Annual Report 2024/25

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ON'ALLY HOLDINGS PLC / Annual Report 2024/25

About Us / 3

Chairman's Statement / 5 Managing Director's Message / 7 Board of Directors / 10

Management Discussion and Analysis / 18

Corporate Governance / 22

Annual Report of the Board of Directors on the Affairs of the Company / 42

Statement of Directors' Responsibilities for Financial Reporting / 48

Related Party Transactions Review Committee Report / 49

Audit Committee Report / 50

Remuneration Committee Report / 52

Nominations and Governance Committee Report / 53

Risk Management / 54

Financial Statements

Independent Auditor's Report / 57 Statement of Profit Or Loss / 60 Statement of Comprehensive Income / 61 Statement of Financial Position / 62 Statement of Changes In Equity / 63 Statement of Cash Flows / 64

Notes to the Financial Statements / 65

Five Year Review / 90 Investor Information / 92 Corporate Information / 94

Notice of Annual General Meeting / 95

Form of Proxy / 97

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Innovation is the engine behind everything we do at On'ally Holdings. As the proprietor of Unity Plaza, we have taken bold steps to redefine the digital retail landscape by repositioning the property as Sri Lanka's central hub for IT and tech-related solutions. This transformation is a reflection of our commitment to staying ahead of the curve, in a fast-moving digital world.

With major upgrades to infrastructure, customer facilities, and the mall's exterior, we have reimagined Unity Plaza as a vibrant, tech-forward destination, and have, in the year under review, taken extraordinary steps towards achieving our vision. With AI-driven e-commerce as our actionable objective in our near future, we ensure that our plans for the future further reinforce our digital footprint.

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By driving digital dynamics, we are not only meeting the expectations of a modern consumer base - we are actively shaping them. On'ally Holdings remains focused on scaling new heights, empowering innovation, and unlocking the full potential of the digital economy.

Building Growth

To build growth by being the most desired business venue in the city. To enhance shareholder value by satisfying our customers' with modern facilities and quality service by dedicated professionals.

ABOUT US

On'ally Holdings PLC was founded in 1982 as On'ally Holdings Limited by Mr Onally Gulamhusein. He commenced construction of the main hall of the Unity Plaza building in 1982 and soon after, upon completion of the third floor invited the Urban Development Authority as a joint venture partner to participate in this project. The project's aim was to develop prime land with modern amenities in line with government policy at that time. Unity Plaza's construction and outfitting was completed in 1986, and the letting of space began in 1987. Soon after, on 25th April 1991, Ona'lly Holdings was listed on the Colombo Stock Exchange.

In December 2020, On'ally Holdings PLC was acquired by Lanka Realty Investments PLC (LRI), a leading player in Sri Lanka's real estate markets with business operations spanning over five decades. Having extensive experience in commercial and residential real estate properties and operations, LRI was able to add greater value to On'ally's vision of "Building Growth" by making Unity Plaza one of the most desired business venues in Colombo by catering to discerning customer needs and offering modern facilities and quality services.

Today, On'ally Holding's is synonymous with the Unity Plaza complex. Since its completion, Unity Plaza welcomed tenants ranging across industries and small businesses. However, by the early 2000s, the main floor of Unity Plaza began to converge with IT retail outlets offering various IT-related products and services. In the last 24 years, Unity Plaza has been building a reputation as "the mall for all IT-related goods and services" and is now renowned as Sri Lanka's largest IT and computer services hub in Colombo. With the arrival of LRI in 2020, Unity Plaza has been further transformed in the last four years to make it a one-stop shop for all consumer digital and electronic needs.

The Unity Plaza complex boasts five floors of IT retail shops and computer repair centres and another five floors of commercial office spaces. The management and employees of the Company are determined to further increase the value and services of Unity Plaza and provide the best rental services to tenants while enriching the shopping experience for customers.

Currently, the Unity Plaza complex is undergoing major upgrades to its infrastructure and will be developed to meet international standards, housing all major IT companies in Sri Lanka within the short to medium term. The office spaces will be upgraded providing the perfect location for companies to set up their offices in the heart of Colombo while Unity Plaza continues to augment its reputation as the IT Hub of Sri Lanka.

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FINANCIAL AND OPERATIONAL HIGHLIGHTS

Stronger Revenue, Solid Assets, and Sustainable Returns Building Long-Term Value for Our Shareholders

Total Revenue

(2023/2024) Rs 298Mn

Total Assets

(2023/2024) Rs 4775 Mn

Declared Dividend

(2023/2024) Rs 2.00

FINANCIAL POSITION HIGHLIGHTS AND RATIOS

CHAIRMAN'S STATEMENT

OPERATING AS A BEACON OF RESILIENCE

A significant part of our focus has been dedicated to the continued growth and strategic repositioning of our flagship property, Unity Plaza. Unity Plaza, Sri Lanka's #1 IT hub, maintained strong demand with occupancy trending up as refurbished space returns to the market. A truly remarkable achievement was maintaining total average occupancy at 69%, while undertaking extensive renovation work. This reflects our emphasis on effective portfolio management and is a testament to the property's enduring value proposition. Despite ongoing refurbishments, we successfully secured 48 new leases and facilitated 21 renewals during the year under review, reflecting sustained demand and tenant satisfaction.

