The local company which deals with retail property rentals, Turnstar Holdings has reported a stable performance amid the economic effects perpetuated by the Corona Virus Disease (COVID-19) pandemic.
In their annual report for the year ended 2021, the company did not report much worries as most companies did.
According to their report, the company recorded a slight drop of the overall income as compared to the preceding financial year. This year Turnstar Holdings recorded Two hundred and Forty-five million Pula (P245 Million). On the preceding financial year, Two hundred and Sixty-nine million Pula (P269 million) was recorded.
“Our strategy of working with our tenants during this difficult period, has ensured that we have a high rate of tenant retention and we have maintained 98% occupancy.” Gulaam Abdoola, the Company’s Managing Director revealed.
However, in the view of the COVID-19 pandemic, the company has resolved in the preceding year, and still holds that it will continue to focus on growing its revenue in Botswana for the near future. “During this pandemic we will not focus outside Botswana until such time as economies normalize and different markets can be assessed again.” the Managing Director maintained.
In the absence of much stress from the COVID-19 pandemic,Turnstar Holdings finds itself worried about something else- it’s regressing share price. The company has blamed the problem on the government. “Our current share price is regrettably not reflective of our Company, at all. Turnstar has a wide base of shareholders, including foreign fund managers. The classification of Botswana as a “grey listed” country by the EU, appears to have triggered a sell down of Botswana assets by these managers, which has had a downward impact on the share price.” the company reported.
Turnstar currently owns retail properties in three (3) countries being Botswana, Tanzania, and United Arab Emirates. In Botswana they own Seven (7) properties valued at One point thirty-three billion pula (P1.33 billion); in Tanzania, the company owns four (4) properties worth nine hundred and seventy-three million pula (P973 million); in Dubai Turnstar owns one property valued at eighty- eight million pula (P88 Million).