Despite a cautionary statement that had predicted in late April 2023 for a possible upward movement in Profit before Tax (PBT) for the year ended January 2023, the BSE quoted property outfit, Turnstar Holdings’s BPT has gone down.
In April, the company had cautioned the markets that it expects a positive growth in its PBT between January 2022 and January 2023. At the time, the company said the Profit Before Tax will be higher by approximately 24 percent (P 27.7 million) from P 114.4 million for the year ended 31 January 2022 to approximately P 142 million for the year ended 31 January 2023.
The group’s financial results for the year ended 31 January 2023 which were published this past week however shows that its Profit before tax decreased by two percent (2%) to P112 million (2022: P114 million). The company’s finance costs also went up to P30.9 million from the P21.3 million that was registered at the close of accounting books in January 2022. The increase in finance costs has been blamed on the increase in interest rates and the appreciation of the US dollar against the local unit, the pula.
Among other highlights of the Turnstar 2023 financials is a 9 percent increase in rental income for the group which reached P291 million (2022:P266 million). The company’s balance sheet also grew by 4 percent to reach P2.66 billion (2022: P2.55 billion). Locally Turnstar’s property portfolio include amongst other Game City shopping Centre in the capital Gaborone, Nzano Shopping Centre, in Francistown, Fairgrounds Office Park, Mogoditshane, Supa Save Mall, Turnstar House, Main Mall, offices in Commerce Park, Mogoditshane Flats, Hyundai Warehouse, Tapologo Estates.
A further breakdown of the financials shows that diluted earnings per linked unit increased 5 percent to 19 thebe (2022: 18 thebe).
Meanwhile the Turnstar board has since declared a final distribution per linked unit of 9 thebe which comprises of debenture interest of 7.3198 thebe and a dividend 1.6802 thebe. The board also announced that it is currently assessing acquisition and developmental proposals that could see its property value growing to over P3 billion in the next three years.
