amount only when it is probable other related costs
that future economic benefits Transfers are made from
associated with the item will flow investment property when, Non-refundable commissions
to the Company and the cost and only when, there is a paid to sales or marketing agents
of the item can be measured change in use, evidenced by on the sale of real estate units are
reliably. All other repairs and the commencement of owner expensed when paid.
maintenance costs are charged occupation or commencement of
to the statement of profit or loss development with a view to sale. Net realisable value is the
during the financial period in estimated selling price in the
which they are incurred. For a transfer from investment ordinary course of the business,
property to owner occupied based on market prices at the
Gains or losses arising from property or inventories, the reporting date and discounted
changes in the fair values deemed cost of property for for the time value of money if
of investment properties are subsequent accounting is its fair material, less costs to completion
included in the profit or loss in the value. If the property occupied and the estimated costs of sale.
period in which they arise. Fair by the Company as an owner- The cost of inventory recognised
values are determined based on occupied property becomes in profit or loss on disposal is
an annual evaluation performed an investment property, the determined with reference to the
by an accredited external Company accounts for such costs incurred on the property
independent valuer applying a property in accordance with the sold and an allocation of costs
valuation model recommended by policy stated under property, plant based on the gross floor area of
the SLFRS 13. and equipment up to the date of the property developed.
change in use.
If an investment property 3.9 Provisions
becomes owner occupied, it is re- 3.8 INVENTORY PROPERTY – A provision is recognised if,
classified as property, plant and APARTMENTS AND LANDS as a result of a past event, the
equipment and its fair value at the
Property acquired or being Company has a present legal
date of re-classification becomes
constructed for sale in the or constructive obligation that
its cost for accounting purposes.
ordinary course of business, can be estimated reliably, and
rather than to be held for rental it is probable that an outflow of
3.7.3 Derecognition or capital appreciation, and economic benefits will be required
Investment properties are completed properties are shown to settle the obligation.
derecognised when either as inventories and measured
they have been disposed of or at the lower of cost and net 3.10 Other liabilities
when the investment property is realisable value.
Other liabilities are recorded at
permanently withdrawn from use
amounts expected to be payable
and no future economic benefit is Apartment costs include:
at the reporting date.
expected from its disposal. Any
gains or losses on the retirement freehold and leasehold rights
for land 3.11 EMPLOYEE BENEFITS
or disposal of an investment
property are recognised in the 3.11.1 Defined contribution plan
amounts paid to contractors
statement of comprehensive A defined contribution plan is
for construction
income in the year of retirement or a post-employment plan under
disposal. planning and design costs,
which an entity pays fixed
costs of site preparation,
contributions into a separate
3.7.4 Subsequent transfers to / from property transfer taxes,
entity and will have no legal or
investment property construction overheads and
constructive obligation to pay
other related costs
Transfers are made to investment a further amount. Obligations
property when, and only when, for contributions to defined
Land costs include:
there is a change in use, contribution plans are recognised
evidenced by the end of owner as expense in the profit or loss as
freehold and leasehold rights
occupation, commencement of an and when they are due.
for land
operating lease to another party
Employees’ Provident Fund comprehensive income and expenses related to defined benefit plans in staff
The Company and employee expenses in the statement of profit or loss.
contribute 12% and 8%
respectively of the salary of According to the payment of the Gratuity Act No.12 of 1983, the liability for
each employee to an approved gratuity payment to an employee arises only after the completion of 5 years of
Provident Fund. continuous service.
Employees’ Trust Fund 3.11.3 Short-term Employee Benefits
The Company contributes 3% Short-term employee benefits are expensed as the related service is provided.
of the salary of each employee A liability is recognised for the amount expected to be paid if the Company has
to the Employees’ Trust Fund a present legal or constructive obligation to pay this amount as a result of past
maintained by the Employees service provided by the employee and the obligation can be estimated reliably.
Trust Fund Board.
3.12 FAIR VALUE MEASUREMENT
3.11.2 Defined Benefit Plans Fair value is the price that would be received to sell an asset or paid to
A defined benefit plan is a post- transfer a liability in an orderly transaction between market participants at the
employment benefit plan other measurement date. The fair value measurement is based on the presumption
than a defined contribution plan. that the transaction to sell the asset or transfer the liability takes place either:
in the principal market for the asset or liability or

Gratuity
Gratuity is a Defined Benefit in the absence of a principal market, in the most advantageous market for
Plan. The liability recognised the asset or liability
in the statement of financial
position in respect of defined The principal or the most advantageous market must be accessible by
benefit plan is the present value the Company. The fair value of an asset or a liability is measured using the
of the defined benefit obligation assumptions that market participants would use when pricing the asset or
at the statement of financial liability, assuming that market participants act in their economic best interest.
position date. The defined benefit
A fair value measurement of a non-financial asset takes into account a market
obligation is calculated annually
participant’s ability to generate economic benefits by using the asset in its
by independent actuaries, using
highest and best use or by selling it to another market participant that would use
projected unit credit method,
the asset for its highest and best use.
as recommended by LKAS 19
employee benefit. The present
The Company uses valuation techniques that are appropriate in the
value of the defined benefit
circumstances and for which sufficient data are available to measure fair value,
obligation is determined by
maximising the use of relevant observable inputs and minimising the use of
discounting the estimated future
unobservable inputs.
cash outflows using interest rates
that apply to the currency in
All assets and liabilities for which fair value is measured or disclosed in the
which the benefits will be paid,
Financial Statements are categorised within the fair value hierarchy, described
and that have terms to maturity
as follows, based on the lowest level input that is significant to the fair value
approximating the terms of the
measurement as a whole:
related liability. The assumptions
based on which the results of
Level 1 quoted (unadjusted) market prices in active markets for
the actuarial valuation were
identical assets or liabilities
determined are included in note
21 to the financial statements. Level 2 valuation techniques for which the lowest level input that is
This liability is not externally significant to the fair value measurement is directly or indirectly
funded and the item is grouped observable
under non-current liabilities in the Level 3 valuation techniques for which the lowest level input that is
statement of financial position. significant to the fair value measurement is unobservable
for the purpose of fair value disclosures, the Company has
The Company recognises all determined classes of assets and liabilities on the basis of the
actuarial gains and losses arising nature, characteristics and risks of the asset or liability and the
from defined benefit plans in other level of the fair value hierarchy as explained above
The Management of the Company and customer deposits and The disclosures of significant
determines the policies and bank overdrafts. The fair values accounting judgments, estimates
procedures for both recurring of these financial instruments and assumptions relating to
fair value measurement, such as are determined at which revenue from contracts with
investment properties, and other determination, the instrument customers are provided in Note
investments. could be exchanged in a current 2.8.1.
transaction between willing
External valuer, Ms. R.M.N. parties, other than in a forced or A five-step model with reference
Priyadarshani is involved in liquidation sale. to SLFRS 15, Revenue from
valuation of significant assets, contracts with customers is
such as investment properties. The following methods and applied before the revenue is
assumptions were used to recognised
Involvement of external valuers estimate the fair values;
is annually decided upon by the 1. identify the contract with
Management. Cash and short-term deposits, customers
other receivables, trade
2. identify the separate
At each reporting date, the payables and other current
performance obligations
Management analyses the liabilities approximate their
movements in the values of carrying amounts largely due 3. determine the transaction
assets which are required to be to the short-term maturities of price of the contract
remeasured or re-assessed as these instruments.
4. allocate the transaction
per the Company’s accounting
Rentals and customer price to each of the separate
policies. For this analysis,
deposits are fair valued by performance obligations and
the Management verifies the
using the appropriate market
major inputs applied in the 5. recognise the revenue as
interest rates.
latest valuation by agreeing each performance obligation
the information in the valuation Long-term variable rate as is satisfied
computation to contracts and well as fixed rate investments
other relevant documents. and borrowings approximate The following specific criteria
their carrying amounts largely are used for the purpose of
The Management, in conjunction due to the market based recognition of revenue in the
with the Company’s external interest rates. revenue stream of Sale of
valuer, also compares the change Apartments and Lands:
in the fair value of each asset Hence, the carrying amounts
with relevant external sources to of the Company’s financial Sale of property – Apartments
determine whether the change is instruments are reasonable and lands
reasonable. approximations of their fair values.
The Company enters into
contracts with customers to
For the purpose of fair value Statement of Comprehensive sell properties that are either
disclosures, the Company has Income completed or under development,
determined classes of assets
3.13 REVENUE AND INCOME and lands.
and liabilities on the basis of the
nature, characteristics and risks 3.13.1 SLFRS 15 – Revenue from
Revenue recognised at a point
of the asset or liability and the contracts with customers
in time
level of the fair value hierarchy as
The Company is in the business of
explained above. The sale of completed apartments
real estate and providing related
and lands are generally expected
services. Revenue from contracts
Fair value of financial to be the single performance
with customers is recognised
instruments obligation and the Company
when the control of the goods
has determined that it will be
Financial instruments of the or services is transferred to the
satisfied at the point in time
Company include Cash and cash customer at an amount that
when the control is transferred.
equivalents, other receivables, reflects the consideration to
For unconditional exchange
investments, Interest bearing which the Company expects to
of contracts, this is generally
loans and borrowings, trade be entitled in exchange for those
expected to be when legal title
and other payables, rentals goods or services.
is transferred to the customer.
For conditional exchanges, the Company’s performance is liabilities are recognised as

