Level 15, Seylan Towers, No: 90, Galle Road, Colombo 03.
Interim Financial Statements Quarter Ended 31 st March 2025
SEYLAN DEVELOPMENTS PLC STATEMENT OF FINANCIAL POSITION
Assets
Non Current Assets MAR 31, 2025 (Un Audited) DEC 31, 2024
(Audited) Growth % Rs '000
Rs '000
Property, plant & equipment | 2,803 | 2,424 | 15.64 |
Investment property | 6,002,544 | 5,997,826 | 0.08 |
Other investments | 426,620 | 431,886 | (1.22) |
Retirement benefit assets | 4,638 | 4,638 | 0.00 |
Total Non Current Assets | 6,436,605 | 6,436,774 | (0.00) |
Current Assets | |||
Inventories | 10,001 | 10,489 | (4.65) |
Trade and other receivables | 48,883 | 47,740 | 2.39 |
Other investments | 124,802 | 94,730 | 31.74 |
Cash and cash equivalents | 48,275 | 29,358 | 64.44 |
Total Current Assets | 231,961 | 182,317 | 27.23 |
Total Assets | 6,668,566 | 6,619,091 | 0.75 |
Equity and Liabilities | |||
Equity | |||
Stated capital | 1,644,392 | 1,644,392 | - |
Reserves | 505,690 | 505,710 | (0.00) |
Retained earnings | 3,272,294 | 3,370,661 | (2.92) |
5,422,376 | 5,520,763 | (1.78) | |
Non Current Liabilities | |||
Deferred tax liability | 929,662 | 924,064 | 0.61 |
929,662 | 924,064 | 0.61 | |
Current Liabilities | |||
Trade and other liabilities | 274,812 | 125,521 | 118.94 |
Income tax payable | 41,062 | 33,607 | 22.18 |
Bank overdrafts | 654 | 15,136 | (95.68) |
316,528 | 174,264 | 81.64 | |
Total Equity and Liabilities | 6,668,566 | 6,619,091 | 0.75 |
Net Asset per Share | 38.82 | 39.52 |
* The Financial Statements have been prepared in compliance with the requirements of the Companies Act no 7 of 2007 .
* The above figures are subject to audit and has been prepared in compliance with 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
Sgd. | Sgd. |
Ramesh Jayasekara | Najill Farouk |
Chairman | Independent Non Executive Director |
23rd April 2025 |
SEYLAN DEVELOPMENTS PLC
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE QUARTER ENDED MAR 31, 2025 (Un Audited) MAR 31, 2024 (Un Audited) Rs '000 Rs '000 Growth % | |
Rental Income Other Income Operating Expenses Operating Profit Net Finance income Profit / ( Loss ) Before Taxation Taxation Profit After Taxation Other comprehensive income Net losses on investment in debt instruments measured at fair value through other comprehensive income Deferred tax on components of other comprehensive income Other comprehensive income for the period, net of income tax Total comprehensive income for the period Weighted Average Earnings / (Loss) Per Share | 90,736 101,678 (10.76) 928 91,664 228 306.62 101,906 (10.05) (29,794) (38,775) (23.16) 61,870 16,626 78,496 63,131 (2.00) 16,216 2.53 79,347 (1.07) (23,206) 55,290 (22,099) 5.01 57,248 (3.42) (28) 17,036 (100.16) 8 (5,111) (100.16) (20) 11,925 (100.17) 55,270 69,173 (20.10) Rs Rs 0.40 0.39 |
SEYLAN DEVELOPMENTS PLC STATEMENT OF CHANGES IN EQUITY
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
Deferred tax on components of other comprehensive
income
Total Comprehensive Income for the period Transactions recorded directly in equity
Share Repurchase
Balance as at 31.03.2024
Balance as at 01.01.2025
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
Deferred tax on components of other comprehensive
income
Total Comprehensive Income for the period
Transactions recorded directly in equity
Dividend declared
Balance as at 31.03.2025
1,644,392
525,494
Revaluation | Fair value | Retained | Total |
reserve | reserve | earnings | |
Rs '000 | Rs '000 | Rs '000 | Rs '000 |
(41,283) | 3,337,356 | 5,469,575 | |
- | 57,248 | 57,248 | |
17,036 | - | 17,036 | |
(5,111) | (5,111) | ||
11,925 | 57,248 | 69,173 | |
- | (179,105) | (179,105) | |
- | (179,105) | (179,105) | |
(29,357) | 3,215,498 | 5,359,643 | |
(23,399) | 3,370,661 | 5,520,763 | |
- | 55,290 | 55,290 | |
(28) | - | (28) | |
8 | - | 8 | |
(20) | 55,290 | 55,270 | |
- | (153,657) | (153,657) | |
- | (153,657) | (153,657) | |
(23,420) | 3,272,294 | 5,422,376 |
3,616
SEYLAN DEVELOPMENTS PLC CASH FLOW STATEMENT