The Company is currently working to optimise our remaining commercial spaces to meet market demand. I am pleased to note that we have 22 units remaining for leasing across the second and third floors,

which we expect to fill in the coming months as our refurbishment efforts are completed.

Dear Shareholders,

On behalf of the Board of Directors, I am pleased to present the On'ally Holdings PLC Annual Report for the financial year 2024/25. Looking back on the past year, I am filled with a profound sense of pride and optimism. The renovation and refurbishment of our flagship one-stop-shop IT hub has made steady progress, laying

a strong foundation for further enhancements and new developments in the coming year. The Company has demonstrated remarkable resilience and strategic progress. Our emphasis on disciplined management

and the strengthening of core partnerships has enabled us to navigate a challenging operating environment while establishing a robust foundation to drive longterm growth and prosperity.

BUILDING STRATEGIC PARTNERSHIPS

A noteworthy development during the year under review was the Company's public-private partnership with the Urban Development Authority (UDA). The UDA's significant 45% shareholding, alongside our 51% ownership, provides a unique and powerful collaborative framework which remains a cornerstone of our success. We believe this collaboration has not

only enhanced our strategic direction but also instilled a high degree of confidence in our operations. We remain committed to exploring and expanding this and other partnership opportunities, leveraging these strong relationships to drive future initiatives and contribute to national development goals.

We take pride in our ability to support tenants and maintain strong relationships in an ever-changing business operating environment. With ongoing renovations nearing completion, we anticipate a notable surge in rental income in the coming years.

FINANCIAL PERFORMANCE HIGHLIGHTS

The Company recorded a increase in revenue during the year ended 31st March 2025. The total revenue increased by 55 Mn to Rs. 353 Mn compared to the 18% increase to Rs. 298 Mn in the previous financial year.

This performance is in line with our strategic emphasis on rental value growth, with increases ranging from 6% to 43% across the building. These results underscore the strength of our assets and leasing strategy, reinforcing revenue streams and delivering sustained value creation. However, a reduction in finance income due to the falling interest rates, together with a 7% fall in the fair value of investment properties, resulted in the Company recording declining profitability. As such, the net profit for the year decreased by 10% to Rs. 512 Mn during the year under review, compared to Rs. 570 Mn recorded in the previous financial year.

DELIVERING VALUE TO STAKEHOLDERS

Our business success is closely tied to the value we deliver to our stakeholders. By maintaining a balanced approach, we continue to strengthen relationships with tenants, employees, consumers, and the wider community, ensuring resilience and value-added growth.

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CHAIRMAN'S STATEMENT

For our tenants, we remain committed to enhancing satisfaction by providing well-designed spaces, modern amenities, and competitive pricing. This focus enables us to build long-term partnerships and foster loyalty.

Our employees form the cornerstone of our success. We strive to create a workplace where individuals are empowered to grow, advance, and reach their full

potential. Through career development opportunities, recognition of achievements, and prioritisation of

well-being, we cultivate a positive and rewarding work environment. Open and transparent communication further strengthens collaboration and trust, driving collective success.

For consumers, we curate tenant partnerships that reflect their evolving expectations of quality, innovation, service levels, and value, as expected from a brand that is gaining recognition as Colombo's leading IT Hub.

We achieve this by prioritising businesses that offer strong brands, high-quality products, and exceptional customer service. ThIs is highlighted by low year on-year tenant turnover.

PRUDENT MANAGEMENT EFFORTS

Operating within an evolving economic and market landscape, our commitment to robust governance and financial prudence has remained at the forefront of the Company's focus. We have diligently enhanced our corporate governance framework to align with the requirements of the Colombo Stock Exchange,

ensuring greater transparency and accountability for all stakeholders. Our risk management strategy, focused on maintaining debt-free operations, continues to serve us well. I am proud to report that our Company operates without any mortgages or long-term debt,

providing us with a strong and flexible financial position to navigate future challenges and opportunities.

OUR FUTURE INITIATIVES

The future of Unity Plaza is well set, with a clear focus on growth, innovation, and enhanced stakeholder value. We will continue to optimise our portfolio, expand tenant offerings, and introduce modern amenities that elevate the overall experience for both tenants and visitors. Strategic partnerships and targeted initiatives will drive operational efficiency and rental growth, while sustainability and community engagement remain integral to our approach.

