Property developer Primetime was the most liquid stock last week as it ended Friday 13th, having traded around 2.0 million shares worth P6.4million.
Primetime is one of the most sought after property stock on the local market, operating in a space where is currently viewed as a mature market by property investors and developers, and presents an increasingly compelling investment case for those searching for stable long-term returns.
PrimeTime closed the week trading at P3, 15 against its competitor giants Turnstar at P3.22, RDCP at P2.29, NAP at P3,18 and Far Properties at P2,50.
Since listing on the Botswana Stock Exchange (BSE) on the 20th of December 2007, PrimeTime has grown from an initial portfolio of 13 properties valued at P175million to 25 properties valued at P1.12billion, with total assets of over P1.3 billion.
In Botswana,the property developer owns some of the quality and most sought after properties such as Prime Plaza, Letshego Place, Sebele Centre among others; whilst in Zambia it has acquired Centro Kabulonga in Lusaka.
Earlier in January 2018, PrimeTime Managing Director Sandy Kelly reported that successful implementation of the company’s geographical diversification strategy and strategic acquisitions led to total group assets increasing by 30 percent to P1.3 billion at the year-end (2017).
The share price has also grown from P1.25 to P3.16 over the 10 years of its existence. Shareholders have received a sound investment with a rate of between 5-10 percent annual distributions since listing on the BSE.
According to Kelly, “PrimeTime is well positioned to pursue suitable investments. We are not stopping here ÔÇô whilst good investments are few, due to our positioning, there are projects and properties out there. The reason for our consistent performance is because of the quality and diversification of our properties.”
PrimeTime has achieved year-on-year increases in both revenues and operating profits before fair value adjustments. Lease revenue grew by 27 percent to P110 million, completed investment property by 34 percent to stand at P1.12 billion, and the price per linked unit ended the year 2017 at P3.16.
This proves the value of investing in quality stock such as that of Prime Time.
While the company is focusing on growth, it is not ready to compromise quality for the sake of growth.
This ensures that the property company is able to create long-term wealth for its shareholders while growing and diversifying its asset base.
Kelly has vowed to continue to unearth new opportunities wherever they may be.
PrimeTime has identified Zambia as an additional investment opportunity because it has a robust, diversified economy with a strong democracy and democratic principles that work, according to Kelly. PrimeTime’s acquisition of its largest asset by value, Centro Kabulonga in Lusaka, represents its entry into the Zambian retail market.
PrimeTime which will be participating at this years’ BotsReal Property & Infrastructure Forum, Kelly cautions that in the property market, one has to be innovative, and not follow the same-old approach. “So we have started looking at brownfields developments and investments turning round failed or distressed properties,” he says.
Meanwhile, the property company is expected to publish its interim results for the period ended 28 February 2018 before the end of May 2018.