this is expected to be when expected to be measured using revenue when the Company
all significant conditions are an input method, by reference executes performance obligations
satisfied. The determination to the costs incurred to the under the contract. The Customer
of transfer of control for both satisfaction of a performance deposits disclosed under Note 27
unconditional and conditional obligation (e.g., resources is considered as contract liabilities.
exchanges are not expected to consumed, labour hours
change upon the adoption of expended, costs incurred, time 3.13.2 Other income
SLFRS 15. elapsed or machine hours used)
Rental income
relative to the total expected
Revenue recognised over time inputs to the completion of the Rental income includes rental
properties. The Company will income from properties leased out
For contracts relating to the sale of
exclude the effect of any costs to tenants under operating leases
apartments under development,
incurred that do not contribute and income from other related
the Company is responsible for
to the Company’s performance services. Rental income from
the overall management of the
in transferring control of goods operating leases is recognised
project and identifies various
or services to the customer on a straight line basis over the
goods and services to be
(such as unexpected amounts lease term in accordance with the
provided, including the design
of wasted materials, labour or SLFRS 16.
work, procurement of materials,
other resources) and will adjust
site preparation and foundation
the input method for any costs Legal fee income
pouring, framing and plastering,
incurred that are not proportionate Legal fee income represents the
mechanical and electrical work,
to the Company’s progress fee that the Company charges
installation of fixtures and finishing
in satisfying the performance from its clients when they agree
work. In such contracts, the
obligation (such as uninstalled to transfer the deeds by taking
Company has determined that
material). This will be consistent the legal services provided by
the goods and services are not
with current practices. Prime Lands Residencies PLC
distinct and will generally account
for them as a single performance instead of obtaining legal services
obligation. Depending on the Contract balances to transfer deeds from the outside
terms of each contract, the Contract assets professionals. All income is
Company will determine whether recognised on a straight-line
A contract asset is the right to
control is transferred at a point in basis over the year.
consideration in exchange for
time or over time:
goods or services transferred
Interest income
to the customer. If the Company
For each performance obligation
performs by transferring goods or Interest income is recognised
satisfied over time, the Company
services to a customer before the as it accrues. Interest income is
recognises the revenue over
customer pays consideration or included under finance income in
time by measuring the progress
before payment is due, a contract the statement of comprehensive
towards complete satisfaction
asset is recognised for the earned income.
of that performance obligation.
consideration that is conditional.
For sale of apartments under
3.14 EXPENSES RECOGNITION
development, the Company
expects to continue recognising Contract liabilities Expenses are recognised in the
revenue over time because A contract liability is the obligation statement of comprehensive
it expects that control will be to transfer goods or services to a income on the basis of a direct
transferred over time. Generally, customer for which the Company association between the cost
its performance does not create has received consideration (or an incurred and the earning of
an asset with alternative use to amount of consideration due) from specific items of income. All
the Company and the Company the customer. If a customer pays expenditure incurred in the
has concluded that it has an consideration before the Company running of the business and in
enforceable right to payment for transfers goods or services to maintaining the property, plant
performance completed to date. the customer, a contract liability and equipment in a state of
is recognised when the payment efficiency has been charged to
For contracts that meet the is made or the payment is due income in arriving at the profit for
over time recognition criteria, (whichever is earlier). Contract the year.
For the presentation of the that reflects the uncertainty financial reporting purposes and
statement of comprehensive related to income taxes, if any. the amounts used for taxation
income, the directors are of the The tax rates and tax laws used purposes.
opinion that the nature of the to compute the amount are those
expenses method presents fairly that are enacted or substantively Deferred tax is not recognised for:
the elements of the Company’s enacted at the reporting date.
performance, and hence, this temporary differences on the
presentation method is adopted. Current tax assets and liabilities initial recognition of assets or
are offset only if certain criteria liabilities in a transaction that
3.15 BORROWING COSTS are met. is not a business combination
and that affects neither
Borrowing costs directly
Current tax relating to items accounting nor taxable profit
attributable to the acquisition
recognised directly in equity or loss
or construction of an asset that
is recognised in equity and
necessarily takes a substantial temporary differences related
not in the statement of profit or
period of time to get ready to investments in subsidiaries
loss. Management periodically
for its intended use or sale and jointly controlled entities
evaluates positions taken in
are capitalised as part of the to the extent that it is probable
the tax returns with respect to
cost of the respective assets. that they will not reverse in the
situations in which applicable
All other borrowing costs and foreseeable future
tax regulations are subject to
borrowing costs incurred after
interpretation and establishes taxable temporary differences
the completion of the underlying
provisions where appropriate. arising on the initial
construction are expensed in
recognition of the goodwill
the period in which they occur.
Borrowing costs consist of interest 3.16.2 Uncertainty over income tax
treatments Deferred tax is measured at the
and other costs that an entity
tax rates that are expected to be
incurs in connection with the The Company has accounted
applied to temporary differences
borrowing of funds. for the uncertainty over tax
when they reverse, based on
treatments under IFRIC 23. An
the laws that have been enacted
3.16 TAX EXPENSES ‘Uncertain Tax Treatment’ is a
or substantively enacted by the
tax treatment for which there
Income tax expense comprises reporting date.
is uncertainty over whether the
the current and deferred tax. It is
relevant taxation authority will
recognised in profit or loss except Deferred tax assets and liabilities
accept the tax treatment under
to the extent that it relates to items are offset if there is a legally
tax law. If it is not probable that
recognised directly in equity or enforceable right to offset the
the taxation authority will accept
in OCI. current tax liabilities and assets,
an uncertain tax treatment, effect
and they relate to income taxes
of uncertainty shall be reflected
Income tax provisions for the year levied by the same tax authority
in determining the related taxable
ended 31st March 2024 have on the same taxable entity, or
profit (tax loss), tax bases,
been made as per the provisions on different tax entities, but
unused tax losses, unused tax
of the Inland Revenue Act No. they intend to settle the current
credits or tax rates. The effect of
24 of 2017 and the amendments tax liabilities and assets on a
uncertainty for each uncertain
thereto. net basis or their tax assets
tax treatment shall be reflected
and liabilities will be realised
by using either of the most likely
3.16.1 Current tax expense simultaneously.
amount or the expected value
Current tax comprises the methods, depending on which
A deferred tax asset is recognised
expected tax payable or method the Company expects to
for unused tax losses, tax credits
receivable on the taxable income better predict the resolution of the
and deductible temporary
or loss for the year and any uncertainty.
differences, to the extent that it
adjustment to the tax payable or
is probable that future taxable
receivable in respect of previous 3.16.3 Deferred tax profits will be available against
years. The amount of current
Deferred tax is recognised in which they can be utilised.
tax payable or receivable is the
respect of temporary differences Deferred tax assets are reviewed
best estimate of the tax amount
between the carrying amounts at each reporting date and are
expected to be paid or received
of assets and liabilities for reduced to the extent that it is no
longer probable that the related Accounting Standard - LKAS year’s financial statements and
tax benefit will be realised. 37 on ‘Provisions, Contingent to enhance the inter period
Deferred tax assets and liabilities Liabilities and Contingent Assets’. comparability. The presentation
are not discounted. Contingent Liabilities are not and classification of the financial
recognised in the statement statements of the previous year
The net increase in the carrying of financial position but are are amended where relevant,
amount of deferred tax liability disclosed unless its occurrence is for better presentation and to
net of deferred tax asset is remote. be comparable with those of the
recognised as deferred tax current year.
expense and conversely any Details of the commitments and
net decrease is recognised as contingencies are given in note 3.23 SEGMENT INFORMATION
reversal to deferred tax expense 29 to the financial statements.
An operating segment is a
in the statement of comprehensive
distinguishable component of
income. 3.20 STATEMENT OF CASH the Company that is engaged
FLOWS either in providing products or
3.17 STATED CAPITAL The Statement of Cash Flows services (business segment) or in
Stated capital consists solely of has been prepared using the providing products and services
ordinary share capital. Ordinary “Indirect Method” of preparing within a particular economic
shares are classified as equity. Cash Flows in accordance environment (geographical
with the Sri Lanka Accounting segment), which is subject
Incremental costs directly Standard - LKAS 7 “Statement to risks and rewards that are
attributable to the issue of new of Cash Flows”. Cash and cash different from those of other
shares other than on a business equivalents comprise short-term, segments.
combination, are shown as a highly liquid investments that
deduction, net of tax, in equity are readily convertible to known The Company has two reportable
from the proceeds. amounts of cash and are subject segments. These segments offer
to an insignificant risk of changes different products and services
Dividends on ordinary shares are in value. and are managed separately as
recognised in equity in the period they require different marketing
in which they are approved by the 3.21 EVENTS AFTER strategies.
Company’s shareholders. REPORTING PERIOD
Segment results, assets and
Events after the reporting period
3.18 EARNINGS PER SHARE liabilities include items directly
are those events, favorable and
(EPS) attributable to a segment.
unfavorable, that occur between
The Company presents Basic Segment capital expenditure is
the reporting date and the date
Earnings Per Share (EPS) data for the total cost incurred during
the financial statements are
its ordinary shares. Basic EPS is the year to acquire property,
authorised for issue.
calculated by dividing the profit plant and equipment, investment
or loss attributable to ordinary property and intangible assets.
All material and important events
shareholders of the Company by that occurred after the reporting
Intersegment pricing is
the weighted average number date have been considered
determined on an arm’s length
of ordinary shares outstanding and appropriate disclosures are
basis.
during the year. made in Note 34 to the Financial
Statements.
The activities of the Company are
3.19 CONTINGENT LIABILITIES
within Sri Lanka. Consequently,
AND COMMITMENTS 3.22 COMPARATIVE the economic environment in
Contingent liabilities are possible INFORMATION which the Company operated is
obligations whose existence Comparative information not subject to risk and rewards
will be confirmed only by including quantitative, narrative that are significantly different on
uncertain future events or present and descriptive information a geographical basis. Hence,
obligations where the transfer of is disclosed in respect of the disclosure by geographical region
economic benefit is not probable previous year in the financial is not provided.
or cannot be readily measured statements in order to enhance
as defined in the Sri Lanka the understanding of the current
The Company’s segments Supplier Finance

comprise the following: Arrangements (Amendments
to LKAS 7 Statement of Cash
sale of apartment properties Flows and SLFRS 7 Financial
Instruments: Disclosures)
sale of lands
- mandatorily effective for
periods beginning on or after
Management monitors the
01st January 2024
operating results of its business
segments separately for the Lack of Exchangeability
purpose of making decisions (Amendments to LKAS 21
about resource allocation and The Effects of Changes in
performance assessment. Foreign Exchange Rates)
3.24 NEW ACCOUNTING periods beginning on or after
STANDARDS, 01st January 2025
AMENDMENTS AND
The assessment of the impact on
INTERPRETATIONS ISSUED
the Company does not have any
BUT NOT YET EFFECTIVE
material impact on the financial
The new and amended standards statements of the Company.
and interpretations that are
issued, but are not yet effective,
up to the date of issuance of the
Company’s financial statements
are disclosed below.
The Company intends to adopt

this amended standard and
interpretation, if applicable, when
it becomes effective.
Liability in a Sale and

Leaseback (Amendments
to SLFRS 16 Leases) -
mandatorily effective for
1 January 2024
Classification of Liabilities
as Current or Non-Current
(Amendments to LKAS 1
Presentation of Financial
Statements) - mandatorily
effective for periods beginning
on or after 01st January 2024
Non-current Liabilities with

Covenants (Amendments
to LKAS 1 Presentation
of Financial Statements)
01st January 2024
4. REVENUE
For the For the
31.03.2024 31.03.2023
Rs. Rs.
Revenue from contracts with customers 8,090,379,095 19,798,684,442
4.1 REVENUE STREAMS

Revenue from contracts with customers
Apartment sale 6,559,809,529 16,908,041,820
Land sale 1,530,569,566 2,890,642,622
8,090,379,095 19,798,684,442
4.2 DISAGGREGATION OF REVENUE FROM CONTRACTS WITH CUSTOMERS

The Company generates its revenue locally and the following is the revenue from contracts with customers disaggregated by
the timing of revenue recognition.
For the For the

31.03.2024 31.03.2023
Rs. Rs.
Timing of revenue recognition

Revenue recognised at point in time 1,530,569,566 2,890,642,622
Revenue recognised over time 6,559,809,529 16,908,041,820
8,090,379,095 19,798,684,442
5. OTHER INCOME
For the For the
31.03.2024 31.03.2023
Rs. Rs.
Rent income 20,400,000 20,400,000

Fair value gain on investments in quoted shares 1,500 13,500
Legal fee income 37,994,291 26,533,540
Cancellation fee income - 6,961,000
58,395,791 53,908,040
6. FINANCE INCOME AND EXPENSES

For the For the
31.03.2024 31.03.2023
Rs. Rs.
6.1 FINANCE INCOME

Interest income 537,968,400 420,733,605
Foreign exchange gain - 10,499,710
Late payment fee 8,367,759 1,744,856
546,336,159 432,978,171
6.2 FINANCE EXPENSES

Bank loan charges 1,955,865 2,951,883
Loan interest 210,606,148 611,906,099
Lease interest 2,968,666 6,858,340
Overdraft interest 389,423,860 469,018,130
Interest on customer refunds 37,278,336 122,292,779
Foreign exchange loss 48,756,108 -
690,988,983 1,213,027,231
7. PROFIT BEFORE TAXATION IS STATED AFTER CHARGING ALL EXPENSES INCLUDING

THE FOLLOWING:
For the For the
31.03.2024 31.03.2023
Rs. Rs.
Directors' remuneration 47,121,800 69,900,000

Staff salaries, bonus, allowances and incentives 158,077,938 145,212,459
Defined contribution plan costs - EPF and ETF 19,780,245 19,585,317
Depreciation and amortisation 6,012,390 37,025,404
Auditors' remuneration 1,758,900 1,742,200
Provision for retirement benefit obligation 6,825,688 6,055,255
8. TAXATION
For the For the
Note 31.03.2024 31.03.2023
Rs. Rs.
Income tax 8.1 452,433,975 592,859,317

Under provision in previous year 28 157,372 -
Deferred tax provision for the period 24 9,000,237 35,225,340
461,591,585 628,084,657
8.1 RECONCILIATION OF THE ACCOUNTING PROFIT TO CURRENT

TAX EXPENSE
Profit before taxation 1,590,593,285 3,979,316,420
Income considered separately - Investment (589,369,898) (461,633,315)
Income considered separately - Others (8,367,758) (1,744,856)
Disallowable items 65,013,036 49,507,872
Allowable items (27,826,925) (179,474,635)
Business income 1,030,041,740 3,385,971,486
Income considered separately - Investment 589,369,898 461,633,315

Excempt income (119,666,145) (83,921,951)
Investment income 469,703,753 377,711,364
Income considered separately - Others 8,367,758 1,744,856

Taxable income 1,508,113,251 3,765,427,706
Income tax on taxable income

Income tax rate at the statutory rate of 30% 452,433,975 123,186,447
Income tax rate at the statutory rate of 14% - 469,672,870
Income tax expense for the year 452,433,975 592,859,317
The Company has computed income tax at the enacted rate as at the reporting date as per the Inland Revenue Act No. 24 of
2017 and the amendments thereto.
9. EARNINGS PER SHARE

The basic earnings per share is calculated by dividing the net profit for the year attributable to ordinary shareholders by the
weighted average number of ordinary shares outstanding during the year.
31.03.2024 31.03.2023
Rs. Rs.
Amounts used as numerator

Profit attributable to ordinary shareholders ( Rs.) 1,129,001,700 3,351,231,763
Number of ordinary shares used as the denominator

Weighted average number of ordinary shares in issue (No.) 937,500,000 937,500,000
Earnings per share ( Rs.) 1.20 3.57
10. PROPERTY, PLANT AND EQUIPMENT