An exciting development planned for completion in the upcoming financial year is the installation of a new LED wraparound screen project. This enhancement will significantly improve Unity Plaza's visibility and overall appeal, while also creating new revenue opportunities. Furthermore, on the third floor, we are developing a

state-of-the-art gaming centre designed to attract a new generation of tech enthusiasts and foster a vibrant, high-energy environment.

Looking ahead, we are excited to share plans for a proposed auditorium on the 8th floor. This versatile, state-of-the-art facility will significantly enhance our building's offerings, providing a modern venue for events, presentations, and large gatherings. We

anticipate this addition will not only add considerable value for our tenants and external partners but also diversify our revenue streams and strengthen Unity Plaza's position as a premier business and technology hub in the heart of Colombo.

Through these initiatives, we aim to strengthen Unity Plaza's position as a leading destination, delivering

long-term value for tenants, employees, consumers, and other stakeholders.

ACKNOWLEDGEMENT

I extend our sincere gratitude to the UDA for their steadfast support and guidance. We particularly value the contributions made by UDA's representatives

as Directors on our Board. I would also like to acknowledge my fellow Board of Directors for their continued support during the year under review.

The leadership of our Managing Director, whose vision and guidance continue to drive the Company forward, has remained invaluable over the years. I thank him and the management team, as well as all our employees, for their dedication, professionalism, and commitment to excellence, which remain the cornerstone of the Company's success and exceptional progress.

Finally, I would like to take this opportunity to thank our tenants and partners for their continued trust and collaboration. Their loyalty and engagement enable us to create vibrant, thriving spaces and deliver sustained value across our portfolio.

HIGHLIGHTS

Our company's public-private partnership with the Urban Development Authority (UDA) remains a cornerstone of our success. We are eager to explore and expand partnership opportunities, leveraging this strong relationship to drive future initiatives and contribute to national development goals.

A J B Warman

Chairman

On'ally Holdings PLC

MANAGING DIRECTOR'S MESSAGE

the year under review. The Company is now actively soliciting bids for the space from leading restaurants and food operators. This new amenity is ready for occupation, further diversifying our offerings and enhancing the tenant mix.

Despite ongoing renovations, Unity Plaza maintained an average occupancy level of 69% throughout the financial year. These strategic enhancements supported the growth of occupancy levels, which reached 74%

by the year-end. The improvements to our facilities and tenant mix continue to strengthen Unity Plaza's positioning as a preferred destination for IT and related

businesses. As redevelopment projects near completion and new amenities such as the Food Court are brought online, we expect occupancy to grow further, driving sustainable rental income growth and reinforcing

our vision of establishing Unity Plaza as Colombo's foremost IT hub.

It is with great pride that I address you on the conclusion of another pivotal year for On'ally Holdings PLC. The financial year 2024/25 was a period of continued transformation and strategic consolidation, building upon the foundational achievements of

the previous year. Our unwavering commitment to excellence and our forward-thinking vision position the Company for sustained growth in a dynamic and ever-evolving market environment.

STRATEGIC ENHANCEMENTS AND REDEVELOPMENT

Throughout the year under review, the Company continued to focus on enhancing Unity Plaza's appeal and functionality through significant refurbishment and redevelopment projects. This period was a testament to our ability to not only adapt but to lead, as we built upon the successful reopening in late 2023.

A key highlight was the successful completion of interior renovations and the splitting of units for retail shops on the second floor, followed by the installation of the striking glass façade on the same floor. We also successfully completed a comprehensive waterproofing project on the second floor, which included the rearrangement of the downpipe system and the slab area of the CEB Transformer room. Additionally, the first-floor upgrades have made good progress during the year, with completion of the work planned for the upcoming financial year.

A major undertaking was the development of a modern Cafeteria and Food Court on the second floor, which was completed to our satisfaction and ideals during

Looking ahead, we are committed to maintaining this growth trajectory with several exciting developments in the pipeline. Plans are underway for a prominent LED wraparound screen on the building's exterior and the installation of a rooftop solar power system. We have also finalised designs for a state-of-the-art gaming lounge on the third floor, scheduled for completion by the end of the upcoming financial year. In addition, the proposed auditorium on the eighth floor will further elevate Unity Plaza's appeal as a multifaceted IT hub.

Together, these modernisation initiatives will diversify our offerings, unlock new revenue streams, and contribute to a more profitable future.

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MANAGING DIRECTOR'S MESSAGE

BUILDING ON OUR FINANCIAL STRENGTH

The successful operational initiatives and enhancements of the year have translated into robust financial results. Our emphasis on attracting a diverse tenant portfolio, optimising space utilisation, and maximising estimated rental value (ERV) has driven growth in rental income, contributing to an 18% increase in revenue for the year under review. These efforts have also resulted in a notable appreciation of asset values, underscoring the effectiveness of our property enhancement strategy.

