Tanzania lays Turnstar's golden egg
Lewanika Timothy | Friday July 11, 2025 12:30
The Dar es Salaam property, now firmly established as Turnstar’s largest revenue contributor, not only boosted the group’s profits but also reaffirmed the east African country’s role as the cornerstone of Turnstar’s future growth strategy.
In its recently published annual report, the company credited Mlimani City as the key stabiliser for the group’s earnings, noting that its performance continues to mitigate country-specific economic pressures.
The Tanzanian economy, which is expected to grow by six percent in 2025, provided a fertile backdrop for Mlimani City’s continued dominance within the group’s portfolio.
The complex, comprising a retail mall, offices, a conference centre, and residential apartments, has become a major revenue engine, supported by high occupancy levels and sustained consumer demand. The group also holds significant undeveloped land within Tanzania, positioning itself for future expansion as the economy grows.
“The Mlimani City complex in Tanzania is the single largest contributor to portfolio revenue and serves as a stabilising force, mitigating country-specific economic pressures,” directors wrote in the annual report.
The strong contribution from Tanzania underpinned Turnstar’s overall results, with group revenue rising five percent to P344.1 million, underpinned by robust rental income.
The company also experienced surging operating profit which grew by eight percent to P189.9 million, whilst profit before tax reached P188.56 million, a six percent increase from the prior year.
Turnstar’s entire property portfolio expanded by 9.42 percent in value, reaching P2.8 billion, but it was Tanzania’s contribution that provided both earnings strength and a degree of insulation from regional volatility.
The group’s properties in Botswana, including Game City in Gaborone and Nzano Mall in Francistown, as well as its Dubai holdings, remained stable, but Mlimani City’s dominance continued to stand out.
In 2017, the enterprise expanded its Game City shopping complex to include additional retail space, a fashion avenue, restaurant area including food court, entertainment area and a parkade. The project was financed through a long-term loan facility of P250 million from the First National Bank of Botswana (FNBB).
Overall occupancy was strong across the portfolio standing at 98%.
Looking ahead, Turnstar’s strategy appears firmly centred on Tanzania. “The Tanzanian economy offers a robust platform for Turnstar’s future development and revenue diversification,” the company said, signalling that the Mlimani City complex and the broader Tanzanian market will continue to anchor its long-term growth ambitions.