FREEHOLD ASSETS
Computers Furniture
Office Plant and and and Motor Electrical
Description equipment machinery accessories fittings vehicles items Total
Rs. Rs. Rs. Rs. Rs. Rs. Rs.
10.1 GROSS CARRYING

AMOUNTS
Balance as at 01.04.2023 23,200 3,794,367 16,783,863 3,162,927 29,900,132 2,701,663 56,366,152
Add : Transferred from right-of-
use asset - - - - 21,100,000 - 21,100,000
Add : Additions during the year - 7,182,450 2,140,801 41,002 - - 9,364,253
Balance as at 31.03.2024 23,200 10,976,817 18,924,664 3,203,929 51,000,132 2,701,663 86,830,405
10.2 ACCUMULATED
DEPRECIATION
Balance as at 01.04.2023 23,200 3,794,367 11,192,918 3,162,927 29,199,173 1,691,424 49,064,009
Add : Transferred from right-of-
use asset - - - - 21,100,000 - 21,100,000
Add : Depreciation for the year - 618,592 1,931,222 2,135 162,477 498,064 3,212,490
Balance as at 31.03.2024 23,200 4,412,959 13,124,140 3,165,062 50,461,650 2,189,488 73,376,499
10.3 CARRYING AMOUNT

Balance as at 31.03.2023 - - 5,590,945 - 700,959 1,010,239 7,302,143
Balance as at 31.03.2024 - 6,563,858 5,800,524 38,867 538,482 512,175 13,453,906
10.4 During the year, the Company acquired property, plant and equipment to the aggregate value of Rs. 9,364,253 (2023: Rs. Nil).
10.5 TEMPORARILY IDLING PROPERTY, PLANT AND EQUIPMENT

There were no property, plant or equipment idling as at 31st March 2024.
10.6 TITLE RESTRICTION ON PROPERTY, PLANT AND EQUIPMENT

There was no restriction on the title of property, plant and equipment as at 31st March 2024.
10.7 PROPERTY, PLANT AND EQUIPMENT PLEDGED AS SECURITY FOR LIABILITIES

There were no items of property, plant and equipment pledged as securities for liabilities as at 31st March 2024.
10.8 Property, plant and equipment of the Company include fully depreciated assets having a gross carrying value of Rs. 57,845,662
(2023: Rs. 36,745,662).
As at As at
31.03.2024 31.03.2023
Rs. Rs.
Freehold assets
Office equipment 23,200 23,200
Plant and machinery 3,794,367 3,794,367
Computers and accessories 7,779,005 7,779,005
Furniture and fittings 3,162,928 3,162,928
Motor vehicles 42,400,132 21,300,132
Electrical items 686,030 686,030
57,845,662 36,745,662
10.9 There were no compensations received/receivable from third parties for items of property, plant and equipment that were
impaired, lost or given up and there were no capitalised borrowing costs related to the acquisition of property plant and
equipment during the year.
11. RIGHT-OF-USE-ASSETS
As at As at
31.03.2024 31.03.2023
Rs. Rs.
11.1 MOTOR VEHICLE

Cost
Balance at the beginning of the year 131,438,021 131,438,021
Less : Transferred to property, plant and equipment (21,100,000) -
Balance at the end of the year 110,338,021 131,438,021
Accumulated amortisation
Less : Transferred to property, plant and equipment (21,100,000) -
Add : Amortisation for the year 2,742,813 32,378,786
Carrying amount at the end of the year 11,170,749 13,913,562
12. INVESTMENT PROPERTIES

Land Building Total
Rs. Rs. Rs.
Balance as at 01.04.2022 542,400,000 182,600,000 725,000,000

Add : Fair value gain during the year 6,100,000 3,900,000 10,000,000
Balance as at 31.03.2023 548,500,000 186,500,000 735,000,000
Balance as at 31.03.2024 571,600,000 194,400,000 766,000,000
Investment properties consist of freehold land at No 123, Castle Street, Colombo 08, and freehold land and building given on
rent at No. 61, D. S. Senanayaka Mw, Colombo 08.
For the For the

31.03.2024 31.03.2023
Rs. Rs.
12.1 THE AMOUNT RECOGNISED TO PROFIT OR LOSS ON INVESTMENT

PROPERTY IS AS FOLLOWS:
Rental income earned 20,400,000 20,400,000
Operating expenditure (36,000) -
Fair value gain during the year 31,000,000 10,000,000
51,364,000 30,400,000
12.2 FAIR VALUE OF THE INVESTMENT PROPERTIES

Fair Value
As at As at
Location of the investment 31.03.2024 31.03.2023
property Valuer’s name and report date Total extent Valuation technique Rs. Rs.
Bare Land R.M.N. Priyadarshani P 33.50 Comparison method 352,000,000 335,000,000

No 123, Castle Street, [Incorporated Valuer]
Colombo 08 - Report date : 31/03/2024
Land and Commercial R.M.N. Priyadarshani P 12.20 Comparison/ 414,000,000 400,000,000
Building [Incorporated Valuer] Investment method
No. 61, D S Senanayaka - Report date : 31/03/2024
Mw, Colombo 08
12.3 The Company uses unobservable market input in determining the fair value of investment property (Level-3 of fair value
hierarchy).
12.4 Valuation details of investment properties
Total Value per perch /

Perches/ Square feet Total value
Square feet (Rs.) (Rs.)
a) Bare land at No. 123, Castle Street, Colombo 08 P 33.50 10,500,000 351,750,000
Land - Lot No. 1 in Plan No. 2074
Bare land
Rounding effect 250,000
Fair value of the subject property 352,000,000
b) Land and commercial building at No. 61, D. S. Senanayaka Mw, Colombo 08

Land - Lot A in Plan No. 4751/9000 P 12.20 18,000,000 219,600,000
Commercial building 13,427 17,000 228,259,000
Less: 15% for depreciation (34,238,850)
194,020,150
Rounding effect 379,850

Fair value of the subject property 414,000,000
Further details of the valuation techniques and significant unobservable input are given in Note 33.2.
12.5 The details of investment properties pledged as security against borrowings are disclosed in Note 30.
12.6 THE SIGNIFICANT ASSUMPTIONS USED BY THE VALUER ARE AS FOLLOWS :

Assumptions 2024 2023 Sensitivity
Anticipated maintenance cost 25% from annual 25% from annual Increase will result in decrease in fair
rent income rent income value gain
Capitalisation YP rate 5.75% 5.75% Increase will result in decrease in fair
value gain
Price per perch LKR Mn.- No 123, Castle 10.5 10 Increase will result in increase in fair
Street, Colombo 08 value gain
Price per perch LKR Mn.- No. 61, D. S. 18.0 17.5 Increase will result in increase in fair
Senanayaka Mw, Colombo 08 value gain
Future rental income Per Sq.Ft Rs. 2,250 Rs. 2,250 Increase will result in increase in fair
value gain
12.7 SENSITIVITY ANALYSIS OF ASSUMPTIONS EMPLOYED IN INVESTMENT PROPERTY VALUATION

The table below presents the sensitivity of the valuation to changes in the most significant assumptions underlying the
valuation of investment property, in respect of the year 2024.
The sensitivity of the statement of profit or loss and statement of financial position is the effect of the assumed changes in
each aspect (taken individually, while other variables are held constant) on the profit or loss and carrying value of investment
property for the year.
Fair value
Investment gain/(loss)
property on investment
Capitalisation YP rate increase/(decrease) Maintenance cost increase/(decrease) valuation property
(Rs.) (Rs.)
1% 685,000,000 (81,000,000)
-1% 827,000,000 61,000,000
5% 717,400,000 (48,600,000)
-5% 769,600,000 3,600,000
12.8 The valuation of investment properties as at 31st March 2024 has been prepared on the basis of ‘material valuation uncertainty’
as recommended by The Royal Institution of Chartered Surveyors, a professional body promoting and enforcing international
standards in valuation, management and development of land, real estate, construction and infrastructure, in order to highlight
the difficulties in undertaking valuations in the current environment.
12.9 A ‘material valuation uncertainty’ statement implies the valuation is current at the date of valuation only and that less certainty
and a higher degree of caution should be attached to the valuation. In addition, the valuation should be kept under frequent
review as the assessed value may change significantly and unexpectedly over a relatively short period of time.
12.10 Fair value of the investment property is ascertained by independent valuations carried out by Mrs. R.M.N.Priyadarshani, a
chartered valuation surveyor, who has recent experience in valuing properties of similar location and category. In determining
the fair value of the building, the capitalisation of net income method has been used, which is based upon assumptions
including future rental income, anticipated maintenance costs, appropriate capitalisation rate and in determining the fair value
of land, reference has been made to market evidence of transaction prices for similar properties, with appropriate adjustments
for size and location. The appraised fair values are approximated within an appropriate range of values.
12.11 The carrying amount of revalued land and buildings under investment property if they were carried at cost less depreciation
and impairment, would be as follows:
As at As at
31.03.2024 31.03.2023
Rs. Rs.
a) Lot No. 1 in Plan No. 2074 situated at No. 123, Castle Street, Colombo 08
Bare land 291,000,000 291,000,000
b) Lot A in Plan No. 4751/9000 situated at No. 61, D. S. Senanayaka Mw, Colombo 08
Land 62,603,760 62,603,760
Commercial building
Cost 97,162,188 97,162,188
Accumulated depreciation (39,109,848) (35,667,324)
58,052,340 61,494,864
Carrying value 120,656,100 124,098,624
12.12 LEASING ARRANGEMENTS

Minimum lease payments receivable on leases of investment property is as follows:
As at ended As at ended
31.03.2024 31.03.2023
Rs. Rs.
Less than one year 20,400,000 20,400,000

One to five years 2,303,225 20,400,000
More than five years - -
The investment property is leased to tenants under operating leases with rentals payable as per the lease terms.
12.13 IMPACT OF ONGOING ECONOMIC CONDITIONS

During the year, the Sri Lankan economy demonstrated positive development, marking a recovery from challenges stemming
from COVID-19 pandemic, tax cuts, and sovereign debt crisis. Supported by vital measures, including financial assistance
from the International Monetary Fund (IMF), the Sri Lankan economy shows signs of recovery. As shown by the evidence,
property market is emerging with new dimensions with its own ability to act as hedge against inflation. Real estate is also seen
as a viable alternative in the low interest rate regime.
13. INTANGIBLE ASSETS

As at As at
31.03.2024 31.03.2023
Rs. Rs.
13.1 SOFTWARE
Cost
Balance at the beginning of the year 572,438 572,438
Balance at the end of the year 572,438 572,438
Amortisation
Balance at the beginning of the year 212,696 155,452
Add : Amortisation for the year 57,087 57,244
Balance at the end of the year 269,783 212,696
Written-down value at the end of the year 302,655 359,742
13.1.1 There were no restrictions existing on the title of the intangible assets of the Company as at the reporting date. Further, there
were no items pledged as security for liabilities.
14. FINANCIAL ASSETS AT AMORTISED COST- INVESTMENTS IN DEBT SECURITIES

As at As at
31.03.2024 31.03.2023
Rs. Rs.
14.1 INVESTMENT IN UNQUOTED DEBENTURES

Add : Exchange gain/(loss) for the year (58,812,065) 13,632,008
Add : Interest receivable during the year 24,036,000 27,444,831
Less : Interest received during the period (76,883,944) (46,784,390)
As at 31.03.2024 As at 31.03.2023
Number of Carrying Number of Carrying
debentures amount debentures amount
Nos. Rs. Nos. Rs.
Debt securities - unquoted debenture 2,034 419,055,321 2,034 530,715,330

2,034 419,055,321 2,034 530,715,330
Maturing within one year - - 1,382 384,815,095

Maturing after one year 2,034 419,055,321 652 145,900,235
2,034 419,055,321 2,034 530,715,330
The Company has invested in non-convertible redeemable debentures denominated in Australian Dollar (AUD) amounting to
AUD 2,034,000 for a tenor of five years maturing on 22nd December 2027, 13th August 2028 and 22nd January 2029 at an
interest rate of 6% per annum as funding for operation of Prime Lands Australia (Pty) Ltd.
Present value of the expected cash flows of debentures issued by Prime Lands Australia (Pty) Ltd is the carrying value and
hence, no impairment was recognised.
15. INVENTORY PROPERTIES

As at As at
31.03.2024 31.03.2023
Rs. Rs.
15.1 INVENTORY PROPERTIES

- Apartments 6,815,071,803 8,339,186,848
- Lands 3,204,450,441 4,049,243,667
10,019,522,244 12,388,430,515
15.2 INVENTORY PROPERTIES - APARTMENTS

Balance at the beginning of the year 8,339,186,848 11,650,287,352
Add : Cost incurred during the year 3,189,723,851 8,927,402,792
11,528,910,699 20,577,690,144
Less : Disposals during the year (Recognised in cost of sales) (4,713,838,896) (12,238,503,296)
Balance at the end of the year 6,815,071,803 8,339,186,848
As at As at
31.03.2024 31.03.2023
Rs. Rs.
15.3 INVENTORY PROPERTIES - LANDS

Add : Cost incurred during the year 201,399,646 2,506,169,528
4,250,643,313 6,008,126,285
Less : Disposals during the year (Recognised in cost of sales) (1,046,192,872) (1,958,882,618)
The details of inventory properties pledged as security against borrowings are disclosed in Note 30.
16. FINANCIAL ASSETS - FAIR VALUE THROUGH PROFIT OR LOSS

As at As at
Note 31.03.2024 31.03.2023
Rs. Rs.
Quoted equity securities 16.1 195,000 193,500
16.1 QUOTED EQUITY SECURITIES

As at 31.03.2024 As at 31.03.2023
Number of Number of
shares Cost Fair value shares Cost Fair value
Nos. Rs. Rs. Nos. Rs. Rs.
Mahaweli Reach Hotels PLC 15,000 638,740 195,000 15,000 638,740 193,500
15,000 638,740 195,000 15,000 638,740 193,500
16.2 Financial assets at fair value through profit or loss (FVTPL) comprise quoted equity securities which are held principally for the
purpose of trading in the near term.
As at As at
31.03.2024 31.03.2023
Rs. Rs.
Investment in equity securities 193,500 180,000

Increase in market value 1,500 13,500
195,000 193,500
For the For the

31.03.2024 31.03.2023
Rs. Rs.
16.3 AMOUNTS RECOGNISED IN PROFIT OR LOSS

Changes in fair value on quoted equity securities at FVTPL 1,500 13,500
1,500 13,500
17. ADVANCE PAID FOR CONTRACTORS

As at As at
31.03.2024 31.03.2023
Rs. Rs.