Consequently, the total assets of On'ally Holdings grew by 8% during the year under review and are expected to continue increasing as we advance our vision of positioning Unity Plaza as Colombo's premier IT hub through our innovative development plans.

A PARTNERSHIP FOR PROGRESS

The public-private partnership entered into with the Urban Development Authority (UDA) during the financial year under review remains a cornerstone of our strategic success. With the UDA holding a significant 42% shareholding alongside our 51% ownership, we benefit from a unique and highly effective collaborative framework. I wish to extend our sincere gratitude to the UDA for the unwavering

support of their directors on our board, whose insights and guidance have been invaluable. This partnership has not only strengthened our strategic direction

but also instilled a high degree of confidence in our operations. We are committed to exploring and expanding these partnership opportunities, leveraging this strong relationship to drive future initiatives and contribute to national development goals.

DIGITAL MARKETING STRATEGY

I am pleased to share our proactive and evolving digital marketing strategy, which is absolutely central to our vision for Unity Plaza's future. Recognising the immense potential of the digital landscape, we have committed significant resources to ensuring Unity Plaza maintains a strong, vibrant, and engaging online presence.

Throughout the past year, we initiated and consistently deployed comprehensive Social Media Marketing and Digital Marketing Campaigns. These efforts have been crucial in enhancing our visibility, reaching a wider audience, and actively engaging with both existing and potential customers and tenants. We understand that in today's interconnected world, a robust digital footprint is not just an advantage but a necessity for sustained growth

LOOKING TO THE FUTURE

As we conclude the financial year 2024/25 and look forward, the future of On'ally Holdings PLC is filled with exciting prospects and strategic advancements designed to build upon our strong foundations. Our unwavering commitment remains centred on further

enhancing the value and appeal of Unity Plaza, ensuring its continued prominence as a leading destination and one-stop location for all IT needs.

We are particularly enthusiastic about the innovative additions planned for Unity Plaza. Our vision includes the operationalisation of a cutting-edge, high-

tech gaming lounge on the third floor, poised to captivate an emerging generation of gamers and tech enthusiasts. Complementing this, the installation of a new, state-of-the-art LED screen for external signage of the building will further enhance Unity Plaza's visibility and overall appeal, while simultaneously unlocking potential revenue streams from advertising opportunities. Furthermore, plans are well underway for a proposed auditorium on the eighth floor, a significant enhancement that will offer a versatile

and fully equipped space for a wide array of events, presentations, and large gatherings. These strategic investments are not merely about modernising our facilities; they are about diversifying our offerings, expanding our capacity to host both internal and

external functions, and ultimately adding considerable value to our property while supporting growing profitability and revenue, and creating value for our stakeholders.

Our future marketing initiatives will continue to be a cornerstone of our growth strategy. We will further develop our social media and digital campaigns, ensuring Unity Plaza maintains a compelling and engaging online presence. The planned website is also an integral element of this strategy, set to significantly improve our digital reach and attract an even broader customer and tenant base, while offering a digital space for our tenants' advertising needs.

Beyond Unity Plaza, our strategic outlook for On'ally Holdings PLC extends to identifying and capitalising on new opportunities for growth. Building on the

successful partnership established with the UDA during the financial year under review, we aim to expand such collaborations to capitalise on emerging opportunities while simultaneously seeking new strategic partners that complement our expertise and facilitate our entry into diverse asset management ventures, thereby ensuring a robust and diversified growth trajectory for On'ally Holdings PLC.

We are also actively exploring new asset management opportunities, seeking to replicate the success and value creation model applied to Unity Plaza across other ventures. This forward-looking approach, combined with our ongoing commitment to operational excellence and innovative development, positions On'ally Holdings PLC for sustained growth and continued success in the years to come.

APPRECIATIONS

The success we have achieved is a collective effort.

I would like to extend my deepest gratitude to our dedicated management team and employees for their relentless hard work and commitment. Their resilience and innovative spirit are the driving force behind our achievements.

I also wish to thank the Board of Directors for your vision and valued support. We appreciate our valued tenants for their continued trust and partnership. Your belief in our vision has been instrumental in making Unity Plaza the vibrant hub it is today.

Finally, to our esteemed shareholders and stakeholders, I would like to express my sincere gratitude for your continued confidence. Your support empowers us

to pursue our ambitious goals and navigate the future with confidence. As we move forward, we are committed to upholding the highest standards of transparency, integrity, and corporate governance, ensuring that On'ally Holdings PLC continues to be a leader in the industry and a source of long-term value for all.

