Turnstar Holdings Limited

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$200 and More Avg. Salary

About Company

Turnstar Holdings Limited is a publicly listed property investment company headquartered in Gaborone, Botswana. Established in 2000 and listed on the Botswana Stock Exchange (BSE) in 2002, the company specializes in acquiring, developing, and managing a diversified portfolio of real estate assets across Botswana, Tanzania, and the United Arab Emirates (UAE).

🏢 Business Overview

Turnstar’s property portfolio encompasses retail, commercial, industrial, and residential properties. As of January 31, 2023, the total value of its investment properties stood at approximately BWP 2.6 billion. The geographical distribution of these assets is as follows:

  • Botswana: 57%

  • Tanzania: 43%

  • Dubai, UAE: 1%

In Botswana, Turnstar owns and manages the Gamecity Lifestyle Shopping Mall in Gaborone, which houses over 120 retail outlets, including major brands like Checkers Hyper, Woolworths, Edgars, and Ster-Kinekor cinemas.

📊 Financial Performance

For the financial year ending January 31, 2023, Turnstar reported:

  • Rental Revenue: BWP 291 million, marking a 9% increase from the previous year.

  • Operating Expenses: Maintained at BWP 141 million.

  • Earnings Per Linked Unit: 19 thebe.

  • Distribution to Shareholders: 18 thebe per linked unit.

  • Loan-to-Value Ratio: 20%, reflecting a conservative debt position.

The company experienced significant fair value appreciation across its property portfolio, particularly in Botswana, Tanzania, and Dubai. However, due to increased discount rates and rising finance costs, Turnstar fully impaired the goodwill of BWP 29.9 million associated with its Tanzanian subsidiary, Mlimani Holdings Limited.

👥 Leadership and Governance

Turnstar’s leadership team includes:

  • Managing Director: Gulaam Husain Abdoola (since 2001)

  • Chief Financial Officer: Comfort Rankgomo (appointed in 2024)

  • Chairman: Butler Daniel Phirie

The Board of Directors comprises seasoned professionals with diverse expertise in finance, real estate, and corporate governance.

🌍 Strategic Vision

Turnstar aims to be the leading property investment company in Botswana, focusing on delivering sustainable returns to its stakeholders. The company’s mission emphasizes investing in and managing properties that generate real returns for both communities and investors.