- Projects P142m in PBT from P114.4m in prior year
- Expects P31.2m in fair value appreciation of properties in Botswana, Tanzania and Dubai
For the year ended 31 January 2023 profit before taxation at Turnstar Holdings Limited is expected to be higher by approximately 24 percent (P 27.7 million) from P114.4 million for the year ended 31 January 2022 to approximately P142 million for the year ended 31 January 2023, the company has announced.
The Botswana-based property investment multinational says its operational profits for the year ended 31 January 2023 remain in line with that for the year ended 31 January 2022.
“The fair value appreciation of the Botswana, Tanzania and Dubai properties for the year ended 31 January 2023 is expected to be approximately P31.2 million,” says the BSE-listed company in a trading statement. However, due to increased interest rates and the appreciation of the US Dollar over the Botswana Pula, the finance costs of the Group increased to P30.9 million, for the period compared to P21.3 million for the corresponding year ended 31 January 2022.
In publishing the trading statement, Turnstar Holdings was fulfilling the listings requirements of the Botswana Stock Exxchange, which require listed entities to announce through the BSE any circumstances or events that have or are likely to have a material effect on the financial results of the Group for the period to be reported upon next.
“Shareholders and investors are advised to exercise caution when trading in the company’s securities until a detailed announcement as to the results is made,” the company advises in the trading statement. Founded in 2002, Turnstar Holdings engages in the operation and investment of real estate properties. It is widely known for its shopping centres, including Game City Shopping Centre, Nzano Shopping Centre, and Super Save Mall properties in Botswana.
Among its commercial properties in the country is Turnstar House in Main Mall in Gaborone consisting of 12 commercial office units on five floors and three retail stores on the ground floor while a light industrial property is located in the Gaborone International Commercial Park. Its residential segment comprises Mogoditshane Flats and Tapologo Apartments. Turnstar also operates globally and continues to explore opportunities beyond Botswana’s borders. The Group has four properties in Tanzania and owns an office block in Dubai.
