- Reports revenue of P173.03m, up from P155.2m in H2 2023
- But operating costs up 13.94% to P9.17m from P65.78m P74.95m in H2 2023
- Turnstar’s Mlimani City in Tanzania reports operating at full capacity
GAZETTE REPORTER
Turnstar Holdings Limited has reported a notable 11.5 percent growth in rental income for the six-month period ending 31 July 2024 despite rising expenses.
According to the unaudited interim results of the company that operates Game City Mall in Gaborone, revenue reached P173.03 million, up from P155.2 million in the corresponding half-year period.
However, operating costs also surged, climbing 13.94 percent or P9.17 million, from P65.78 million to P74.95 million. The increase in expenditures was attributed primarily to higher maintenance costs and a rise in utility expenses.
Heightened costs
Finance costs saw a jump, increasing by 16.76 percent due to a restructuring of loans undertaken during the previous year. But despite these heightened costs, Turnstar recorded a profit before tax that was P3.63 million higher than the same period last year, signalling resilient growth.
The report further highlights the strong performance of Turnstar’s properties in Botswana, which enjoyed high occupancy rates despite challenging economic conditions and intensified market competition.
In an effort to enhance recreational amenities at Game City Mall, the company recently built two double padel courts and one single padel court in the mall’s covered parking area.
The courts are slated for an official launch at the end of October 2024, with the expectation of generating additional income. Future plans also include construction of a five-a-side soccer facility next to the new padel tennis courts.
New tenants in Tanzania
In Tanzania, Turnstar’s Mlimani City retail centre is reported to be operating at full capacity, reflecting an improvement in local economic conditions.
The associated conference centre saw encouraging income growth and the commercial office spaces secured several new tenants, achieving an occupancy rate of 92 percent.
Meanwhile, Turnstar’s property in Dubai remained fully occupied for the year, with local authorities approving a potential rent increase of up to 15 percent.