On’ally Holdings PLC, owners of the Unity Plaza in Galle Road, Bambalapitiya, which is the focus of the thriving information technology industry in the country with many computer related companies located there, has sustained growth during the year ended March 31, 2014 posting a profit before tax of Rs.88.9 million excluding the gain on revaluation of investment properties of Rs.235.5 million.
The Chairman of On’ally Holdings, Mr. P.A.I.S. Perera who is also Chairman of the UDA, said that this was a 23.98% increase from the previous year.
The 27th Annual General Meeting of the company summoned on September 25 has a special resolution on its agenda under "Special Business". This seeks to amend the Articles of the company by deleting Article 110 which specifies that the quorum necessary a board meeting shall be a majority of the directors and that any such quorum should include Mr. Onally Gulamhusein or his nominee.
Mr. Gulamhusein founded the company 27 years ago and Unity Plaza stand on prime Galle Road Bambalapitiya land that belonged to him. During the construction stage when the project ran into trouble, the UDA which is now the biggest shareholder of the company with 47.62%, came into the ownership structure and the succeeding UDA Chairmen have served as Chairman of the company.
Mr. Gulamhusein who is now 90 years of age has continued to be Managing Director of the company since its inception and continues to hold this position. A resolution enabling him to continue is included in the agenda of the next AGM.
Perera said that the year under review had seen turnover grow 7.15% to Rs.105.38 million and the company was able to increase both revenue and profitability by revising the rentals of existing tenants and maintaining 100% occupancy during the year under review.
The directors have approved a final dividend of Rs.1.70 per share on top of an interim dividend of Rs.1.10 per share to give shareholders a return of Rs.2.80 per share for the year – the largest pay out to shareholders since the inception of the company, up 12% from the previous year.
The earnings per share during the year under review including fair value gain on property was Rs.15.19, up from Rs.3.72 a year earlier while the EPS excluding fair value gain stood at Rs.4.58, up from Rs.3.72 the previous year.
The company has a stated capital of Rs.175 million, a revaluation reserve of Rs.27.9 million and retained earnings of Rs.1.08 billion in its books.
Total assets ran at Rs.1.5 billion and total liabilities at Rs.231.8 million.
The UDA with 47.6% is the top shareholder followed by Ceylon and Foreign Trades PLC with slightly under 16% and Mr. On’ally Gulamhusein with 12.9%.
The company’s share traded at a high of Rs.59.70 and a low of Rs.36.20 against a trading range of Rs.68.50 to Rs.41.60 a year earlier.
The directors of the company are: Messrs. P.A.I. Sirinimal Perera (Chairman), Onally Gulamhusein (MD), Dr. S.A. Gulamhusein, Mrs. Tharsini Sarveshwaran (Deputy MD), B.V. Selvanayagam, G.T. Fazleabas, Dr. D. Gunasekera, Lakshaman Hulugalle, K.E.V.N. Fernando, W.L.D.P.V. Jayawardene, A.Y. Tyebkhan Alternate to Dr. D.C. Gunesekera) and S. Selvanayagam (Alternate to B.V. Selvanayagam).
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The Chairman of On’ally Holdings, Mr. P.A.I.S. Perera who is also Chairman of the UDA, said that this was a 23.98% increase from the previous year.
The 27th Annual General Meeting of the company summoned on September 25 has a special resolution on its agenda under "Special Business". This seeks to amend the Articles of the company by deleting Article 110 which specifies that the quorum necessary a board meeting shall be a majority of the directors and that any such quorum should include Mr. Onally Gulamhusein or his nominee.
Mr. Gulamhusein founded the company 27 years ago and Unity Plaza stand on prime Galle Road Bambalapitiya land that belonged to him. During the construction stage when the project ran into trouble, the UDA which is now the biggest shareholder of the company with 47.62%, came into the ownership structure and the succeeding UDA Chairmen have served as Chairman of the company.
Mr. Gulamhusein who is now 90 years of age has continued to be Managing Director of the company since its inception and continues to hold this position. A resolution enabling him to continue is included in the agenda of the next AGM.
Perera said that the year under review had seen turnover grow 7.15% to Rs.105.38 million and the company was able to increase both revenue and profitability by revising the rentals of existing tenants and maintaining 100% occupancy during the year under review.
The directors have approved a final dividend of Rs.1.70 per share on top of an interim dividend of Rs.1.10 per share to give shareholders a return of Rs.2.80 per share for the year – the largest pay out to shareholders since the inception of the company, up 12% from the previous year.
The earnings per share during the year under review including fair value gain on property was Rs.15.19, up from Rs.3.72 a year earlier while the EPS excluding fair value gain stood at Rs.4.58, up from Rs.3.72 the previous year.
The company has a stated capital of Rs.175 million, a revaluation reserve of Rs.27.9 million and retained earnings of Rs.1.08 billion in its books.
Total assets ran at Rs.1.5 billion and total liabilities at Rs.231.8 million.
The UDA with 47.6% is the top shareholder followed by Ceylon and Foreign Trades PLC with slightly under 16% and Mr. On’ally Gulamhusein with 12.9%.
The company’s share traded at a high of Rs.59.70 and a low of Rs.36.20 against a trading range of Rs.68.50 to Rs.41.60 a year earlier.
The directors of the company are: Messrs. P.A.I. Sirinimal Perera (Chairman), Onally Gulamhusein (MD), Dr. S.A. Gulamhusein, Mrs. Tharsini Sarveshwaran (Deputy MD), B.V. Selvanayagam, G.T. Fazleabas, Dr. D. Gunasekera, Lakshaman Hulugalle, K.E.V.N. Fernando, W.L.D.P.V. Jayawardene, A.Y. Tyebkhan Alternate to Dr. D.C. Gunesekera) and S. Selvanayagam (Alternate to B.V. Selvanayagam).
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