Add : Advance paid for contractors during the year 269,127,485 9,633,657
Less : Transferred to inventory properties during the year (127,052,766) (528,272,064)
18. ADVANCES, DEPOSITS AND OTHER RECEIVABLES

As at As at
31.03.2024 31.03.2023
Rs. Rs.
VAT receivable - 165,628,095

Staff advance 3,612,633 1,587,674
Other utility advance 29,655,480 26,255,103
Project advance 8,997,165 9,305,250
Refundable deposits 2,229,222 11,842,724
Other receivable - 50,000,000
44,494,500 264,618,846
19. CASH AND CASH EQUIVALENTS

As at As at
31.03.2024 31.03.2023
Rs. Rs.
19.1 SHORT-TERM DEPOSIT

Fixed deposits 3,811,550,110 3,013,414,074
3,811,550,110 3,013,414,074
19.2 FAVORABLE BALANCES

Cash in hand 60,499,887 79,201,773
Petty cash 100,000 100,000
Cash at banks 80,183,512 97,939,946
140,783,399 177,241,719
Total short-term deposits and favorable balance 3,952,333,509 3,190,655,793
19.3 UNFAVORABLE BALANCES

Bank overdraft 806,544,166 2,616,321,658
806,544,166 2,616,321,658
Cash and cash equivalents for the purpose of statement of cash flows 3,145,789,343 574,334,135
Fixed deposits pledged as security against borrowings are disclosed in Note 30.
20. STATED CAPITAL

As at As at
Note 31.03.2024 31.03.2023
20.1 ORDINARY SHARES

Number of shares - Ordinary shares 20.1.1 937,500,000 937,500,000
Value - Ordinary shares (Rs.) 20.1.1 3,450,000,000 3,450,000,000
For the year ended For the year ended

No. of shares Rs. No. of shares Rs.
20.1.1 Movement during the year

Balance at the beginning of the year 937,500,000 3,450,000,000 937,500,000 3,450,000,000
Balance at the end of the year 937,500,000 3,450,000,000 937,500,000 3,450,000,000
20.2 RIGHTS OF SHAREHOLDERS

The holders of ordinary shares confer their rights to receive dividends as declared from time to time and are entitled to one
vote per share at the meetings of shareholders.
All shares rank equally and pari passu with regard to the Company’s residual assets.
21. RETIREMENT BENEFIT OBLIGATION

As at As at
31.03.2024 31.03.2023
Rs. Rs.
21.1 RETIREMENT BENEFIT OBLIGATION - GRATUITY

Amount charged for the year 11,192,667 7,294,749
Payments made during the year (1,100,250) (1,674,550)
For the For the

31.03.2024 31.03.2023
Rs. Rs.
21.2 AMOUNT RECOGNISED IN THE STATEMENT OF COMPREHENSIVE

INCOME
Current service cost for the year 3,476,776 3,549,373
Interest cost for the year 3,348,912 2,505,882
6,825,688 6,055,255
21.3 AMOUNT RECOGNISED IN OTHER COMPREHENSIVE INCOME

Actuarial loss for the year 4,366,979 1,239,494
4,366,979 1,239,494
21.4 Messrs. Actuarial and Management Consultants (Pvt) Ltd, Actuaries, carried out an actuarial valuation of the retirement
benefit obligation for Prime Lands Residencies PLC as at 31st March 2024. The valuation method used by the Actuary to
value the liability is the ‘Projected Unit Credit Actuarial Cost Method’ recommended by LKAS 19. Appropriate and compatible
assumptions were used in determining the cost of retirement benefits. The principal assumptions used are as follows:
Actuarial assumptions 31.03.2024 31.03.2023
Discount rate 12% 15%

Salary increment rate 12% 10%
Staff turnover 21% 20%
Retirement age 60 years 60 years
Mortality A 1967/70 Mortality Table (Institute of Actuaries, London)
21.5 SENSITIVITY ANALYSIS

The following table demonstrates the sensitivity to a reasonably possible change in the key assumptions employed with all
other variables held constant in the employment benefit liability measurement.
The sensitivity of the statement of financial position is the effect of the assumed changes in discount rate and salary increment
rate on the profit or loss and employment benefit obligation for the year.
2023/2024 2022/2023
Rs. Rs.
Discount rate
Effect on retirement benefit obligation due to 5% increase (5,267,769) (3,277,631)
Effect on retirement benefit obligation due to 5% decrease 7,857,415 4,696,093
Salary increment rate

Effect on retirement benefit obligation due to 1% increase 1,214,214 936,759
Effect on retirement benefit obligation due to 1% decrease (1,142,464) (884,434)
21.6 MATURITY PROFILE OF THE DEFINED BENEFIT OBLIGATION

Within the next 12 months 5,875,807 4,406,354
Between 1 and 5 years 17,998,194 13,349,044
Between 6 and 10 years 6,245,748 3,566,467
Beyond 10 years 2,298,747 1,004,215
22. INTEREST BEARING BORROWINGS

As at As at
31.03.2024 31.03.2023
Rs. Rs.

Loans obtained during the year 250,000,000 754,111,808
1,653,810,143 4,150,284,077
Repayments during the year (769,370,714) (2,746,473,934)
Balance at the end of the year 884,439,429 1,403,810,143
Repayable within one year 399,325,212 769,370,613

Repayable between one and five years 485,114,217 634,439,530
Long term loans Term of the loan Maturity period Interest rate Facility amount (Rs.)
Seylan Bank PLC Capital repayment within 48 Mar-26 AWPLR + Margin 1,500,000,000
monthly instalments
DFCC Bank PLC Capital repayment within 96 Aug-25 AWPLR + Margin 200,000,000
monthly instalments
Commercial Bank of Ceylon PLC Capital repayment within 41 Nov-26 AWPLR + Margin 250,000,000
monthly instalments
Assets pledged as security against borrowings and the facility details are disclosed in Note 30.
23. LEASE LIABILITIES

As at As at
31.03.2024 31.03.2023
Rs. Rs.

Repayments during the year (21,571,040) (21,835,980)
Interest in suspense
Charged to the statement of comprehensive income (2,968,666) (6,858,340)
Net lease creditor at the end of the year 8,295,581 26,897,955
Repayable within one year 6,687,480 18,004,830

Repayable between one and five years 1,608,101 8,893,125
23.1 MATURITY ANALYSIS OF LEASE LIABILITY - DISCOUNTED

Less than 2 years 8,295,581 25,540,397
2- 5 years - 1,357,557
23.2 MATURITY ANALYSIS OF LEASE PAYMENT - UNDISCOUNTED

Less than 2 years 10,081,038 30,192,988
2- 5 years - 1,459,090
23.3 AMOUNT RECOGNISED IN PROFIT OR LOSS ON SLFRS 16 - LEASES

Lease under SLFRS 16
Amortisation of right-of-use assets 2,742,813 32,378,786
Interest expense on lease liabilities 2,968,666 6,858,340
5,711,479 39,237,126
23.4 AMOUNT RECOGNISED IN CASH FLOW ON SLFRS 16 - LEASES

Payment of lease liabilities (21,571,040) (21,835,980)
24. DEFERRED TAX LIABILITIES

As at As at
31.03.2024 31.03.2023
Rs. Rs.
The movement of deferred tax

Recognised in statement of comprehensive income 9,000,237 35,225,340
Recognised in other comprehensive income (1,310,094) (371,848)
Deferred tax provision for the year

Deferred tax assets/(liabilities) are attributable to the following:
As at 31.03.2024 As at 31.03.2023
Temporary Temporary
difference Tax difference Tax
Rs. Rs. Rs. Rs.
Deferred tax assets

Employee benefits 32,418,497 9,725,549 22,326,080 6,697,824
32,418,497 9,725,549 22,326,080 6,697,824
Deferred tax liabilities

Property, plant and equipment (38,886,859) (11,666,058) (29,914,638) (8,974,391)
Investment properties (217,996,240) (65,398,872) (191,242,240) (57,372,671)
(256,883,099) (77,064,930) (221,156,878) (66,347,062)
Net deferred tax liability (224,464,602) (67,339,381) (198,830,798) (59,649,238)
Movement in deferred tax balance during the year

Balance as at Recognised in Recognised in Balance as at
01.04.2023 profit or loss OCI 31.03.2024
Rs. Rs. Rs. Rs.
Employee benefits 6,697,824 1,717,631 1,310,094 9,725,549

Property, plant and equipment (8,974,391) (2,691,667) - (11,666,058)
Investment properties (57,372,671) (8,026,201) - (65,398,872)
Net deferred tax asset/ (liability) (59,649,238) (9,000,237) 1,310,094 (67,339,381)
Deferred tax has been determined based on the effective tax rate of 30%.
25. TRADE AND OTHER PAYABLES

As at As at
31.03.2024 31.03.2023
Rs. Rs.
Accrued expenses 42,448,920 19,951,838

Stamp duty payable 87,816,705 38,790,600
Retention payable 485,892,285 1,092,224,702
Dividend payable 1,643,726 1,224,630
SSCL payable 10,703,496 10,046,747
Refundable deposits 700,000 3,150,000
VAT payable 5,137,891 -
634,343,023 1,165,388,517
26. AMOUNT DUE TO RELATED PARTY

As at As at
31.03.2024 31.03.2023
Rs. Rs.
Prime Lands (Private) Limited 5,311,172 7,867,056

5,311,172 7,867,056
27. CUSTOMER ADVANCE COLLECTION

As at As at
Note 31.03.2024 31.03.2023
Rs. Rs.
Project advance 27.1 3,461,944,642 2,269,118,817

Direct customer deposits 64,768,365 97,747,963
3,526,713,007 2,366,866,780
27.1 PROJECT ADVANCE

Add : During the year advance received 9,266,429,594 17,621,306,260
11,535,548,411 22,006,547,739
Less : Transferred to statement of comprehensive income (8,073,603,769) (19,737,428,922)

28. INCOME TAX PAYABLE

As at As at
31.03.2024 31.03.2023
Rs. Rs.

