Seylan Developments PlcCSELK: CSD.N0000

Interim Financial Statements for the Quarter ended 31st December 2024

Feb 25, 2025 at 4:37 AM UTC · Issued by Seylan Developments Plc

Level 15, Seylan Towers, No: 90, Galle Road, Colombo 03.

Interim Financial Statements Year Ended 31 st December 2024

SEYLAN DEVELOPMENTS PLC STATEMENT OF FINANCIAL POSITION

Assets

Non Current Assets

Property, plant & equipment Investment property Other Investments Retirement benefit assets

Total Non Current Assets

Current Assets

Inventories

Trade and other receivables Other investments

Cash and cash equivalents

Total Current Assets

Total Assets

Equity and Liabilities

Equity

Stated capital

Reserves

Retained earnings

Non Current Liabilities

Deferred tax liability

Current Liabilities

Trade and other liabilities Income tax payable Bank overdrafts

DEC 31, 2024

(Audited)

Rs '000

2,424

5,997,826

431,886

4,638

6,436,774

10,489

47,740

94,730

29,358

182,317

6,619,091

1,644,392

505,710

3,370,661

5,520,763

924,064

125,521

33,607

15,136

174,264

DEC 31, 2023

(Audited)

Rs '000

3,493

5,865,200

238,154

3,757

6,110,604

13,148

38,195

94,430

293,563

439,336

6,549,940

1,644,392

487,827

3,337,356

5,469,575

898,891

146,616

31,590

3,268

181,474

Growth

(30.61)

2.26

81.35

23.45

5.34

(20.23)

24.99

0.32

(90.00)

(58.50)

1.06

3.67

1.00

0.94

2.80

(14.39)

6.38

363.20

(3.97)

Total Equity and Liabilities

6,619,091

6,549,940

1.06

Net Asset per Share

39.52

36.97

6.92

The Financial Statements have been prepared in compliance with the requirements of the Companies Act no 7 of 2007, the Rule 7.4 of the CSE Listing Rules and Sri Lanka Accounting Standard - LKAS 34 - Interim Financial Reporting.

Sgd.

Nirmala Arangalage ( Mrs )

Head of Finance

We, the undersigned, being the Chairman, Independent Non-Executive Director of Seylan Developments PLC certify that, the information contained in these statements have been extracted from the audited financial statements of the Company.

Sgd.	Sgd.
Ramesh Jayasekara	Najill Farouk
Chairman	Independent Non Executive Director
24th February 2025

SEYLAN DEVELOPMENTS PLC

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

Rental Income

Other Income

Operating Expenses

Change in fair value of investment properties Operating Profit

Net Finance income

Profit Before Taxation

Taxation

Profit After Taxation

Other comprehensive income

Items that will not be reclassified to profit or loss

Actuarial gain / (loss) on retirement benefit obligations

FOR THE QUARTER ENDED

DEC 31,		DEC 31,		Growth
2024	2023

Rs '000		Rs '000	%
95,347	89,250	6.83
3,240		3,694		(12.30)
98,587	92,944	6.07
(29,714)		(27,211)		9.20
68,873	65,733	4.78
112,682		76,539		47.22
181,555	142,273	27.61
13,846		25,505		(45.71)
195,401	167,778	16.46
(20,631)		(10,005)		106.21
174,770		157,773	10.77

1,280

(5,688)

(122.50)

FOR THE YEAR ENDED
DEC 31,		DEC 31,	Growth
2024	2023

(Audited)		(Audited)
Rs '000		Rs '000	%
397,131	387,109			2.59
7,665		6,692			14.53
404,796	393,801			2.79
(133,856)		(124,529)			7.49
270,940	269,272			0.62
112,682		76,539			47.22
383,622	345,811			10.93
59,256		99,457			(40.42)
442,878	445,268			(0.54)
(92,068)		(91,455)			0.67
350,810		353,813			(0.85)

1,280

(5,688)

(122.50)

Items that are or may be reclassified subsequently to profit or loss

Net Change in fair value of investment in debt instruments measured at FVOCI

Reversal of impairment provision recognized in prior year

Deferred tax on components of other comprehensive income

Other comprehensive income for the period, net of income tax

Total comprehensive income for the period

Earnings / (Loss) Per Share

12,616	3,153	300.07
-	(44)	(100.00)
(3,777)	(946)	299.24

10,119	(3,524)	(387.14)


