Home » Botswana tycoon Gulaam Abdoola’s Turnstar Holdings posts $8 million in profit in 2023

Botswana tycoon Gulaam Abdoola’s Turnstar Holdings posts $8 million in profit in 2023

by Mfonobong Nsehe
Gulaam Abdoola

Leading property loan stock company, Turnstar Holdings, led by Botswana real estate mogul Gulaam Abdoola, has demonstrated its ability to thrive and deliver positive results despite a challenging operating environment and intense market competition.

The company’s recently published financial results for the end of its 2023 fiscal year reveal a marginal increase in profit, surging above $8 million.

According to the figures disclosed in its annual report, Turnstar Holdings saw its profit surge from BWP100.94 million ($7.38 million) in 2022 to BWP108.03 million ($8 million) by the end of its 2023 fiscal year.

This upturn can be attributed to the company’s robust topline performance, as rental income grew by 9.2 percent, reaching BWP291.2 million ($21.5 million), compared to BWP266.6 million ($19.7 million) in 2022. Additionally, income from other operations experienced a surge from BWP2.35 million ($173,500) to BWP3.08 million ($227,400).

These financial achievements align with Turnstar’s strategic objective of surpassing BWP3 billion ($220 million) in total assets value. To support this goal and enhance operational efforts, the company has expanded its workforce by recruiting additional staff in key areas.

The resilient financial performance aligns with Turnstar Holdings’ objective of surpassing a total asset value of BWP3 billion ($220 million). To achieve this target and support its strategic growth ambitions, the company has recruited additional staff in key areas to enhance its operational capabilities.

Turnstar Holdings, headquartered in Gaborone, the capital city of Botswana, is a property loan stock group that owns eight properties in Botswana, four in Tanzania, and one in Dubai. These properties include multifamily estates, office buildings, and premium retail shopping centers.

Gulaam Abdoola, the managing director and a founding member of Turnstar Holdings, holds the largest individual stake in the company, amounting to 14 percent of the group’s shares. 

Besides his interest in Turnstar, Abdoola is the executive chairman of the GH Group. This family-owned conglomerate operates across multiple sectors, including property development, diamond supply, wholesale and retail, hospitality, and automotive parts.

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