M H Jamaldeen

Managing Director

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BOARD OF DIRECTORS

MR. ARCHIE J B WARMAN

Chairman / Non-Executive Director

MR. N. L. S. JOSEPH

Deputy Chairman / Independent Non-Executive Director

MR. M H JAMALDEEN

Managing Director

MR. E. A. C. PIYASHANTHA

Non-Executive Director

MR. H. R. S. C. GUNATHILAKE

Non-Executive Director

ENG. L B KUMUDU LAL

Non-Executive Director

MRS. THARSINI SARVESHWARAN

MR. K D CHITHRAPALA

Independent Non-Executive Director

Executive Director - Operations

MR. SARRAVANAN NEELAKANDAN

Independent Non-Executive Director

MR. A A MARIKAR

Independent Non-Executive Director

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BOARD OF DIRECTORS

MR. ARCHIE J B WARMAN

Chairman / Non-Executive Director

Date of Appointment: 01.02.2021

Mr. Archie Warman serves as the Chairman of On'ally Holdings PLC and is a co-founder of Steradian Capital, established in 2013. He plays a key role in the firm's asset management strategy, development planning, equity fundraising, investor communications, and marketing efforts.

A qualified Chartered Surveyor, Mr. Warman began his real estate career in London, gaining extensive

experience in both commercial and residential property.

He worked at Hexell Wylie (now part of Savills) in the City and West End, with responsibilities spanning

investment brokerage, leasing, valuations, development appraisals, property and asset management, and landlord-tenant law.

Before founding Steradian Capital, Mr. Warman held the position of Property Director at Newbridge Capital Investments Limited, where he oversaw property investments and development projects focused on UK commercial assets and London residential real estate.

Mr. Warman holds a Master's degree in Property Valuation and Law from Cass Business School (City, University of London) and is a Member of the Royal Institution of Chartered Surveyors (MRICS).

He holds directorships in twenty two companies:

Non Independent Non-Executive Director

285 Darley Road (Pvt) Ltd Alexandra Holdings (Pvt) Ltd Almond Trees (Pvt) Ltd Amtrad Limited

Baseline Holdings (Pvt) Ltd Crown Resorts (Pvt) Ltd Dutch Bay Holdings (Pvt) Ltd Hardy James (Pvt) Ltd HJAW International (Pvt) Ltd Ilook Villa (Pvt) Ltd

L & A Quarries (Pvt) Ltd Lanka Land Realty (Pvt) Ltd

Lanka Realty Ambalangoda (Pvt) Ltd Lanka Realty Developments (Pvt) Ltd Lanka Realty Leisure (Pvt) Ltd Mulberry Holdings (Pvt) Ltd

Oak Street (Pvt) Ltd

On'ally Holdings PLC (Chairman) Steradian Capital Management (Pvt) Ltd Thudella Holdings (Pvt) Ltd

Executive Director

Steradian Capital Investments (Pvt) Ltd Lanka Realty Investments PLC

MR. N. L. S. JOSEPH

Deputy Chairman / Independent Non-Executive Director

Date of Appointment: 18.05.2021

Mr. N. L. S. Joseph brings over 35 years of diverse experience in engineering and engineering consultancy, both in Sri Lanka and internationally. He has held senior leadership roles in several prominent organisations, including the State Engineering Corporation, Heavyfab Ltd, Development Consultants Lanka (Pvt) Ltd, Safari Company Ltd in Saudi Arabia, and Baharudden P.M.S. Associates in Brunei.

Mr. Joseph is a distinguished professional affiliated with multiple international engineering bodies. He is a: Member, Institution of Electrical and Electronic Engineers (MIEEE) - USA, Member, Institution of Lighting Engineers (MILE) - UK, Member, New York Academy of Sciences (MNYAS) - USA, Member,

Illuminating Engineering Society (MIES) - USA, Member, American Society of Heating, Refrigerating and Air-Conditioning Engineers (MASHRAE) - USA, Member, Institution of Engineering and Technology (MIET) - UK,

Incorporated Engineer - UK (IEng), Member, Institute of Incorporated Engineers - Sri Lanka (MIIESL), Incorporated Engineer - Engineering Council, Sri Lanka

In addition to his role at On'ally Holdings PLC, Mr. Joseph is the Managing Partner of Cadteam and the Managing Director of N J Consultants (Pvt) Ltd,

offering specialised engineering consultancy services. He holds directorships in two companies:

Independent Non-Executive Director On'ally Holdings PLC (Deputy Chairman) Prime Lands Residencies PLC

Executive Director

N J Consultants (Pvt) Ltd (Managing Director)

MR. M H JAMALDEEN

Managing Director

Date of Appointment: 01.02.2021

Mr. M. H. Jamaldeen brings over two decades of expertise in corporate finance, accounting, and strategic business development, spanning the real estate, leisure, hospitality, retail, energy, and logistics sectors. His breadth of knowledge and experience have positioned him as a respected leader in both local and international business circles, with a proven record of creating value at Board level.