Less : WHT credit (29,429,130) (544,221)
During the year payment (670,470,689) (242,316,509)
(232,602,251) (125,561,749)
Add : Income tax expense during the year 452,433,975 592,859,317
Add : Under provision in previous year 157,372 -
29. COMMITMENTS AND CONTINGENCIES

In the normal course of business, the Company makes various commitments and incurs contingent liabilities. No material
losses are anticipated as a result of these transactions.
29.1 COMMITMENTS
The Company has entered into agreements with contractors to pay Rs. 2,113,557,799 in order to complete the projects
included in inventory properties as at the reporting date. The commitment of the Company depends on the successful
completion of the project as agreed in the contractors’ agreement.
29.2 CONTINGENT LIABILITIES

The Company does not have significant contingencies as at the reporting date.
30. ASSETS PLEDGED

The following assets have been pledged as security for credit facilities and loans obtained by the Company from respective
financial institutions concerned.
As at As at
Nature of assets Nature of liabilities Facility amount 31.03.2024 31.03.2023
Rs. Rs. Rs.
Lien over Fixed Deposit amounting to LKR DFCC Bank PLC- 200,000,000 - 200,000,000
698 million of Prime Lands Residencies Revolving loan
PLC
Primary mortgage for 200 Mn over DFCC Bank PLC- Term 200,000,000 34,439,429 58,749,641
Investment property at No.61, D.S loan
Senanayake Mawatha, Colombo 08.
Further mortgage over the land property DFCC Bank PLC- 451,290,000 50,002,559 252,915,865
of Prime Lands (Pvt) Ltd at No.75/1, D.S. Overdraft
Senanayake Mawatha, Colombo 08.
Lien over Fixed Deposits amounting Seylan Bank PLC- 367,500,000 16,447,027 343,951,472
to LKR. 1,939 million of Prime Lands Overdraft
Residencies PLC.
Lien over Fixed Deposits amounting to Seylan Bank PLC- Term 400,000,000
USD 542,583 of Prime Lands Residencies loan
600,000,000 937,497,500
PLC. Seylan Bank PLC- Term 1,500,000,000
loan
As at As at
Nature of assets Nature of liabilities Facility amount 31.03.2024 31.03.2023
Rs. Rs. Rs.
Lien over 400,000,000 Nos. of HNB Seylan Bank PLC- 1,972,600,000 439,806,169 1,369,458,162
Finance PLC shares owned by Prime Overdraft
Lands (Pvt) Ltd.
Lien over USD A/C amounting to USD
1,147,482 of Prime Lands Residencies
PLC
Lien over Fixed Deposit amounting to LKR Sampath Bank PLC-
344,000,000 107,379,952 122,610,135
61 million of Prime Lands Residencies Overdraft
PLC
Corporate guarantee of Rs.100 Mn from
Prime Lands (Pvt) Ltd
Corporate guarantee from Prime Lands Hatton National Bank PLC 500,000,000 166,068,016 277,505,058
(Pvt) Ltd - Overdraft I
Lien over Fixed Deposits amounting Hatton National Bank PLC 309,850,000 20,484,804 143,727,992
to USD 1,147,959 of Prime Lands - Overdraft II
Residencies PLC
Primary mortgage bond for Rs.175 Mn Nations Trust Bank PLC 175,000,000 6,355,639 106,152,974
over the Investment property at No. 123, Overdraft
Castle Street, Colombo 08.
Primary mortgage bond over the inventory Nations Trust Bank PLC - 350,000,000 - 193,750,000
property at Marine Drive, Dehiwala Short term loan
Personal Guarantee from Director HNB Finance PLC - Term 25,000,000 - 6,906,501
Mr. H.M.N.U Kumara of Prime Lands loan
Residencies PLC HNB Finance PLC - Term 25,000,000 - 6,906,501
loan
Primary mortgage for 350 Mn over land Commercial Bank of 350,000,000 250,000,000 -
property at Chandraleka Mawatha Ceylon PLC - Term loan
31. RELATED PARTY DISCLOSURES

31.1 PARENT AND ULTIMATE CONTROLLING PARTY
The immediate and ultimate parent of the Company as at 31st March 2024 is Prime Lands (Private) Limited.
31.2 TRANSACTIONS WITH KEY MANAGEMENT PERSONNEL

Key management personnel include all the members of the Board of Directors of the Company having the authority and
responsibilities for planning, directing and controlling the activities of the Company.
(a) Loans to Directors

No loans were advanced to the Directors of the Company.
(b) Key Management Personnel Compensation

The remunerations of directors and other members of the key management during the year under review are as follows:
For the For the

Key management personnel Nature of the transaction 31.03.2024 31.03.2023
Rs. Rs.
Directors Short-term benefit 47,121,800 69,900,000

(c) Transactions with key Management Personnel

For the For the
Related companies Relationship Nature of the transaction 31.03.2024 31.03.2023
Rs. Rs.
Mr. B Premalal Director Acquisition of apartments at The Colombo 19,450,000 -

Border
Mrs. H K S R Perera Director Acquisition of apartments at The Colombo 14,770,000 -
Border
Mr. N L S Joseph Director Acquisition of apartment at The Colombo 1,000,000 -
Border
Mrs. Dinusha GM Legal Acquisition of apartment at The Colombo 1,000,000 -
Fernando Border
31.3 RELATED PARTY TRANSACTIONS

For the For the
Related companies Relationship Nature of the transaction 31.03.2024 31.03.2023
Rs. Rs.
Prime Lands (Private) Parent Company Customer deposits collected by Prime 21,635,923 61,679,507
Limited Lands (Pvt) Ltd on behalf of Prime Lands
Residencies PLC
Payments made by Prime Lands 14,964,836 39,902,536
Residencies PLC on behalf of Prime Lands
(Pvt) Ltd
Customer deposits accepted by Prime 34,044,875 16,172,613
Lands Residencies PLC on behalf of Prime
Lands (Pvt) Ltd
Shared service fee paid to Prime Lands 30,000,000 30,000,000
(Pvt) Ltd
Rent paid to Prime Lands (Pvt) Ltd 6,150,000 6,037,500
Net amount of fund transferred from Prime - 85,166,584
Lands (Pvt) Ltd
HNB Finance PLC Related Company Rent income from HNB Finance PLC 20,400,000 20,400,000
Lease rental paid 21,571,040 -
Lease interest paid 2,968,666 -
Loan installment paid 14,300,239 -
Prime Lands Related Company Debenture interest received 76,883,944 -
Australia (Pty) Ltd
NJ Consultants Common Director MEP Design fee paid to NJ Consultants 14,787,842 -
Pele Consulting Common Director Secretarial fee paid 410,823 -
(Private) Limited
Regent Caterers Related Company Payments for catering services for events 7,971,832 -
(Pvt) Ltd
Prime Constructions Related Company Construction management services for 43, 106,650,000 -
(Pvt) Ltd By the Sea - Marine Drive & The Palace -
Gampaha
31.4 RELATED PARTY BALANCES

The following related party balances are shown in the respective notes as stated below.
1. Investment in non-convertible redeemable debentures issued by Prime Lands Australia (Pty) Ltd as given in Note 14.
2. Amount due to Prime Lands (Pvt) Ltd as disclosed in Note 26.
31.5 TERMS AND CONDITIONS OF TRANSACTIONS WITH RELATED PARTIES

Transactions with related parties are carried out in the ordinary course of the business. Outstanding current account balances
at the year end as disclosed in Note 26 are interest free and settled on demand. Investment in unquoted debentures at the
year end as disclosed in Note 14 is at an interest rate of 6% per annum and settlement occurs at maturity of five years.
32. ANALYSIS OF FINANCIAL INSTRUMENTS BY MEASUREMENT BASIS

32.1 THE ANALYSIS OF FINANCIAL INSTRUMENTS BY MEASUREMENT BASIS IS SHOWN AS FOLLOWS:
Financial assets
at fair value Other financial
through profit or Financial assets liabilities at
Balance as at 31.03.2024 loss at amortised cost amortised cost Total
Rs. Rs. Rs. Rs.
Financial assets
Financial investments - unquoted debentures - 419,055,321 - 419,055,321
Financial investments - quoted equity shares 195,000 - - 195,000
Cash and cash equivalents - 3,952,333,509 - 3,952,333,509
195,000 4,371,388,830 - 4,371,583,830
Financial liabilities
Interest bearing borrowings - - 884,439,429 884,439,429
Lease liabilities - - 8,295,581 8,295,581
Amount due to related party - - 5,311,172 5,311,172
Trade and other payables - - 634,343,023 634,343,023
Bank overdraft - - 806,544,166 806,544,166
- - 2,338,933,371 2,338,933,371
Financial assets
at fair value Other financial
through profit or Financial assets liabilities at
Balance as at 31.03.2023 loss at amortised cost amortised cost Total
Rs. Rs. Rs. Rs.
Financial assets
Financial investments - unquoted debentures - 530,715,330 - 530,715,330
Financial investments - quoted equity shares 193,500 - - 193,500
Cash and cash equivalents - 3,190,655,793 - 3,190,655,793
193,500 3,721,371,123 - 3,721,564,623
Interest bearing borrowings - - 1,403,810,143 1,403,810,143
Lease liabilities - - 26,897,955 26,897,955
Amount due to related party - - 7,867,056 7,867,056
Trade and other payables - - 1,165,388,517 1,165,388,517
Bank overdraft - - 2,616,321,658 2,616,321,658
- - 5,220,285,329 5,220,285,329
33. FAIR VALUE MEASUREMENT AND RELATED FAIR VALUE DISCLOSURES

33.1 DETERMINATION OF FAIR VALUE AND FAIR VALUE HIERARCHY
As at 31st March 2024, the Company held the following assets carried at fair value on the statement of financial position. The
Company uses the following hierarchy for determining and disclosing the fair value of these assets by valuation technique:
Level 1 : quoted (unadjusted) prices in active markets for identical assets or liabilities
Level 2 : other techniques for which all inputs that have a significant effect on the recorded fair value are observable, either
directly or indirectly
Level 3 : techniques which use inputs that have a significant effect on the recorded fair value are not based on observable
market data
Level 1 Level 2 Level 3 Total
As at 31.03.2024
Financial assets - Fair value through profit or loss 195,000 - - 195,000
Investment property - Land and building - - 766,000,000 766,000,000
As at 31.03.2023
Financial assets - Fair value through profit or loss 193,500 - - 193,500
Investment property - Land and building - - 735,000,000 735,000,000
33.1.1 Reconciliation of fair value measurement of “Level 3” assets

The reconciliation from the opening balance to the closing balance for level 3 fair values are shown below:
Land Building Total

Rs. Rs. Rs.
Investment Properties
Balance as at 01.04.2022 542,400,000 182,600,000 725,000,000
Balance as at 31.03.2023 548,500,000 186,500,000 735,000,000
Balance as at 31.03.2024 571,600,000 194,400,000 766,000,000
33.2 VALUATION TECHNIQUES AND SIGNIFICANT UNOBSERVABLE INPUTS

The following table shows the valuation techniques used in measuring the fair value of investment property, as well as the
significant unobservable inputs used.
Asset Valuation technique Significant unobservable inputs
Investment properties Comparison and Investment approach

Bare land In determining the fair value of Investment Property, Anticipated maintenance cost
No. 123, Castle Street, Colombo the reference to market evidence of transaction
Discount rate
08 prices for similar properties, with appropriate
adjustments for size and location were considered. Future rental income per Sq. Ft.
Fair value of building was determined considering the
Land and commercial building Price per perch
capitalisation of net income method, which is based
No. 61, D. S. Senanayake Mw,
upon assumptions including future rental income,
Colombo 08
anticipated maintenance costs and capitalisation
rates.
34. EVENTS AFTER THE REPORTING DATE

No circumstances have arisen since the reporting date, which would require adjustments or disclosures in the financial
statements except as given below:
Authorization of interim dividend

The Board of Directors of the Company has authorised an interim dividend of sixty cents (Rs. 0.60) per ordinary share
amounting to Rs. 562,500,000 on 29th May 2024.
35. RISK MANAGEMENT

The Company has the exposure to the following risks from its use of financial instruments and operations:
Credit risk
Liquidity risk
Market risk
Operational risk
This note presents qualitative and quantitative information about the Company’s exposure to each of the above risks, the
Company’s objectives, policies and procedures for measuring and managing risk and the Company’s management of capital.
Further, quantitative disclosures are included throughout these financial statements.
Risk management framework

The Board of Directors has the overall responsibilities for the establishment and oversight of the Company’s risk management
framework. The Company’s risk management policies are established to identify and analyse the risk faced by the Company, to
set appropriate risk limits and controls, and to monitor risk and adherence to limits. Risk management policies and systems are
reviewed regularly to reflect the changes in market conditions and the Company’s activities.
The Audit Committee oversees how management monitors compliance with their risk management policies and procedures
and reviews the adequacy of the risk management framework in relation to the risks faced by the Company. The Audit
Committee is assisted in its oversight role by Internal Audit Department. Internal Audit Department undertakes both regular
and ad hoc reviews of risk management controls and procedures, the results of which are reported to the Audit Committee.
35.1 CREDIT RISK

Credit risk is the risk of financial loss to the Company if a customer or a counterparty to a financial instrument fails to meet its
contractual obligations and arises principaly from the Company’s investments and deposits with banks.
The Company is exposed to credit risk from its investing and financing activities, including deposits with banks and other
financial assets.
Management of credit risk includes the following components.

