Botswana’s Turnstar reports $26.1 million rental income; profit falls 64%

Turnstar Holdings, a Gaborone-based property investment company with assets spanning Southern Africa and Dubai, reported mixed results for the financial year ended Jan. 31, 2026, as steady rental growth helped cushion pressure from currency swings and property revaluations.

Its rental income rose 3 percent to BWP354.4 million ($26.1 million), up from BWP344.11 million ($25.4 million) a year earlier, supported by stable occupancy across its retail and commercial assets. Other income also increased, climbing from BWP3.2 million ($0.24 million) to BWP7 million ($0.52 million), reflecting improved contributions from ancillary services.

Botswana portfolio revaluation drives earnings drop

That steady top-line performance helped push operating profit slightly higher to BWP193.92 million ($14.3 million), compared with BWP189.94 million ($14 million) in the prior year. Still, the gains at the operating level did not carry through to net earnings. Profit after tax fell 64 percent to BWP50.7 million ($3.74 million), weighed down by exchange losses of BWP9.5 million ($0.7 million) and fair value losses of BWP79.9 million ($5.9 million).

Turnstar, in a note in its recently released abridged audited financial results for the year, said the valuation losses largely reflect higher discount and capitalization rates applied to its Botswana portfolio, in line with shifts in market pricing. Gains recorded in Tanzania and Dubai helped offset part of the decline, but not enough to prevent the drop in earnings.

Assets, equity fall amid valuation adjustment

Founded by Gulaam Husain Abdoola in 2002, Turnstar remains one of Southern Africa’s established real estate investors, with a portfolio spanning retail, office and mixed-use developments. It manages 13 properties across three markets, including eight in Botswana, four in Tanzania and one in Dubai. Its retail assets include Game City, Nzano, Supa Save and Mlimani shopping centers, while its broader portfolio covers commercial and residential assets.

Its balance sheet showed a more cautious position at year-end, with total assets falling to BWP2.72 billion ($200.7 million) from BWP2.91 billion ($214.7 million). Shareholder equity declined to BWP2.01 billion ($148.3 million) from BWP2.21 billion ($163.1 million). Retained earnings rose to BWP408.3 million ($30.1 million) from BWP392.1 million ($28.9 million). The board proposed a distribution of BWP0.2 ($0.014) per linked unit, despite lower earnings.