Prime Lands Residencies PLC was placed 1st in the Land and Property Companies Sector and received the Gold Award at the TAGS Awards 2022 held recently at the Shangri-La Hotel in Colombo. Prime Group also won the Bronze Award for its 2021/2022 Annual Report in the Emerging Listed Companies Sector.
TAGS Awards 2022 is the re-conceptualized and re-branded Annual Report Competition of CA Sri Lanka with a legacy of over 56-years. TAGS stands for Transparency, Accountability, Governance and Sustainability, and the awards have been newly re-branded to reflect the core values maintained over half a century of competition; and strengthen and uphold the integrity of the financial, environmental, social, and governance reporting, apart from promoting the need to increase the transparency of companies which produce annual reports.
“We are delighted to receive these awards,” said Mr. Brahmanage Premalal, Chairman of the Prime Group. “As a Listed Company, we at Prime Lands Residencies PLC have a great responsibility to ensure transparency, accountability, good governance and sustainability. These are core values that we at Prime Group uphold. These awards are a recognition of the effort our team has put into discharging that responsibility.”
TAGS Awards 2022 was held under the patronage of Marie Antonia von Schönburg, Chief Delegate, Delegation of German Industry and Commerce in Sri Lanka (AHK Sri Lanka). Chairperson of the final panel of judges of TAGS Awards 2022 was Mrs. K. M. A. N. Daulagala, Deputy Governor, Central Bank of Sri Lanka. Sanjaya Bandara CA Sri Lanka President, Vice President Heshana Kuruppu, Dilshan Wirasekara, Chairman, Colombo Stock Exchange, TAGS Awards 2022 Committee Chairman, Thivanka Jayasinghe and Alternate Chair, Chamila Cooray were among the distinguished gathering.
Prime Lands Residencies PLC posted a growth of 23% YoY with a revenue of LKR 9.5 billion for the FY 2021/22. This was despite the turbulence due to the Covid-19 pandemic. The company made a profit before tax of LKR 1,848 million for the same year with a profit after tax of LKR 1,682 million. Prime Lands Residencies PLC was also upgraded to the highest rating in the real estate sector with a rating of [SL] A (stable) in April 2022 by the Independent Rating Agency ICRA LANKA LIMITED (Subsidiary of Moody’s Investors Service).
TAGS Awards aim to encourage effective communication to stakeholders through publication of informative annual reports; promote effective presentation of financial and non-financial information; comply with legislative requirements and Sri Lanka Accounting Standards (SLFRS); and adopt the best global reporting practices.
“Transparency and stakeholder communication are two of the most important pillars of our governance and our annual report is the most important communication to our shareholders regarding our performance,” said Mr. Premalal.