- Group revenue is 7% up to P15 million in 2024
- Guarding Service revenue grew to P17 million
G4S Botswana, the local unit of global security group G4S, reported a 7 percent rise in group revenue to P15 million in 2024, driven largely by strong performance in its Manned Guarding service line.
The Manned Guarding unit recorded an 18 percent increase in revenue. The performance comes after the company previously struggled with losses, which led to shareholders not receiving a dividend in the prior year.
G4S Botswana provides a broad range of services including manned security, cash solutions, electronic security systems, cleaning, facilities management and fleet services.
In financial results for the year ended December 31, 2024, G4S said the surge in guarding revenue was mainly due to a price hike passed on to customers following a 23.5 percent increase in the minimum wage in February 2024.
Additional growth was fueled by new customer acquisitions, particularly in the mining and retail sectors, and improved contract retention.
“There is an ongoing ambitious growth strategy within G4S Botswana as the Group continues to seek out high-margin, long-term contracts to improve not only gross profit but overall viability,” the company said.
However, the growth in Manned Guarding was partially offset by revenue declines in the Cash and Electronic service lines, which fell by 4 percent and 6 percent, respectively.
G4S said the cash segment faced subdued growth opportunities during the period and was further affected by contract terminations stemming from circumstances beyond the company’s control. Still, the company maintained that its cash business remains strong and G4S Botswana continues to be the market leader in that segment.
The drop in the Electronic Solutions division was attributed to a deliberate clean-up of legacy account receivables, much of which dated back to the 2020–2021 COVID-19 pandemic era.
“This ongoing process is starting to bear fruit and is at the top of management’s immediate focus areas,” G4S said.
Non-performing customer contracts were terminated in 2024, leading to a drop in revenue from the Alarm Monitoring service line compared to the previous year.
The cost of providing services rose by 7 percent, mainly due to the minimum wage hike and rising supply costs. However, the group’s gross profit increased 9 percent year over year, supported by the strong showing in the Manned Guarding division and an emphasis on cost control.
“An overall differentiated strategy has been set in motion with a clear focus on our niche offerings as a multinational business, with learnings fetched from other regional and global G4S entities to offer the best solutions for the Botswana economy,” the company said.
Stock Price Decline
In March 2025, following the close of the reporting period, G4S’s market share price fell from P2.45 to P1 per share, reducing market capitalisation to P80 million, slightly below the group’s net asset value of P82.7 million as at December 2024.
Management classified the decline as a non-adjusting event under IFRS accounting standards, saying the drop did not exist at the balance sheet date. The group said it will continue monitoring developments that may impact the share price and reassess the recoverability of its assets accordingly.