The Company does an extensive and continuous evaluation of credit-worthiness of its customers / financial institutions by
assessing external credit ratings (if available) or historical information about default rates and change the credit limits and
payment terms where necessary.
35.1.1 Impairment of Financial Assets

The Company does not have trade receivables as at the reporting date and impairment is not applicable to them. Cash and
cash equivalents and other financial assets are subject to the impairment requirements as per SLFRS 9.
35.1.1.1 Exposure to credit risk

The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk at the
reporting date was:
As at As at
31.03.2024 31.03.2023
Rs. Rs.
Financial assets at amortised cost 419,055,321 530,715,330

Financial assets - FVTPL 195,000 193,500
Cash and cash equivalents 3,952,333,509 3,190,655,793
35.1.1.2 Trade receivables

The Company does not have trade receivables as at reporting date and hence, no impairment was identified relating to them.
35.1.1.3 Cash and cash equivalents and other financial assets

The cash and cash equivalents are held with banks and financial institutions which are rated above ‘BBB-(lka).
The allowance accounts in respect of cash at bank at financial institutions, and financial assets at FVTPL and other financial
assets, are used to record impairment losses unless the Company is satisfied that no recovery of the amount owing is possible.
At that point, the amounts are considered irrecoverable and are written off against the financial assets directly.
35.2 LIQUIDITY RISK

Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial
liabilities that are settled by delivering cash or other financial assets.
Management of liquidity risk

The Company manages the liquidity risk by carrying out cash flow forecasts and identifying future cash needs. Investments
are planned ensuring that money is available for settlements. Adequate banking facilities are approved and kept for use as
and when necessary. Strong relationships have been built with banks to ensure that urgent borrowing needs are met at short
notice.
The table below summarises the maturity profile of the Company’s financial liabilities based on contractual undiscounted
(principle plus interest) payments.
Carrying Less than More than

amount 3 months 3-12 months 1-5 years 05 years Total
Rs. Rs. Rs. Rs. Rs. Rs.
Balance as at 31.03.2024
Non-derivative financial
liabilities
Trade and other payables 634,343,023 44,092,646 590,250,377 - - 634,343,023
Bank overdraft 806,544,166 806,544,166 - - - 806,544,166
Loans and borrowings 884,439,429 118,285,860 354,857,581 553,668,278 - 1,026,811,720
Lease liabilities 8,295,581 2,553,077 5,777,053 1,750,908 - 10,081,038
Amounts due to related
parties 5,311,172 5,311,172 - - - 5,311,172
2,338,933,371 976,786,921 950,885,011 555,419,186 - 2,483,091,119
Carrying Less than More than

amount 3 months 3-12 months 1-5 years 05 years Total
Balance as at 31.03.2023
Non-derivative financial
liabilities
Trade and other payables 1,165,388,517 375,691,144 789,697,373 - - 1,165,388,517
Bank overdraft 2,616,321,658 2,616,321,658 - - - 2,616,321,658
Loans and borrowings 1,403,810,143 458,387,193 480,163,652 757,323,684 - 1,695,874,529
Lease liabilities 26,897,955 5,458,995 16,112,045 10,081,038 - 31,652,078
Amounts due to related
parties 7,867,056 7,867,056 - - - 7,867,056
5,220,285,329 3,463,726,046 1,285,973,070 767,404,722 - 5,517,103,838
It is not expected that the cash flows included in the maturity analysis could occur significantly earlier, or at significantly
different amounts.
35.3 MARKET RISK

Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in
market prices. The objective of market risk management is to manage and control the market risk exposures within acceptable
parameters, while optimising the return. Market risk comprises three types of risks;
Foreign exchange risk
Interest rate risk
Equity price risk
35.3.1 Foreign exchange risk

Foreign currency risk is the risk that the fair value or future cash flow of a financial instrument will fluctuate because of changes
in foreign exchange rates.
The Company is exposed to foreign currency risk on investments in unquoted debentures which are denominated in Australian
Dollars (AUD) and bank balances denominated in US Dollars (USD).
The exposure to currency risk as at the reporting date is as follows:
AUD USD
As at 31st March 2024

Investments in unquoted debentures 2,034,000 -
Bank balances 302 58,942
As at 31st March 2023

Investments in unquoted debentures 2,034,000 -
Bank balances 120 2,063,769
Sri Lankan rupee appreciated during the year due to the control measures taken by the authorities and improvements in
foreign currency inflows and reserves. The Company adopted prudent measures, as and when required, to manage the
financial impacts arising from the liquidity constraints and currency fluctuations by matching liabilities with corresponding
inflows. The Company was able to navigate the liquidity challenges through matching its obligations with foreign currency
inflows as far as possible while also using the strength of its financial position to manage the situation.
Sensitivity analysis
The following table demonstrates the sensitivity of Company’s profits to a reasonable possible change in the US Dollar (USD)
and Australian Dollar (AUD) exchange rate with all other variables held constant. The impact on the profit before tax due to
change in the fair value of monetary assets and liabilities denominated in foreign currency is as follows:
Increase/ Effect
decrease in on profit
exchange rate before tax
(Rs.)
2024
US Dollar (USD) 25% 4,499,183
-25% (4,499,183)
Australian Dollar(AUD) 25% 102,476,967

-25% (102,476,967)
2023
US Dollar (USD) 25% 168,860,488
-25% (168,860,488)
Australian Dollar(AUD) 25% 111,977,207

-25% (111,977,207)
35.3.2 Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes
in market interest rates. The Company’s interest rate risk arises mainly from the borrowings and investment of excess funds
in financial investments. Borrowings at variable rates expose the Company to cash flow interest rate risk. Borrowings and
investments at fixed rates expose the Company to fair value interest rate risk.
The Company has cash and bank balances including deposits placed with government and reputed financial institutions. All
available opportunities are considered before making investment decisions.
The Company manages its working capital appropriately to ensure that borrowing needs and investment opportunities are
foreseen. Market interest rates are monitored closely to ensure that the borrowings and investments are at the best rate for the
Company.
The Central Bank of Sri Lanka (CBSL) reduced the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility
Rate (SLFR) by 100 basis points each in October and November 2023. Consequently, the SDFR and SLFR rates reached
9.00% and 10.00%, respectively, while prime lending rates dipped below 12%. The CBSL has indicated a pause in any
additional monetary policy easing in the near term, allowing market interest rates to fall further in line with easing measures.
At the end of the reporting year, the interest rate profile of the Company’s interest-bearing financial instruments as reported to
the management of the Company was as follows;
As at As at
31.03.2024 31.03.2023
Rs. Rs.
Fixed rate instruments

Financial assets
Fixed deposit 3,811,550,110 3,013,414,074
Financial assets at amortised cost 419,055,321 530,715,330
4,230,605,431 3,544,129,404
Lease creditors (8,295,581) (26,897,955)
4,238,901,012 3,571,027,359
Variable rate instruments

Financial assets
Bank balance 60,599,887 85,140,648
Loans and borrowings (884,439,429) (1,403,810,143)
Bank overdraft (806,544,166) (2,616,321,658)
(1,690,983,595) (4,020,131,801)
(1,630,383,708) (3,934,991,153)
The following table demonstrates the sensitivity to a reasonable possible change in variable interest, with all other variables
held constant.
Profit or loss Equity

For the For the For the For the
year ended year ended year ended year ended
31.03.2024 31.03.2023 31.03.2024 31.03.2023
Rs. Rs. Rs. Rs.
5% increase 15,068,519 (11,078,460) 15,068,519 (11,078,460)

5% decrease (15,068,519) 11,078,460 (15,068,519) 11,078,460
35.3.3 Equity price risk

Listed equity securities are susceptible to equity price risk arising from uncertainties of future values of the investment
securities. The Company manages the equity price risk through diversification of its portfolio to different business segments.
The Company’s equity risk management policies adopted are as follows:
equity investment decisions are based on fundamentals rather than on speculation
decisions are made based on in-depth industry and macroeconomic analysis as well as on research reports on the
Company’s performance.
The table below shows the diversification of equity investments.
2024 2023
Rs. Rs.
Trading shares
Quoted equity securities 195,000 193,500
Sensitivity analysis
Investments in equity shares are subject to the performance of the investee Company and the factors that affect the status of
the stock market.
The following table demonstrates the sensitivity of the Company’s equity to a reasonably possible change in the market prices
of the listed equity securities, with all other variables held constant.
Change in year share price of all companies Effect on profit before tax as a result of gains/
in which the Company has invested losses on equity securities classified as at FVTPL
Rs.
Investments in equity shares + 5% 9,750

- 5% (9,750)
35.4 OPERATIONAL RISK

Operational risk is the risk of direct or indirect loss arising from a wide variety of causes associated with the Company’s
processes, personnel, technology and infrastructure, and from external factors other than credit, market and liquidity risks such
as those arising from legal and regulatory requirements and generally accepted standards of corporate behavior. Operational
risks arise from all of the Company’s operations. The Company’s objective is to manage operational risk so as to balance the
avoidance of financial losses and damage to the Company’s reputation with overall cost effectiveness and to avoid control
procedures that restrict initiative and creativity. The primary responsibility for the development and implementation of controls
to address operational risk is assigned to senior management within each business unit. This responsibility is supported by the
development of the Company’s overall standards for the management of operational risk in the following areas.
requirements for appropriate segregation of duties, including the independent authorisation of transactions
requirements for the reconciliation and monitoring of transactions
compliance with regulatory and other legal requirements
documentation of controls and procedures
requirements for the periodic assessment of operational risks faced, and the adequacy of controls and procedures to
address the risks identified
requirements for the reporting of operational losses and proposed remedial action
training and professional development
ethical and business standards
risk mitigation, including insurance when applicable
Compliance with set procedures is supported by periodic reviews undertaken by the Internal Audit Department. The results
of Internal Audit Department reviews are discussed with the management of the business unit to which they relate, with
summaries submitted to the Audit Committee and Senior Management of the Company.
35.5 CAPITAL MANAGEMENT

The Board’s policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to
sustain future development of the business. Capital consists of stated capital and reserves of the Company. The Board of
Directors monitors the return on capital, which the Company defines as a result from operating activities divided by total
shareholders’ equity. The Board of Directors also monitors the level of dividends to ordinary shareholders.
The Company’s objectives when managing capital are to safeguard the Company’s ability to continue as a going concern in
order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to
reduce the cost of capital.
The Company manages its capital structure, and makes adjustments to it, in the light of changes in economic conditions. To
maintain or adjust the capital structure, the Company may issue new shares, have a rights’ issue or buy back of shares.
The Company’s debt to adjusted capital ratio at the end of the reporting period was as follows:
As at As at
31.03.2024 31.03.2023
Debt to equity ratio 18% 43%
36 SEGMENTAL INFORMATION
For management purposes, the Company is organised into two operating segments based on products and services offered to
customers as shown below.
The following table presents income and profit and certain asset and liability information regarding the Company’s operating
segments;
Apartment sale Land Sale Total

For the For the For the For the For the For the
year ended year ended year ended year ended year ended year ended
31.03.2024 31.03.2023 31.03.2024 31.03.2023 31.03.2024 31.03.2023
Revenue 6,559,809,529 16,908,041,820 1,530,569,566 2,890,642,622 8,090,379,095 19,798,684,442
Cost of sales (4,819,207,066) (12,418,806,218) (1,046,192,872) (1,958,882,618) (5,865,399,938) (14,377,688,836)

Gross profit 1,740,602,463 4,489,235,602 484,376,694 931,760,004 2,224,979,157 5,420,995,606
Other income 53,720,653 47,222,811 4,675,138 6,685,229 58,395,791 53,908,040

Gain on fair valuation of
investment property 31,000,000 10,000,000 - - 31,000,000 10,000,000
Distribution expenses (176,217,860) (240,420,989) (13,363,268) (32,516,881) (189,581,128) (272,937,870)
Administrative expenses (311,638,169) (423,704,156) (77,909,542) (28,896,140) (389,547,711) (452,600,296)
Operating profit 1,337,467,088 3,882,333,268 397,779,021 877,032,212 1,735,246,109 4,759,365,480
Finance income 537,968,400 431,233,315 8,367,759 1,744,856 546,336,159 439,601,074

Finance expenses (621,890,085) (1,059,725,431) (69,098,898) (153,301,800) (690,988,983) (1,213,027,231)
Profit before taxation 1,253,545,403 3,253,841,152 337,047,882 725,475,268 1,590,593,285 3,985,939,323
Tax expenses (363,779,990) (506,155,400) (97,811,595) (121,929,257) (461,591,585) (628,084,657)

Profit for the year 889,889,438 2,747,685,752 239,269,634 603,546,011 1,129,159,072 3,357,854,666
Segmental assets 12,555,684,387 13,473,477,989 3,204,450,441 4,049,243,667 15,760,134,828 17,522,721,656

