Botswana portfolio enjoys a 99% occupancy rate
Rentals amassed by Turnstar Holdings Limited, operators of the glamorous Game City Mall in Gaborone, increased by P21.3 million during the year that ended 31 January 2022, the Group Chairman Patrick Balopi and Managing Director Gulaam Abdoola have announced.
Turnstar Holdings is a property loan stock company that has been listed on the Botswana Stock Exchange since 2002. The company holds eight properties in Botswana, four in Tanzania and one in Dubai inclusive of premium retail shopping centres, multi-residential estates and office buildings.
According to Balopi and Abdoola, the company has collected rental income amounting to P266.5 million in the year that ended 31 December 2022 compared to P245.2 million in the prior year.
Balopi and Abdoola noted that the Botswana property portfolio, which enjoys an occupancy rate of approximately 99 percent, recorded a P12.4m (8.7 percent) increase in rental revenues compared to the prior year. They two said the Botswana properties also recorded a substantial fair value gain.
Some of Turnstar properties in Botswana are Game City Mall in Gaborone, Supa Save Mall in Mogoditshane and Nzano Mall in Francistown.
Regarding the company properties in Tanzania, Balopi and Abdoola noted that the retail mall continued to operate at optimum capacity whereas conference centre income recorded encouraging income growth.
“The vacancies in the commercial office space reduced marginally,” they said in the Group’s financial results for the year ended 31 January 2022. “Overall, the Tanzanian subsidiary recorded growth in revenues and profits due to improved trading conditions.”
They said the Dubai property recorded a P 72.6m impairment charge in fair value from the prior year reporting date.
The Turnstar Group’s profit before taxation for the year ended 31 January 2022 increased by 40 percent (P32.5 million) January 2021 to P 114.3 million in the year under review.