Turnstar Holdings, a prominent property loan stock company led by Botswana real estate mogul Gulaam Abdoola, has announced a resilient financial performance at the end of its 2024 fiscal year, with rental revenue exceeding $24 million.
The company’s recently published trading statement revealed a 13-percent increase in rental revenue, reaching BWP328.5 million ($24.04 million) for the fiscal year ending Jan. 31, 2024, compared to BWP291.3 million ($21.3 million) for the previous year.
The surge in rental income across all jurisdictions where Turnstar operates resulted in a significant 15-percent increase in operational profit. The group’s operational profit rose from BWP153.3 million ($11.21 million) in the 2023 fiscal year to BWP176.1 million ($12.9 million) by the end of the 2024 fiscal year.
Turnstar: Diversified property player in Botswana
Turnstar Holdings, a Gaborone-based property investment company, holds a diversified portfolio of eight properties in Botswana, four in Tanzania, and one in Dubai. The portfolio encompasses multifamily estates, office buildings, and premium retail shopping centers.
Gulaam Abdoola, a founding member and managing director of Turnstar Holdings, is a key driver of the company’s success. He holds the largest individual stake in the company, at 14 percent of the group’s shares.
Beyond his leadership role at Turnstar, Abdoola serves as the executive chairman of GH Group, a family-owned conglomerate with diverse operations. The GH Group operates across sectors such as property development, diamond supply, wholesale and retail trade, hospitality, and automotive parts.
Turnstar anticipates profit jump under Gulaam Abdoola
Turnstar anticipates a significant year-on-year increase in pre-tax profit for the fiscal year ending Jan. 31, 2024, under CEO Abdoola’s leadership. Profit before tax is projected to reach BWP177.5 million ($12.98 million), a substantial rise from BWP 112.2 million ($8.21 million) in the prior year.
This robust financial performance underscores Turnstar’s position as a leader in the property loan stock sector, driven by strong leadership and a diversified portfolio. With rental revenue exceeding $24 million, the company is well-positioned for continued growth and success in the real estate market.