Segmental liabilities 4,746,401,814 6,890,813,781 1,438,991,538 1,245,611,214 6,185,393,352 8,136,424,995
37. COMPARATIVE INFORMATION

Comparative figures have been re-classified where necessary in line with the presentation requirements for the current year.
SUPPLEMENTARY
INFORMATION
SHARE INFORMATION
A. TWENTY MAJOR SHAREHOLDERS

As at 31 March 2024 As at 31 March 2023
Name of the shareholder Shareholding Percentage (%) Shareholding Percentage (%)
1 Prime Lands (Pvt) Ltd 749,999,970 80.00% 749,999,970 80.00%

2 Seylan Bank PLC/Phantom Investments (Private) 11,351,697 1.21% 9,449,725 1.01%
Limited
3 Mr. H.P.D.W.N. Gunasekara 7,300,000 0.78% 7,300,000 0.78%
4 Ceylinco General Insurance Limited 6,700,000 0.71% 6,700,000 0.71%
5 Mr. H.K.C.P. Perera 5,000,000 0.53% 5,000,000 0.53%
6 DFCC Bank PLC/Maskeliya Tea Exports (Pvt) Ltd 3,499,176 0.37% 3,499,176 0.37%
7 Odyssey Capital Partners (Pvt) Ltd 3,381,702 0.36% N/Q N/Q
8 Mr. A.I. Ramachandra 3,175,000 0.34% 3,175,000 0.34%
9 Hatton National Bank PLC A/C No. 4 (HNB 3,035,184 0.32% N/Q N/Q
Retirement Pension Fund)
10 Mr. D.N.P. Rathnayake 2,873,529 0.31% 2,322,222 0.25%
11 Mr. N.A.S. Brahmanage 2,500,000 0.27% 2,500,000 0.27%
12 Mr. B.M.D.S. Thaaruna 2,500,000 0.27% 2,500,000 0.27%
13 Mr. M.A. Jafferjee 2,000,000 0.21% 2,000,000 0.21%
14 Katunayake Garments Limited. 1,923,000 0.21% 1,923,000 0.21%
15 Mr. A.A.M.P. Amarasinghe 1,775,000 0.19% 1,245,037 0.13%
16 Mr. D G Wirasekara 1,500,000 0.16% 1,500,000 0.16%
17 Mr. D S Aruma Thanthrige 1,311,260 0.14% N/Q N/Q
18 Mr. R Udalagama 1,300,000 0.14% 1,300,000 0.14%
19 Mr. D.D.D. Navarathna 1,240,100 0.13% N/Q N/Q
20 Mr. B Premalal 1,200,015 0.13% 1,200,015 0.13%
813,565,633 86.78% 801,614,145 85.51%
Others 123,934,367 13.22% 135,885,855 14.49%
937,500,000 100.00% 937,500,000 100.00%
N/Q- Not qualify for top 20 shareholders as at 31 March 2023
B. PUBLIC AND NON PUBLIC SHAREHOLDINGS

No. of Percentage No. of Percentage
No. of shares shareholders % No. of shares shareholders %
Issued number of ordinary shares and

No. of shareholders 937,500,000 5,968 100.00 937,500,000 5,876 100.00
Less:- Shares held by non public 751,300,000 4 80.14 751,300,000 4 80.14
Shares held by the public and No. of
shareholders 186,200,000 5,964 19.86 186,200,000 5,872 19.86
Float adjusted market capitalisation
(Under option 5) LKR 1,564,080,000 1,489,600,000
C. DISTRIBUTION OF SHAREHOLDERS
shareholders No. of shares % shareholders No. of shares %
1 - 1,000 2,105 798,426 0.09 1,986 822,083 0.09

1,001 - 10,000 2,250 10,560,069 1.13 2,292 10,998,201 1.17
10,001 - 100,000 1,336 45,326,608 4.83 1,341 45,983,591 4.90
100,001 - 1000,000 253 62,581,350 6.68 233 62,473,386 6.66
Over 1000,000 24 818,233,547 87.28 24 817,222,739 87.17
Total 5,968 937,500,000 100.00 5,876 937,500,000 100.00
D. CATEGORIES OF SHAREHOLDERS
Categories of Shareholdings shareholders No. of shares % shareholders No. of shares %
Local individuals 5,747 133,171,989 13.68 5,635 128,212,883 13.68

Local institutions 211 800,288,852 85.89 231 805,247,958 85.89
Foreign individuals 9 539,159 0.06 9 539,159 0.06
Foreign institutions 1 3,500,000 0.37 1 3,500,000 0.37
5,968 937,500,000 100.00 5,876 937,500,000 100.00
E. PERFORMANCE AT THE CSE

As at 31 March As at 31 March
Market Price per share 2024 2023
Highest 8.70 9.20

Lowest 6.30 4.50
Last Traded Price 8.40 8.00
F. SHAREHOLDINGS OF DIRECTOR
No. of shares Percentage % No. of shares Percentage %
Mr. B Premalal 1,200,015 0.13% 15 0.00%

Ms. H K S R Perera 15 0.00% 15 0.00%
Mr. N M Weerakkody Nil 0.00% Nil 0.00%
Mr. H M N U Kumara Nil 0.00% Nil 0.00%
Ms. S S A P Brahmanage Nil 0.00% Nil 0.00%
Mr. Anura Pathirage Nil 0.00% ** n/a n/a
Mr. M Perera Nil 0.00% Nil 0.00%
Mr. D Kalapuge Nil 0.00% Nil 0.00%
Mr. S Bandara Nil 0.00% Nil 0.00%
Mr. D Sooriyaarachchi Nil 0.00% Nil 0.00%
Mr. N L S Joseph 100,000 0.01% 100,000 0.01%
** Appointed to the Board with effect from January 1, 2024

FIVE YEAR SUMMARY
INCOME STATEMENT
Year Ended Year Ended Year Ended Year Ended Year Ended
31 March 31 March 31 March 31 March 31 March
2024 2023 2022 2021 2020
Rs. Rs. Rs. Rs. Rs.
Revenue 8,090,379,095 19,798,684,442 9,510,383,251 7,732,398,134 5,716,288,413

Gross Profit 2,224,979,157 5,420,995,606 2,422,102,250 1,893,518,991 1,072,944,265
Operating Profit 1,735,246,109 4,759,365,480 1,936,561,052 1,585,039,550 794,248,876
Profit before Tax 1,590,593,285 3,979,316,420 1,847,921,605 1,277,417,267 181,783,508
Tax Expenses (461,591,585) (628,084,657) (165,548,364) (288,161,691) (50,987,616)
Profit for the year 1,129,001,700 3,351,231,763 1,682,373,241 989,255,576 130,795,892
STATEMENT OF FINANCIAL POSITION

31 March 31 March 31 March 31 March 31 March
2024 2023 2022 2021 2020
Rs. Rs. Rs. Rs. Rs.
Current Assets 14,550,152,197 16,620,245,974 17,723,347,307 11,897,535,916 12,547,469,579

Current Liabilities 5,598,913,156 7,411,117,022 10,387,644,546 7,154,063,213 9,468,063,776
Net-current Assets 8,951,239,041 9,209,128,952 7,335,702,761 4,743,472,703 3,079,405,803
Non-current Assets 1,209,982,631 902,475,682 1,143,134,968 1,102,380,550 1,035,290,806
Non-current Liabilities 586,480,196 725,307,973 1,786,655,184 2,412,900,605 1,671,979,023
Net Assets 9,574,741,476 9,386,296,661 6,692,182,545 3,432,952,648 2,442,717,586
Key indicators
Basic earning per share (Rs.) 1.20 3.57 1.86 1.32 0.17
Net assets per share (Rs.) 10.21 10.01 7.14 4.58 3.26
Return on equity (%) 12% 36% 25% 29% 5%
Return on assets (%) 7% 19% 9% 8% 1%
Debt/equity ratio (%) 9% 15% 51% 124% 133%
Divided per share-(Rs.) 0.60 1.00 0.70 0.40 NIL
Dividend payout (%) 50% 28% 39% 38% NIL
Dividend Cover (Times) 2.01 3.57 2.66 3.30 NIL
Market Value Per Share (Rs.) 8.40 8.00 6.90 N/A N/A
GRI CONTENT INDEX
GRI Standard Disclosure Location
GRI 2 : General Disclosure 2021 2-1 Organizational details 192

2-2 Entities included in the organization’s sustainability reporting 4
2-3 Reporting period, frequency and contact point 4
2-4 Restatements of information 4
2-5 External assurance 4
2-6 Activities, value chain and other business relationships 72
2-7 Employees 66
2-8 Workers who are not employees 66
2-9 Governance structure and composition 87
2-10 Nomination and selection of the highest government body 88
2-11 Chair of the highest governance body 88
2-12 Role of the highest governance body in over seeing the management 88
of impact
2-13 Delegation of responsibility for managing impact 89
2-14 Role of the highest governance body in sustainability reporting 126
2-15 Conflict of Interest 88
2-16 Communication of critical concerns 166
2-17 Collective knowledge of the highest governance body 88
2-18 Evaluation of the performance of the highest governance body 88
2-19 Remuneration Policies 66
2-20 Process to determine remuneration 66
2-21 Annual total compensation ratio 66
2-22 Statement on sustainable development strategy 79
2-27 Compliance with laws and regulations 78
2-28 Membership associations 66
2-29 Approach to stakeholder engagement 112
GRI 3: Material Topics 2021 3-1 Process to determine material topics 42
3-2 List of material topics 43
3-3 Management of Material topics 43
GRI 201: Economic Performance 201-1 Direct economic value generators and distributors 56
2016 201-2 Financial implications and other risk and opportunities due to climate 110
change
201-3 Defined Benefit plan obligations and other retirement plans 149
GRI 203: Indirect Economic impact 203-1 Infrastructure investments and services supported 72
203- 2 Significant indirect economic impact 46
GRI 204: Procurement practices 204- 1 Proportion of spending on local suppliers 73
2016
GRI 207: Tax 2019 207- 1 Approach to tax 54
207 - 2 Tax governance, control and risk management 104
207- 3 Stakeholder engagement and management of concern related to tax 112
GRI 302 : Energy 2016 302-1 Energy Consumption within the organization 79
302-4 Reduction of energy consumption 79
302-5 Reduction in energy requirement of products and services 79
GRI 303: Water and effluents 2018 303-4 Water discharge 80
303-5 Water Consumption 80
GRI 308 – Supplier environmental 308-1 New suppliers that were screes using environmental criteria 73
Assessment 2016
GRI Content Index
GRI Standard Disclosure Location
GRI 401: Employment 401-1 New employee hires and employee turnover 70
401-2 Benefits provides to full time employees that are not provided to 66
temporary or part time
GRI 403: Occupational health and 403-1 Occupational health and safety management system 67
safety 2018 403-3 Occupational health services 67
403-5 Worker training on occupational health and safety 68
GRI 404 : Training and Education 404-1 Average hours of training per year per employee 68
2016 404-2 Programs for upgrading employee skills and transition assistance 68
programs
GRI 405: Diversity and equal 405-1 Diversity of governance bodies and employees 69
opportunity 2016 405-2 Ration of basic salary and remuneration of women to men 82
GRI 413: Local communities 2016 413-1 Operations with local community engagement, impact assessments 76
and development programs
GRI 414: Suppliers social 414-1 New suppliers that were screened using social criteria 73
assessment 2016
GRI 416: Customer health and 416-1 Assessment of the health and safety impact of product and service 72
safety 2016 category
GRI 417: Marketing and labeling 417-1 Requirements for products and services information and labeling 72
2016
NOTES
Notes
CORPORATE INFORMATION
GRI 2.1
NAME OF THE COMPANY SENIOR INDEPENDENT COMPANY SECRETARY

Prime Lands Residencies PLC DIRECTOR SSP Corporate Services (Pvt) Ltd
Mr. D Sooriyaarachchi 101, Inner Flower Road,
Colombo – 03
LEGAL FORM
Limited Liability Company incorporated BOARD AUDIT COMMITTEE
in Sri Lanka in May 2005 under the Mr. Sanjaya Bandara REGISTRAR OF THE
Companies Act No. 17 of 1982 Re- (Chairman of the Committee) COMPANY
registered in September 2008 under the SSP Corporate Services (Pvt) Ltd
Companies Act No. 07 of 2007 Converted Mr. D Sooriyaarachchi 101, Inner Flower Road,
to a Public Limited Company in February Colombo – 03
2021 Ordinary Shares listed on the Mr. M Perera
Colombo Stock Exchange in June 2021
AUDITORS
RELATED PARTY BDO Partners (Chartered Accountants)
COMPANY REGISTRATION TRANSACTIONS REVIEW 65/2, ‘Charter House’ Sir Chittampalam A
NO COMMITTEE Gardiner Mawatha,
PQ00234680 Mr. Sanjaya Bandara Colombo – 02
(Chairman of the Committee)
DIRECTORS BANKERS OF THE COMPANY

