Rental revenue bolsters Turnstar's profits

Game City Mall PIC: MORERI SEJAKGOMO
Game City Mall PIC: MORERI SEJAKGOMO

Turnstar Holdings Limited said upticking rental income boosted its profits for the full year ended Jan 2024, with the property group enjoying strong earnings from offshore investments translating into higher pula revenues.

According to the published results, rental revenues for the group rose by 13% totalling P328.5 million compared to the corresponding year which ended in P291.3 million. Turnstar executives apportioned the surge in rental revenues to strong rental income growth in all jurisdictions in which it operates.

“The increase in rental income, partly offset by an increase in operational expenses, resulted in an increase of approximately P22.8 million in the group’s operational profit compared to the corresponding year, P176.1 million for the year ended 31 January 2024 compared to P153.3 million for the year ended 31 January 2023,” the executives revealed. In Botswana, Turnstar owns well-known assets such as Game City Mall, Nzano Mall, Mogoditshane Supa Save, Turnstar House, Tapologo Estate and Mogoditshane Town Houses.

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