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Prime Time Properties record slight profit growth

Prime Time Properties record slight profit growth
PRIME TIME DIRECTOR: Sandy Kelly

Botswana Stock Exchange-listed Prime Time Properties has recorded P14.6 million in profits, a slight growth compared to the P14.1 million that was recorded previously during the corresponding period.

According to the group’s financials for the year ended 31st August 2021, Prime Time Director Sandy Kelly, the group has managed to sail through the challenging Covid-19 pandemic which has remained an obstacle and distraction for most businesses and economic growth. He said the diversity of their portfolio provides the group with strong protection against shocks on individual properties or tenants.

“Prime Time has re-geared many of its leases, securing strong covenant strength tenants for the longest term. These include G4S and Woolworths in Zambia, Tigers Milk in South Africa, and Pick’nPay in Botswana,” he said.

Across the group,35% of the rental income is from major corporates, multinationals, and commercial banks, while 38% is from established retail chains and a further eight percent is from government and parastatals including foreign missions.

In Botswana, their portfolio consists of 22 properties representing 64% of the Group market value, which saw a reasonable uplift in value at year-end.

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“ Pinnacle Park Phase I in Setlhoa, which was completed at the end of the prior year, has experienced strong tenant demand and we have achieved a quality tenant base made up of parastatals, mining companies, and some smaller professional tenants such as engineers and software consultants,” said Kelly.

The group’s two properties in South Africa, acquired in the last financial year have contributed positively during the year. While their values are yet to recover from the downturn experienced last year, management believe they have now bottomed out at 6% of the total Group portfolio.

The six properties in Zambia which make up 30% of the Group market value at year-end saw a further contraction on valuation. The sentiment in the country post-elections held in August 2021 is positive.

Kelly further said they still have an excellent pipeline of opportunities which they will be able to capitilise on in the coming years.

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