Mr. Jamaldeen began his career in London's financial sector, serving as Finance Director at Newbridge

Capital Investments Limited. In this role, he was involved in real estate transactions exceeding USD 1.6 billion, gaining substantial experience in acquisitions, disposals, transactional analysis, financing structures, and tax planning.

Returning to Sri Lanka, he founded Steradian Capital Investments (Pvt) Ltd, which has since grown

into a leading real estate advisory and investment firm, managing assets of over LKR 25 billion. His

entrepreneurial vision and strategic acumen earned him recognition by Echelon magazine as a trailblazer in the investment sector.

He has also held significant Board positions in leading Sri Lankan institutions. Notably, he served as an Independent Non-Executive Director of Hayleys PLC, Sri Lanka's premier diversified conglomerate, for over a decade, contributing to the creation of long-term stakeholder value. In addition, he has twice served on the Sri Lanka Cricket Interim Committees, focusing on strengthening governance and building more robust

financial structures to support the sport's development. He has further contributed nationally as a Board Member of People's Bank PLC and the Sri Lanka Atomic Energy Board, while serving the community as Treasurer of Moors Sports Club.

A Fellow of the Association of Chartered Certified Accountants (UK), Mr. Jamaldeen also holds an Engineering and Business degree from the University of Warwick, UK, equipping him with both technical and financial expertise.

He currently serves as Managing Director of On'ally Holdings PLC and Executive Director of Lanka Realty Investments PLC, in addition to the aforementioned, Mr. Jamaldeen holds the directorships in the following companies: He is an Executive Director of Steradian Capital Investments (Pvt) Ltd, Chairman/Managing Director of Lanka Realty Developments (Pvt) Ltd, Non Independent Non-Executive Director of 285 Darley Road (Pvt) Ltd, Alexandra Holdings (Pvt) Ltd, Amtrad Limited, Almond Trees (Pvt) Ltd, Baseline Holdings (Pvt) Ltd, Bravo Holdings Lanka (Pvt) Ltd, Cape Diamante Nominees (Pvt) Ltd, Core Holdings Lanka (Pvt) Ltd, Crown Resorts (Pvt) Ltd, HQ Colombo

(Pvt) Ltd, Ilook Villa (Pvt) Ltd, L & A Quarries (Pvt) Ltd, Lanka Realty Ambalangoda (Pvt) Ltd, Lanka Realty Leisure (Pvt) Ltd, Mulberry Holdings (Pvt) Ltd, Oak Street (Pvt) Ltd, Realty Business (Pvt) Ltd, Sathutu Nivahana Lanka (Pvt) Ltd, Steradian Capital Management (Pvt) Ltd, Thudella Holdings (Pvt) Ltd,

W15 Lakeside (Pvt) Ltd, W15 Nuwaraeliya (Pvt) Ltd, HQ Entertainment (Pvt) Ltd, HQ Events (Pvt) Ltd and HQ Restaurants (Pvt) Ltd.

With his forward-looking perspective, strong financial discipline, and extensive leadership portfolio, Mr.

Jamaldeen continues to play a pivotal role in driving growth, strengthening governance, and creating longterm value for stakeholders.

MRS. THARSINI SARVESHWARAN

Executive Director - Operations

Date of Appointment: : 01.10.2005

Mrs. T. Sarveshwaran was appointed to the Board of On'ally Holdings PLC on 1st October 2005. She is a full member of the Association of Business Executives (UK) and holds an Executive Diploma in Accounting and Finance from the Institute of Chartered Accountants of Sri Lanka.

With over 27 years of dedicated experience at On'ally Holdings PLC, Mrs. Sarveshwaran has developed extensive expertise in asset management, accounting, and administration, playing a key role in the company's operational and financial functions.

MR. SARRAVANAN NEELAKANDAN

Independent Non-Executive Director

Date of Appointment: 01.02.2021

Mr. Neelakandan is an experienced legal professional with over 19 years of practice, specialising in commercial, corporate, banking and finance law, foreign investment, infrastructure, and dispute resolution. He is an Attorney-at-Law and a Barrister of Lincoln's Inn, UK.

He holds an LL.B. from the University of Durham and an LL.M. in Banking and Finance Law from the University of London. He is the Founder and Managing Partner

of Sarravanan Neelakandan Law Associates, a leading legal practice offering a broad range of advisory and litigation services to local and international clients.

In addition to his legal practice, Mr. Neelakandan contributes to the legal profession as Co-Editor-in-Chief of the Bar Association Law Journal, a key platform for legal scholarship and commentary in Sri Lanka.

He currently serves as an Independent Non-Executive Director of: Lanka Realty Investments PLC and Amazon Data Services Lanka (Pvt) Ltd. He is also a Director of SN Law Corporate Secretaries (Pvt) Ltd.

