New African Properties Ltd. saw its profit margins narrow for the year ended July 2024, as a significant drop in the fair value adjustments of its investment properties weighed on its bottom line. The company, which focuses on retail property rentals in Botswana, reported a 9.4 percent decline in profit to P204.7 million, down from P226 million in the previous year. This contraction was primarily driven by lower gains from the fair valuation of its property portfolio, which fell sharply to P9.9 million from P37.8 million in 2023.
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