BSE-listed company, PrimeTime, has just released its 2012 Annual Report ahead of an AGM to be held this month, February. The report conveys a stellar performance by the company, which resulted from a combination of factors, including a significant increase in non-current assets in the past financial year.
Their value totalled just over P515 million, representing an increase of more than 11 percent over prior year. Since incorporation just over 5 years ago, PrimeTime has added six new properties to its portfolio which have contributed significantly to the continued growth in revenue and profitability.
The past year saw the completion of the first of the Prime Plaza buildings in the new CBD, which is fully let to the Citizen Entrepreneurial Development Agency (CEDA).
The 30 percent increase in annual turnover this year was largely due to Sebele Centre and G4S Headquarters making a full year’s contribution, as well as CEDA House from August 2012.
“We are extremely pleased with our performance in 2012. Key highlights of the year include a 9 percent increase in Earnings per Linked Unit and an 8 percent increase in debenture interest return,” PrimeTime MD, Sandy Kelly, said.
“Looking forward, we are excited about what PrimeTime has in store for investors. As we have stated previously, we do not expect to maintain prior distribution growth as we enter the capital repayment stage on some of our dent capital. This is a function of the growth strategy on the leveraged model, which reverses in the medium to longer term.”
At present, PrimeTime owns the buildings which house over 200 tenants that include Letshego, Choppies, Pick ‘n Pay, DHL Couriers, Spar, Woolworths, Barclays Bank and Alexander Forbes. The company owns 19 properties across Botswana.
It has consolidated its position as an industry leader through its mandate to meet market demands and provide outstanding unit holder value with every investment.
This past year has also seen PrimeTime evidence greater commitment to bettering the communities and environments in which it operates. The Company has partnered with the cancer charity, Journey of Hope, by organising a breast awareness campaign at Sebele Centre and installing a giant pink ribbon as a symbol of support on the face of Prime Plaza’s Acacia Building, PrimeTime’s Head Office.
PrimeTime has also prioritised to bring to life the ‘green revolution’ within Gaborone, giving the city an environmentally friendly Sebele Centre as well as one of the greenest developments in the country: Prime Plaza. A true point of pride for the Company, Prime Plaza has seen environmental awareness and concern incorporated into several stages of construction, from conceptualisation to design and landscaping, a concept the Company anticipates taking further wherever possible.
“Against the backdrop of a challenging economy, we’re very pleased with our performance in 2012, as reflected in our Annual Report. It has been an exciting time for PrimeTime and we are delighted with our growth over the last eighteen months,” Kelly said.
“This growth is continuing into 2013 with the final 2 phases of Prime Plaza underway and an initial acquisition in Zambia recently having been concluded. We do remain a proudly Botswana company and we’re proud to have played a part on working to develop this beautiful country, from a corporate as well as charitable point of view. We now look forward to the potential that the future brings.”