Turnstar Holdings, a famous property loan stock firm led by Botswana real estate billionaire Gulaam Abdoola, reported strong financial results at the conclusion of its fiscal year 2024, with rental revenue reaching $24 million.
According to the company’s trading statement, rental revenue increased by 13% to BWP328.5 million ($24.04 million) for the fiscal year ending Jan. 31, 2024, up from BWP291.3 million ($21.3 million) the previous year.
Turnstar’s operational profit increased by 15% as rental income increased across all jurisdictions in which it operates. The group’s operating profit increased from BWP153.3 million ($11.21 million) in the fiscal year 2023 to BWP176.1 million ($12.9 million) at the end of the fiscal year 2024.
Turnstar Holdings is a Gaborone-based property investment company with a diverse portfolio of eight properties in Botswana, four in Tanzania and one in Dubai. The portfolio includes multifamily housing, office buildings, and premium retail shopping malls.
Gulaam Abdoola, a founder member and managing director of Turnstar Holdings, is a vital contributor to the company’s success. He has the greatest individual investment in the corporation, owning 14% of the group’s stock.
In addition to his leadership role at Turnstar, Abdoola is the executive chairman of the GH Group, a family-owned conglomerate with a wide range of enterprises. The GH Group operates in a variety of industries, including property development, diamond supply, wholesale and retail trade, hospitality, and auto parts.
Turnstar expects a considerable year-on-year rise in pre-tax profit for the fiscal year ending January 31, 2024, under CEO Abdoola’s leadership. Profit before tax is expected to reach BWP177.5 million ($12.98 million), a significant increase from BWP 112.2 million ($8.21 million) the previous year.
This outstanding financial performance reinforces Turnstar’s position as a market leader in the property loan stock industry, which is supported by solid leadership and a diverse portfolio. With rental revenue over $24 million, the company is ideally positioned for future growth and success in the real estate industry.