Mr. D Sooriyaarachchi
Ms. H K Sandamini R Perera Hatton National Bank
Chairperson/Executive Director Mr. M Perera Seylan Bank
Sampath Bank
Mr. Premalal Brahmanage Commercial Bank of Ceylon
Executive Director
REMUNERATION & HR
Nations Trust Bank
COMMITTEE
National Development Bank
Mr. N M Weerakkody Mr. D Sooriyaarachchi DFCC Bank Peoples Bank Union Bank
Managing Director/Executive Director (Chairman of the Committee)
Mr. H M N U Kumara Mr. Sanjaya Bandara

Executive Director/Director Corporate
Mr. D H Kalapue
Affairs
Ms. S S A P Brahmanage NOMINATION &

Executive Director GOVERNANCE COMMITTEE
Mr. M Perera
Mr. Pathirage Anura W Perera
(Chairman of the Committee)
Executive Director/Director Finance
Mr. Sanjaya Bandara
Mr. D Sooriyaarachchi
Independent Non-Executive Director Mr. D Sooriyaarachchi
Mr. Sanjaya Bandara

Independent Non-Executive Director REGISTERED OFFICE OF
THE COMPANY
Mr. D H Kalapuge No. 75, D S Senanayake Mawatha,
Independent Non-Executive Director Colombo 08.
Telephone - +94 11 2699822
Mr. M Perera Website - www.primeresidencies.lk
Independent Non-Executive Director Email - investorrelations@
primeresidencies.lk
Mr. N L S Joseph
ANNUAL GENERAL MEETING
NOTICE IS HEREBY GIVEN THAT the Nineteenth Annual General Meeting (AGM) of the shareholders of Prime Lands Residencies
PLC will be held as a virtual meeting on 28th June 2024 at 10.00 a.m. to conduct the following business:
Agenda
1. REGULAR BUSINESS
1.1. Notice of meeting
1.2. To receive and consider the Report of the Directors and the Statements of Accounts for the year ended 31st March 2024
together with the Report of the Auditors thereon.
1.3. To resolve that the interim Dividend of Rs. 0.60 declared on 29th May 2024 and paid to Shareholders from the profit of the
financial year 2023/24 is deemed to be the final dividend for the said financial year.
1.4. To re-appoint Mr. Pathirage Anura Wijesiri Perera, as a Director in terms of Article 29(1)(b) of the Articles of Association of the
Company.
1.5. To re-appoint Messrs. BDO Partners, Chartered Accountants, as the Auditors of the Company for the ensuing year and
authorise the Directors to determine their remuneration.
1.6. To authorise the Board of Directors to determine contributions to charities and other donations for the year 2024/25.
2. SPECIAL BUSINESS
To consider and if deemed appropriate, to pass the following resolution as a Special Resolution to amend the Articles of
Association of the Company, in order to comply with the current Listing Rules of the Colombo Stock Exchange:
“IT IS HEREBY RESOLVED AS A SPECIAL RESOLUTION THAT the existing Article 30 be deleted in its entirety and
substituted with the following Article as Article 30:
30. ALTERNATE DIRECTOR

(1) In exceptional circumstances, any director may by notice in writing left at the Registered Office approve the
appointment of a person who meets the criteria set out in (2) below, to be an Alternate Director of the Company to act in
his/her place, and the following provisions of this Article shall apply to any person so appointed.
(a) A person appointed to be an Alternate Director shall not, in respect of such appointment, ipso facto only be
entitled to any privileges or entitlements of this appointment or other than upon, his/her giving an address for
such notice to be served upon him/her be entitled to receive notices of all meetings of the directors and of the
Company to attend and vote as director at any such Board Meeting or subcommittee meeting at which the
director appointing him/her is not personally present and generally to perform all the functions of the director
who appointed him/her in the absence of such director subject to restrictions placed by the directors and/or
his/her appointer. Attendance of the Alternate Director at any such meeting shall be counted for purpose of the
quorum being present.
(b) An Alternate Director may be appointed for a specified period or until the happening of a specified event,
provided such appointment does not exceed a period of one (01) year from the date of the appointment, and
he/she shall cease to be an Alternate Director on the occurrence of any one or more of the following events, that
is to say: -
(i). If the appointment of the Alternate Director is revoked by notice in writing left at the office of the
Company by the director appointing him/her; or
(ii). If the directors resolve that the appointment of the Alternate Director be terminated, provided that such
termination shall not take effect until the expiration of thirty days after the date of such resolution of the
directors; or
(iii). If the appointment is in respect of a specified period or on the happening of a specified event, then at
the end of the specified period or at the happening of such specified event.
(iv). Is disqualified from being a director pursuant to Section 202 of the Act; or
(v). The appointee resigns or dies.

Annual General Meeting
(2) Appointment of an Alternate Director shall be subject to the following:
(a) A Non-Executive Director shall not appoint an executive of the Company as his/her alternate.
(b) An Alternate Director appointed by an Independent Director should meet the criteria of independence specified
by the Listing Rules and the Company shall satisfy the requirements relating to the minimum number of
Independent Directors specified in the said Rules. The Nominations and Governance Committee shall review
and determine that the person nominated as the alternate would qualify as an Independent Director before such
appointment is made.
(3) The Company shall make an immediate Market Announcement regarding the appointment of the Alternate Director
incorporating the requirements specified by the Listing Rules for such Announcement. “
By order of the Board of Directors of

S S P Corporate Services (Private) Limited
Company Secretaries
Date: 4th June 2024
Notes:
1. A shareholder entitled to attend and vote at the above meeting is entitled to appoint a proxy to attend and vote on his/her behalf.
2. A proxy so appointed need not be a member of the Company.
3. A form of proxy accompanies this notice.
To attend the virtual Annual General Meeting 2024, please complete the following steps:
1. Registration: Complete and submit the attached form titled "Registration of Shareholder Details -Online Participation at the AGM
2024" (Annexure I).
2. Review Guidelines: Familiarize yourself with the "Guidelines and Registration Process for the AGM via the Online Meeting Platform"
available on the;
a. Company website: https://www.primeresidencies.lk/investor-relation or
b. Colombo Stock Exchange: https://www.cse.lk/pages/company-profile/company-profile.component.html?symbol=PLR.N0000

FORM OF PROXY
I/We …………………………………………...................................................................................................................................………… of
…………………………………………...................................................................................................................................………….............
being a member/members of Prime Lands Residencies PLC hereby appoint: …………………………..………….……………………………
of ……………………………………………........……. (holder of NIC No. ………………………………..............…… or failing him/her
Ms. H. K. S. R. Perera of Colombo failing her

Mr. B. Premalal of Colombo failing him
Mr. N. M. Weerakkody of Colombo failing him
Ms. S. S. A. P. Brahmanage of Colombo failing her
Mr. H. M. N. U. Kumara of Colombo failing him
Mr. P. A. W. Perera of Colombo failing him
Mr. M. Perera of Colombo failing him
Mr. D. H. Kalapuge of Colombo failing him
Mr. S. M. S. S. Bandara of Colombo failing him
Mr. D. Sooriyaarachchi of Colombo failing him
Mr. N.L.S. Joseph of Colombo
as my/our proxy to represent me/us to vote for me/us and on my/our behalf at the 19th Annual General Meeting of the Company to be
held on 28th June 2024 and at any adjournment thereof and at every poll which may be taken in consequence thereof.
Agenda Item For Against
1.2. To receive and consider the Report of the Directors and the Statements of Accounts for the year ended
31st March 2024 together with the Report of the Auditors thereon.
1.3. To resolve that the interim Dividend of Rs. 0.60 declared on 29th May 2024 and paid to Shareholders
from the profit of the financial year 2023/24 is deemed to be the final dividend for the said financial year.
1.4. To reappoint Mr. Pathirage Anura Wijesiri Perera, as a Director in terms of Article 29(1)(b) of the Articles
of Association of the Company.
1.5. To re-appoint Messrs. BDO Partners, Chartered Accountants, as the Auditors of the Company for the
ensuing year and authorise the Directors to determine their remuneration.
1.6. To authorise the Board of Directors to determine contributions to charities and other donations for the
year 2024/25.
Amendment of Articles of Association of the Company
2. To adopt the Special Resolution as set out in the Notice of the Meeting.
Signed on this ……………................................…… day of ……………................................…… Two Thousand and Twenty-Four.
……………................................…….........
Signature of the Shareholder
Note: Instructions as to the completion of the form of proxy are noted on the reverse hereof.
Form of Proxy
INSTRUCTIONS FOR COMPLETION OF THE FORM OF PROXY

1. Kindly perfect the Form of Proxy by legibly filling your full name and address, signing in the
space provided, and filling in the date of signature. Please indicate with a ‘X’ how the Proxy
should vote on each Resolution. If no indication is given, the Proxy in his/her discretion will
vote as he/she thinks fit.
2. If the Proxy Form is signed by an Attorney, the original Power of Attorney together with a
photocopy of same or a copy certified by a Notary Public must be lodged with the Company
along with the Form of Proxy, if such Power of Attorney has not already been registered with
the Company.
3. In the case of a company or corporation/statutory body, the Proxy must be filled and
attested in the legally prescribed manner, either under its common seal or signed by the
Attorney or by an Officer(s) on behalf of the company or corporation/statutory body in
accordance with its Articles of Association or the Constitution or the Statute (as applicable).
4. The completed Form of Proxy should be deposited at the Registered Office of the Company
at No. 75, D.S. Senanayake Mawatha, Colombo 08, or by post or scanned and emailed to
agm@primeresidencies.lk not less than 48 hours before the time appointed for holding the
Meeting.
5. A shareholder appointing a Proxy (other than a Director of the Company) to attend the
meeting should indicate the Proxy holder’s details clearly and, additionally in the enclosed
REGISTRATION FORM (Annexure I)
6. In the case of Margin Trading Accounts (Slash Accounts), the Form of Proxy should be
signed by the respective authorized Fund Manager/Banker with whom the account is
maintained.

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INTENSITY OF

ANNUAL REPORT 2023/24

But what truly sets us apart is

About this Report 4

COMPANY State of Affairs of the Company

Financial Calendar - 2023/24 128

Social and Relationship Capital 72

Our Approach Towards Sustainability 82

Risk Management Review 104

Stakeholder Engagement 112

Senior Independent Director’s Statement 115

Audit Committee Report 116

Related Party Transactions Review Committee 118

Remuneration and Human Resources 119

Nomination and Governance Committee Report 120

ABOUT THIS REPORT

Welcome to our Integrated

Ms. H.K. Sandamini R. Perera

Throughout the financial period covered in this report, PLR remained

Our approach to determining these Material Topics is transparently detailed

EXTERNAL AND INTERNAL Stakeholder Engagement Page

Scan the QR code for a quick and easy

About this report

Our commitment to excellence led us to utilise the following frameworks:

Companies Act No. 7 of 2007 Regulatory

Listing Rules of Colombo Stock Exchange (CSE) Regulatory

SLSAE 3000 - Sri Lanka Standard on Assurance Voluntary

Listing Rules of Colombo Stock Exchange (CSE) Regulatory

International Integrated Reporting Framework by the Voluntary

Integrated Reporting and United Nations – Sustainable Development Goals Voluntary

Global Reporting Initiative (GRI) Standards - “Core” Voluntary

FORWARD-LOOKING may emerge, thereby influencing the

It is essential to emphasize, however, that

ABOUT THE COMPANY

About the Company

• The Best Workplaces in Sri Lanka for Millennials 2022

• Asia’s Best Workplaces 2022 Ranked 68th place in Asia

80% Listed Subsidiary

Prime Lands Residencies PLC

100% Fully Owned Subsidiary

Regent Caterers (Pvt) Ltd

37% Associate Company

HNB Finance PLC

Prime Constructions (Pvt) Ltd

Prime Realty (Pvt) Ltd

Prime Lands Australia (Pty) Ltd

AWARDS AND RECOGNITIONS

International Star for Quality

Asia’s Best Workplaces

ACEF Asian Leaders Awards Best Developer in Sri Lanka

Best Web Awards

Great Place to Work

National Business Excellence

OUR PROPERTIES AT A GLANCE

The Colombo Border

The Grand - Ward Place (Colombo 07)

43 by the Sea - Dehiwala

The Seasons - Colombo 08

Prime Residencies - Athurugiriya The Beachfront Uswetakeiyawa I

The Palace - Gampaha