Turnstar Holdings, a leading property loan stock firm in Botswana, headed by renowned real estate mogul Gulaam Abdoola, has released its trading update for the 2023 fiscal year.
The company expects to exceed its pre-tax earnings of $10 million, as indicated in its trading update for the year ended Jan. 31, 2023, which is an increase of about 24 percent.
The Gulaam Abdoola-led firm reported a projected rise in earnings of BWP27.7 million ($2.1 million) from BWP114.4 million ($8.74 million) at the end of the 2022 fiscal year, to about BWP142 million ($10.8 million) by the end of the 2023 fiscal year.
This increase in earnings is due to a significant surge in rental revenue, combined with the fair value appreciation of roughly BWP31.2 million ($2.38 million) from Turnstar’s properties in Botswana, Tanzania, and Dubai, during the period under review.
This notable double-digit rise in pre-tax earnings is a testament to the company’s remarkable performance and demonstrates its sustained growth and profitability in the competitive real estate sector.
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.
Gulaam 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.
Under his leadership, Turnstar Holdings has remained focused on delivering quality and innovative real estate solutions, backed by a robust business strategy, which has been vital in driving its success.
As the real estate industry continues to grow and evolve, Turnstar Holdings is poised to continue to lead the way, leveraging on its experience, expertise, and solid financial performance to drive sustainable value for its shareholders and clients alike.