184,889	154,249	19.86

Rs Rs

1.25 1.13

25,549	14,735	73.38
-	(44)	(100.00)
(7,657)	(4,420)	73.24

19,172	4,583	318.29


369,982	358,396	3.23

Rs		Rs

2.48 2.50

SEYLAN DEVELOPMENTS PLC STATEMENT OF CHANGES IN EQUITY

Balance as at 01.01.2023

Total Comprehensive Income for the period

Profit or Loss

Other Comprehensive Income

Net fair value change in investment in debt instruments measured at fair value through other comprehensive income

Actuarial loss on defined benefit obligation Reversal of impairment provision recognized in prior year

Deferred tax on components of other comprehensive income

Total Comprehensive Income for the period

Transactions recorded directly in equity

Dividend Paid

Balance as at 31.12.2023

Balance as at 01.01.2024

Total Comprehensive Income for the period

Profit or Loss

Other Comprehensive Income

Net fair value change in investment in debt instruments measured at fair value through other comprehensive income

Actuarial loss on defined benefit obligation

Deferred tax on components of other comprehensive income

Total Comprehensive Income for the period

Transactions recorded directly in equity

Share Repurchase

Dividend Paid

Stated Capital

Rs '000

1,644,392

Capital Reserve

Rs '000

525,494

Revaluation

Reserve

Rs '000

3,616

Fair Value

Reserve

Rs '000

(51,554)

14,735

(44)

(4,420)

10,271

(41,283)

25,549

(7,665)

17,884

Retained

Earnings

Rs '000

3,166,789

353,813

(5,688)

348,125

(177,558)

3,337,356

350,810

1,280

1,288

352,098

(179,105)

(139,688)

(318,793)

Total

Rs '000

5,288,736

353,813

14,735

(5,688)

(44)

(4,420)

4,583

358,396

(177,558)

5,469,575

350,810

25,549

1,280

(7,657)

19,172

369,982

(179,105)

(139,688)

(318,793)

Balance as at 31.12.2024

1,644,392

525,494

3,616

(23,399)

3,370,661

5,520,763

SEYLAN DEVELOPMENTS PLC CASH FLOW STATEMENT

For the period

Cash Flows from Operating Activities

Receipt from other Operating Activities

Cash payments to Employees, Suppliers and Tax Authorities

Interest Payments

Operating profit before changes in operating assets

(Increase)/Decrease in operating assets :

Inventories

Trade and other receivables

Increase/(Decrease) in operating liabilities :

Deposits & Trade payables

Cash Generated from Operations

Income Tax paid

Net cash from Operating Activities

Cash Flows from Investing Activities

Interest Received

Purchase of non-dealing Securities

Disposal of non-dealing Securities

Purchase of Property , Plant and Equipment

Additions to Investment Properties

Net cash from Investing Activities

Cash Flows from Financing Activities

Repurchase of shares

Dividends paid

Net Cash from Financing Activities

Total net increase in cash and cash equivalents during the period

Cash and Cash equivalents at beginning of period

Cash and Cash Equivalents at end of period

Reconciliation of Cash and Cash Equivalents

Cash and Short Term Funds

Bank Overdraft

01.01.24 - 31.12.24	01.01.23 - 31.12.23
(Audited)	(Audited)
Rs. 000	Rs. 000
404,796	393,801
(132,037)	(124,099)
(7,361)	(8,873)

265,398	260,830
2,659	1,539
(9,747)	2,268
(53,918)	(33,992)
204,392	230,646
(39,713)	(26,680)
164,679	203,966
66,617	108,329
(356,164)	(349,670)
187,681	287,384
(149)	(296)
(19,944)	(9,809)
(121,959)	35,938
(179,105)	-
(139,688)	(177,558)
(318,793)	(177,558)
(276,073)	62,346
290,295	227,949
14,222	290,295
29,358	293,563
(15,136)	(3,268)
14,222	290,295

