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Turnstar Holdings, a prominent property loan stock company led by Botswana real estate mogul Gulaam Abdoola, has showcased remarkable financial resilience in the first half of its 2023 fiscal year, as its rental revenue surged past $11 million.
According to figures released in its recently published trading update, the group’s rental revenue, under the leadership of Abdoola, experienced an impressive 8.8-percent increase, rising from BWP142.7 million ($10.3 million) in the first half of 2022 to BWP155.2 million ($11.2 million) in the first half of 2023.
This substantial boost in rental revenues and a nominal reduction in operational expenses led to an impressive increase of approximately P14.5 million ($1.04 million) or 20 percent in the group’s operational profit. It surged from BWP73.12 million ($5.28 million) in the first half of 2022 to P87.68 million ($6.33 million) by the end of the first half of 2023.
In line with this outstanding financial performance, Turnstar Holdings expects its profit before tax for the half-year period ending July 31, 2023, to increase by a substantial 26.5 percent, soaring from BWP54 million ($3.9 million) to BWP68.3 million ($4.93 million).
Turnstar Holdings, headquartered in Gaborone, the capital city of Botswana, is a property loan stock group that boasts ownership of eight properties in Botswana, four in Tanzania, and one in Dubai. This diversified portfolio includes multifamily estates, office buildings, and premium retail shopping centers.
Abdoola, the managing director and a founding member of Turnstar Holdings, is a driving force behind the company’s success, holding the largest individual stake in the company, which amounts to 14 percent of the group’s shares.
Besides his involvement with Turnstar, Abdoola also serves as the executive chairman of the GH Group, a family-owned conglomerate operating across various sectors, including property development, diamond supply, wholesale and retail, hospitality, and automotive parts.
