Prime Lands Residencies Clinches Dual Honors at TAGS Awards 2023

15 December 2023, Colombo: Prime Lands Residencies PLC is proud to announce its stellar achievements at the TAGS Awards 2023, where it secured the prestigious Silver Award in both the Land and Property Companies Sector and the Emerging Listed Companies Sector. The awards ceremony, held at the Shangri-La Hotel in Colombo, marked a momentous achievement for the Prime Group.

TAGS, an acronym for Transparency, Accountability, Governance, and Sustainability, represents the annual report competition organised by CA Sri Lanka, boasting a remarkable legacy spanning over 57 years. The awards emphasise the core values of financial, environmental, social, and governance reporting, fostering transparency among companies producing annual reports.

The Grand

Prime Lands Residencies PLC’s commendable performance reflects its commitment to the theme of ‘Empowering Sustainable Growth.’ The company’s dedication to transparency, accountability, governance, and sustainability has earned it a well-deserved place among industry leaders.

The awards ceremony was graced by esteemed guests, including Mr. Alejandro Alvarez de la Campa, Country Manager for Sri Lanka and Maldives International Finance Corporation, and His Excellency Andrew Traveller, Acting High Commissioner of New Zealand to Sri Lanka and the Maldives.

Ms. Nelumani Daulagala, Chairperson, Final Panel of Judges, TAGS Awards 2023 and Deputy Governor of the Central Bank of Sri Lanka, Mr. Dilshan Wirasekara, Chairman, Colombo Stock Exchange, Mr. Rajeeva Bandaranaike, Chief Executive Officer, Colombo Stock Exchange, Mr. Sanjaya Bandara, President, CA Sri Lanka, Mr. Heshana Kuruppu, Vice President, CA Sri Lanka, Mr. Thivanka Jayasinghe, Chairman, TAGS Awards Committee 2023, Ms. Chamila Cooray, Alternate Chairperson, TAGS Awards Committee 2023, and Ms. Lakmali Priyangika, Acting Chief Executive Officer, CA Sri Lanka were also among the distinguished gathering.

Mr. Brahmanage Premalal and Ms. Sandamini Perera, Co-Chairmen of the Prime Group, expressed their gratitude, stating, “TAGS serves as a catalyst to strengthen and uphold the integrity of financial, environmental, social, and governance reporting. These values resonate strongly with the Prime Group, as they are key pillars of our governance. We are honoured to receive these awards, which acknowledge our unwavering commitment to transparency and sustainability.”

The Grand

Despite the economic challenges faced by Sri Lanka, Prime Lands Residencies PLC demonstrated remarkable resilience and growth. The company reported a staggering 108% year-on-year growth, achieving a revenue of LKR 19.8 billion for the fiscal year 2022–23. Notably, Prime Lands Residencies PLC posted a profit before tax of LKR 3,979 million, with a profit after tax of LKR 3,351 million.

Mr. Premalal and Ms. Sandamini extended their appreciation to the entire Prime Lands Residencies PLC team, stating, “We want to express our sincere gratitude to our dedicated team, whose hard work and commitment have made this remarkable achievement possible. Despite the economic headwinds, our team’s resilience and dedication have allowed us to thrive and continue to contribute to sustainable growth.”

The TAGS Awards 2023 not only recognized Prime Lands Residencies PLC’s outstanding performance but also underscored the company’s role as a leader in the real estate sector, setting new standards for transparency, accountability, governance, and sustainability.