For the period | 01.01.25 - 31.03.25 (Un Audited) Rs. 000 | 01.01.24 - 31.03.24 (Un Audited) Rs. 000 |
Cash Flows from Operating Activities Receipt from other Operating Activities Cash payments to Employees, Suppliers Interest Payments | 91,664 (29,537) (45) | 101,906 (38,458) (5,013) |
Operating profit before changes in operating assets | 62,082 | 58,435 |
(Increase)/Decrease in operating assets : Stock & Receivables Increase/(Decrease) in operating liabilities : Deposits & Trade payables | (655) (12,741) | (5,970) 18,615 |
Cash Generated from Operations | 48,686 | 71,080 |
Income tax paid | (1,771) | (16,959) |
Net cash from Operating Activities | 46,915 | 54,121 |
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 | 16,671 (44,028) 19,195 (636) (4,718) | 21,229 (121,170) 23,779 - (1,509) |
Net cash from Investing Activities | (13,516) | (77,671) |
Cash Flows from Financing Activities Repurchase of shares | - | (179,105) |
Net Cash from Financing Activities | - | (179,105) |
Net increase in cash and cash equivalents Cash and Cash equivalents at beginning of period | 33,399 14,222 | (202,655) 290,295 |
Cash and Cash Equivalents at end of period | 47,621 | 87,640 |
Reconciliation of Cash and Cash Equivalents Cash and Short Term Funds Bank Overdraft | 48,275 (654) | 87,640 - |
47,621 | 87,640 |
SEYLAN DEVELOPMENTS PLC Notes to the Financial Statements
1 General
Seylan Developments PLC (the "Company") is a "Public Quoted Company" and a Limited Liability Company Incorporated 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 March 2025 is 16 (2024 - 17).
2 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, 2024 which have been prepared in accordance with LKAS / SLFRS.
3 Events After the Reporting Period
There have been no material events after the reporting period that would require adjustments / disclosures in the Financial Statements.
4 Stated Capital
139,688,298 Ordinary Shares
Rs: 1,644,391,650/-
5 Share price movement
6
31.03.2024 | 31.12.2024 | ||
Highest Price | 25.50 | 17.70 | 27.50 |
Lowest Price | 20.00 | 13.90 | 13.90 |
Last Traded Price | 21.40 | 17.00 | 25.00 |
Market Capitalization | 2,989,329,577 | 2,374,701,066 | 3,492,207,450 |
Comparative Information |
Comparative figures have been re-stated / adjusted where necessary, to conform to the current period presentation.
7 Others
(i) First and Final Dividend
The first and final Dividend of Rs: 1.10 per share to Ordinary Shareholders was approved by the Shareholders at the Annual General Meeting held on 28th March 2025.
SEYLAN DEVELOPMENTS PLC Notes to the Financial Statements
8 | Major 20 Shareholders - As at 31 March 2025 | |
9 | Names of existing Directors in Seylan Developments PLC | |
10 | Public Shareholdings % as at 31st March 2025 | 25.31% |
No of public shareholders as at 31st March 2025 | 5,605 | |
Float adjusted market capitalization (Rs:) | 756,599,316 |
NAME OF SHAREHOLDER | NO OF SHARES 31.03.2025 | % | |
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 | Seylan Bank PLC Mr. K. D. D. Perera Mr. A. J. Thissera Mrs. M. M. Udeshi (DESC) Mr. S. Abishek Asian Guild Financial Services (Pvt) Ltd Zagra Investment Consultants (Pvt) Ltd Finco Holdings (Pvt) Ltd Mr. B. C. Tay Mr. S. Senthilnathan Peoples Leasing and Finance PLC / L. P. Hapangama Mrs. P. M. Tissera Mr. A. Van Oosterbrugge Mrs. M. Y. Amerasinghe Mr. H. S. Dissanayake The Finance Company PLC Assetline Finance Limited / C. Dissanayake People's Leasing & Finance PLC / Mr. W. P. C. M. Nanayakkara Senkadagala Finance PLC / S. Gobinath Bank of Ceylon A/C Ceybank Century Growth Fund | 104,332,112 8,000,000 4,126,000 1,287,900 767,756 609,121 594,200 510,174 505,948 500,000 366,061 327,000 321,400 215,000 210,829 204,000 200,000 200,000 200,000 192,953 | 74.69 5.73 2.95 0.92 0.55 0.44 0.43 0.37 0.36 0.36 0.26 0.23 0.23 0.15 0.15 0.15 0.14 0.14 0.14 0.14 |
NAME OF DIRECTOR | NO OF SHARES 31.03.2025 | |
1 2 3 4 5 | Mr. Ramesh Jayasekara Mrs. Champika Dodanwela Mrs. Gillian Edwards Mr. Najill Farouk Mr. Tilan Wijeyesekera | - - - - - |
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.