Home » Botswana tycoon Gulaam Abdoola’s Turnstar Holdings reports $8.3 million in profits in 2022

Botswana tycoon Gulaam Abdoola’s Turnstar Holdings reports $8.3 million in profits in 2022

by Yusuf Abdulfatai
Gulaam Abdoola

Turnstar Holdings, a property loan stock company led by Botswana real estate tycoon Gulaam Abdoola, reported a double-digit percentage increase in profit at the end of its 2022 fiscal year, which ended on Jan. 31, on the back of strong rental income growth.

According to figures in its recently released financial results, its profit at the end of its 2022 fiscal period increased by 24.1 percent from BWP81.3 million ($6.71 million) in 2021 to BWP100.94 million ($8.33 million), thanks to a combination of revenue and cost-cutting strategies implemented by management.

The double-digit percent increase in earnings was primarily driven by an 8.7-percent increase in the group’s rental income from BWP245.27 million ($20.25 million) in 2021 to BWP266.6 million ($22 million) at the end of its fiscal year in 2022, as well as an increase in its exchange gain and a decrease in its finance cost from BWP25.85 million ($2.13 million) to BWP21.28 million ($1.76 million).

During the fiscal period, the group’s Botswana properties had an occupancy rate of approximately 99 percent and recorded a BWP19.5 million ($1.61 million) rental revenue, representing a 14-percent increase over the previous year.

Its Tanzanian subsidiary saw significant revenue and profit growth as a result of improved trading conditions, while its properties in Dubai saw a BWP72.6 million ($6 million) impairment charge in fair value from the prior-year reporting date.

The board of directors has now approved a final distribution of BWP0.09 ($0.00743) per linked unit as a result of the strong financial performance. The final distribution will consist of debenture interest of BWP0.0747 ($0.00578) and a dividend of BWP0.0153 ($0.00165) per linked unit.

Turnstar Holdings is a property loan stock group based in Gaborone, Botswana’s capital city. The company owns eight properties in Botswana, four in Tanzania, and one in Dubai, which include multifamily estates, office buildings, and premium retail shopping centers.

Abdoola, a founding member and managing director of the Botswana-based real estate group, is the company’s largest individual shareholder, owning a 14-percent share. His 80 million common shares are worth BWP151.2 million ($12.48 million).

As of April 30, shares in the Botswana-based property loan stock group were worth BWP1.89 ($0.156) per share, giving the leading property loan stock company a market capitalization of BWP1.08 billion ($89.2 million).

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