He holds directorships in four companies:

Independent Non-Executive Director Amazon Data Services Lanka (Pvt) Ltd Lanka Realty Investments PLC (Chairman) On'ally Holdings PLC

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BOARD OF DIRECTORS

Director

SN Law Corporate Secretaries (Pvt) Ltd

MR. A A MARIKAR

Independent Non-Executive Director

Date of Appointment: 01.02.2021

Mr. Afzal Marikar has served as the Honorary Consul General for Pakistan in Sri Lanka since February 1988, bringing over three decades of diplomatic engagement and cross-border collaboration.

An alumnus of Trinity College, Mr. Marikar is a seasoned entrepreneur and the Chairman/Managing Director

of several diversified businesses operating across Sri Lanka. His professional footprint spans sectors

including construction, renewable energy, hospitality, dairy, and international trade.

Mr. Marikar was a founding Director of the National Construction Association of Sri Lanka (NCASL) and formerly served as a Director of the Sri Lanka Ports Authority.

Beyond his business and diplomatic roles, Mr. Marikar has been actively engaged with civil society and humanitarian organisations. He has championed numerous inter-community initiatives and social development projects aimed at promoting inclusivity and improving livelihoods across the country.

He holds directorships in seven companies:

Non-Executive Director On'ally Holdings PLC Loginex Trading (Pvt) Ltd

Chairman/Managing Director

Colourcon (Pvt) Ltd Conmix (Pvt) Ltd Icon Hotels (Pvt) Ltd Ross Dairies (Pvt) Ltd

Ross Hydro Power (Pvt) Ltd

MR. E. A. C. PIYASHANTHA

Non-Executive Director

Date of Appointment: 05.02.2020

Mr. E A C Piyashantha serves as the Deputy Director General (Real Estate & Land Management) at the Urban Development Authority (UDA), bringing over 27 years of experience in urban planning and real estate management. Throughout his career, he has held a range of key positions including Planning Assistant,

Planning Officer, Assistant Director (Planning), Deputy Director (Planning), Deputy Project Director (Planning), Unit Head (Project Planning), Director (Housing), and Deputy Director General.

Mr. Piyashantha holds multiple postgraduate qualifications, including an MSc in Urban and Regional Planning (International) from the UK, an MSc in Urban and Regional Planning from the Netherlands, and an MSc in Disaster Analysis, Mitigation and Management from the University of Colombo. He also holds a Postgraduate Diploma in Project Management from the University of Moratuwa and a BSc (Hons) in Estate Management and Valuation from the University of

Sri Jayewardenepura. He is a Fellow Member of the Institute of Town Planners Sri Lanka and the Institute of Real Estate and Valuation, and a Member of the Institute of Project Management.

With extensive expertise in property development, project formulation, urban planning, and policy implementation, Mr. Piyashantha has played a significant role in shaping land use and development initiatives under the UDA's mandate. His professional excellence has been recognised with accolades such as the Planning Excellence Award, and he has been

nominated for the Best Director Award in recognition of his outstanding service to the Authority.

He holds directorships in two companies:

Non-Executive Director

On'ally Holdings PLC

Director

Lanka Financial Services for Underserved Settlements Company Limited by Guarantee

MR. H. R. S. C. GUNATHILAKE

Non-Executive Director

Date of Appointment: 28.04.2023

Mr. H R S C Gunathilake currently serves as the Deputy Director General (Finance) at the Urban Development Authority (UDA). He holds a Bachelor of Business Management (Accountancy) Special Degree from

the University of Kelaniya, graduating with a Second Class (Lower Division), and is an Associate Member of the Institute of Chartered Accountants of Sri Lanka (ICASL).

Mr. Gunathilake began his career at the UDA in February 2001. Between 2005 and 2007, he served as an Audit Senior at BDO Burah Hathy - Chartered

Accountants. He later rejoined the UDA, where he has held several key positions including Accountant and Deputy Director (Finance), prior to assuming his current role.

He holds directorships in four companies:

Executive Director

Urban Investment & Development Company (Private) Limited

Non-Executive Director Lanka Rest House Limited On'ally Holdings PLC Waters Edge Ltd

ENG. L B KUMUDU LAL

Non-Executive Director

Date of Appointment: 14.11.2024

Eng. L B Kumudu Lal, Chairman of the Urban Development Authority (UDA), brings over 28 years of extensive experience in civil engineering, environmental engineering management, water and wastewater drainage, solid waste management, and project management, complemented by significant international exposure.

He holds a Master's degree in Environmental Engineering Management and a Bachelor's degree in Civil Engineering, both from the University of

Moratuwa. Eng. Kumudu Lal has held senior leadership roles including Director and Acting Additional Secretary (Project Monitoring) at the Ministry of Water Supply, where he managed major water and drainage projects valued at Rs. 450 billion.