SEYLAN DEVELOPMENTS PLC

Notes to the Financial Statements

General
Seylan Developments PLC (the "Company") is a "Public Quoted Company" and a Limited Liability Company
Incorporated, reregistered under Companies Act No. 07 of 2007 ( PQ 151 ) and domiciled in Sri Lanka and listed on the Colombo Stock Exchange.
- The Company's registered office is situated at Level 15, Seylan Towers, No. 90, Galle Road, Colombo 03.
- The Company is in the business of development of property, administration & maintenance.
- The Company is a subsidiary of Seylan Bank PLC.
- The staff strength of the Company as at 31st December 2024 is 17 (2023- 18).
Accounting Policies
There are no changes to the accounting policies & method of computation since the publication of the last Annual Report. The interim Financial Statements are presented in accordance with LKAS 34, Interim Financial Reporting. The Interim Financial Statements should be read in conjunction with the Annual Financial Statements for the year ended December 31, 2023 which have been prepared in accordance with LKAS / SLFRS.
Events After the Reporting Period
Proposed Final Dividend
The Board of Directors of the company recommended that a final dividend of Rs: 1.10 per share, be paid by way of
cash dividend for the financial year ended 31st December 2024 (Rs: 1.00 per share paid for the year ended December 31, 2023), subject to approval by the shareholders at the Annual General Meeting.
No circumstances have arisen since the reporting date which would require adjustments to or disclosure in the Financial Statements other than what is disclosed above.
Stated Capital

	139,688,298 Ordinary Shares (2023 - 147,964,860 Ordinary Shares)		Rs: 1,644,391,650/-
5 Share price movement
		Quarter Ended	Year Ended
		31.12.2024	31.12.2023	31.12.2024
		Rs'	Rs'	Rs'
	Highest Price	27.50	15.00	27.50
	Lowest Price	15.80	12.50	13.90
	Last Traded Price	25.00	14.40	25.00
	Market Capitalization	3,492,207,450	2,130,693,984	3,492,207,450

6 Comparative Information

Comparative figureshave been re-stated / adjusted where necessary, to conform to the current period presentation.

SEYLAN DEVELOPMENTS PLC

Notes to the Financial Statements

7 Major 20 Share Holder List - As at 31 December 2024

		NAME OF SHAREHOLDER	NO OF SHARES	%
		31.12.2024

	1	Seylan Bank PLC	104,332,112	74.69
	2	Mr. K. D. D. Perera	8,449,900	6.05
	3	Mr. A. J. Thissera	4,123,250	2.95
	4	Mrs. M. M. Udeshi (DESC)	1,287,900	0.92
	5	Sandwave Limited	1,107,138	0.79
	6	Mr. S. Abishek	767,756	0.55
	7	Asian Guild Financial Services (Pvt) Ltd	609,121	0.44
	8	Zagra Investment Consultants (Pvt) Ltd	594,200	0.43
	9	Finco Holdings (Pvt) Ltd	510,174	0.37
	10	Mr. B. C. Tay	505,948	0.36
	11	Miss. H. J. K. U. Wijerame	492,764	0.35
	12	Mr N.A. Withana	354,066	0.25
	13	Mr. A. Van Oosterbrugge	321,400	0.23
	14	Mrs. P. M. Tissera	314,000	0.22
	15	Citizens Development Business Finance PLC / S. Vasudevan	232,400	0.17
	16	Mrs. M. Y. Amerasinghe	215,000	0.15
	17	The Finance Company PLC	204,000	0.15
	18	Bank of Ceylon A/C Ceybank Century Growth Fund	192,953	0.14
	19	Kundanmals Limited	190,332	0.14
	20	Mr. J. D. Bandaranayake, Joint Dr. V. Bandaranayake & Miss. I	179,163	0.13
		Bandaranayake

8 Names of existing Directors in Seylan Developments PLC

		NAME OF DIRECTOR	NO OF SHARES
		31.12.2024

	1	Mr. Ramesh Jayasekara	-
	2	Mr. Piyal Hennayake	-
	3	Mrs. Champika Dodanwela	-
	4	Mrs. Gillian Edwards	-
	5	Mr. Najill Farouk	-
	6	Mr. Tilan Wijeyesekera	-

9 Public Shareholdings % as at 31st December 2024	25.31%
	No of public shareholders as at 31st December 2024	5,498
	Float adjusted market capitalization (Rs:)	883,877,706

The Company complies with option 5 of the Listing Rules 7.13.1 (a) - less than Rs: 2.5 Bn Float adjusted market capitalization which requires 20% minimum Public Holdings.

Earlier from Seylan Developments

All Seylan Developments news releases