His distinguished career includes key positions at the Colombo Municipal Council, serving as Chief District Engineer of District Office 04, where he oversaw administrative, financial, and infrastructure projects such as sewerage systems and road construction, as well as Director of Engineering (Municipal Workshop).

A Class 1 Engineer and Chartered Civil Engineer, Eng. Kumudu Lal is a member of the Institute of Engineers, Sri Lanka (IESL). He has specialised expertise in contract administration, procurement, and environmental management. His contributions to landmark projects include the World Bank-funded Duplication Road Project and the Greater Colombo

Wastewater Management Project. Furthermore, he is a Past President of the Association of Public Service Engineers.

He holds directorships in nine companies:

Non-Executive Director

Colombo Land and Development Company PLC On'ally Holdings PLC

Director

Lanka Rest House Limited

Ocean View Development (Pvt) Ltd

Tea, Rubber & Coconut Estates (Control of Fragmentation) Board

Urban Development Authority (Chairman)

Urban Investment & Development Company (Private) Limited (Chairman)

Urban Settlement Development Authority Waters Edge Limited

MR. K D CHITHRAPALA

Independent Non-Executive Director

Date of Appointment: 14.11.2024

Mr. K D Chithrapala currently serves as the Director and Chief Executive Officer of the Local Loans Development Fund (LLDF) under the Ministry of Justice, Public Administration, Home Affairs, Provincial Councils, and Labour.

He holds a Bachelor of Commerce Special Degree (Second Class) from the University of Sri

Jayawardenapura, a Post-Graduate Diploma in Local Government Finance from the Postgraduate Institute of Management (PIM), University of Sri Jayawardenapura, and a Master of Commerce from the University of Kelaniya. Additionally, Mr. Chithrapala holds a Special Grade membership of the Sri Lanka Accountants Service, is a member of the Chartered Institute of Public Finance and Accountancy (CIPFA), UK, an Associate Member of the Chartered Institute of Management Accountants (CIMA), UK, and a Fellow Member of both the Institute of Financial Accountants (UK) and the Institute of Public Accountants (Australia).

With over 40 years of dedicated service to the public sector in Sri Lanka, Mr. Chithrapala has amassed extensive experience across finance, administration, and development.

He has held key positions including Municipal Treasurer of the Colombo Municipal Council (CMC) and Additional Secretary (Restructuring and Public Corporations) at the Ministry of Industry and Commerce. His expertise extends to international development projects, having served as Financial

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BOARD OF DIRECTORS

Management Consultant and Financial Economist for World Bank and Asian Development Bank initiatives.

Mr. Chithrapala has also served as Chairman of Sathosa Construction and Engineering Company Ltd, Acting Chairman of the Gem and Jewellery Authority, and Kahatagaha Graphite Lanka PLC. He has been a Director on the boards of several state-

owned enterprises, including the Urban Development Authority, Cooperative Wholesale Establishment (CWE), Consumers' Authority, Government Paper Company Ltd, and Sustainable Energy Authority.

A recognised expert in local government finance, Mr. Chithrapala has contributed as a visiting lecturer at multiple government universities and holds significant academic and professional credentials from Sri Lanka and abroad.

He holds directorships in two companies:

Independent Non-Executive Director

On'ally Holdings PLC

Director/Chief Executive Officer

Local Loans and Development Fund of Ministry of Public Administration provincial councils and Local Government

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Management Discussion & Analysis

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MANAGEMENT DISCUSSION AND ANALYSIS

On'ally Holdings PLC completed a successful financial year, characterised by considerable growth and strategic development. Despite an evolving operating landscape, the Company's proactive initiatives and steadfast commitment to excellence delivered outstanding results. A key factor in this success was the transformation of Unity Plaza into the foremost one-stop IT hub. This was achieved through targeted marketing, an elevated brand presence, and thoughtful renovations. Unity Plaza now proudly hosts a comprehensive selection of IT retailers, strategically clustered to create a unique synergistic retail environment that significantly enhances the customer journey and encourages greater engagement across all stores.

OUR DEFINING MOMENTS

Investments in Refurbishment

Space Optimisation

5 floors dedicated to

Dividend Distributed

Rs.

FY 2023/24

Rs. 293Mn

Mn IT retail shops

5 floors comprising

commercial office

spaces

Rs. Mn

FY 2023/24

Rs. 213.9 Mn

Return on Assets

FY 2023/24

11.9%

Earnings per Share

Rs. 5.50

FY 2023/24

Rs. 6.13

Net Assets per Share

Rs. 38.24

FY 2023/24

Rs. 36.32

Occupancy Ratio

FY 2023/24

72%

Total Assets Growth

FY 2023/24

12.8%