{"id":7907,"date":"2022-06-01T10:28:02","date_gmt":"2022-06-01T10:28:02","guid":{"rendered":"https:\/\/www.africa-press.net\/botswana\/all-news\/primetimes-six-month-profits-at-p40-4m"},"modified":"2022-06-01T14:17:22","modified_gmt":"2022-06-01T14:17:22","slug":"primetimes-six-month-profits-at-p40-4m","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/botswana\/all-news\/primetimes-six-month-profits-at-p40-4m","title":{"rendered":"PrimeTime’s six-month profits at P40.4m"},"content":{"rendered":"

Africa-Press – Botswana. <\/strong><\/span>Botswana Stock Exchange-listed (BSE), PrimeTime Property Holdings has recorded P40.4 million in profit for the six months financials ended February 28. This is an increase compared to P5.4 million recorded previously in the corresponding period. Commenting on the results, the group\u2019s chairperson, Petronella Matumo attributed the growth to the new properties.<\/b><\/p>\n

\u201cWhile rental levels from existing properties have been relatively flat, the increased income and projected growth are coming from the new properties, Pinnacle Park and Lobatse,\u201d she said. During the reporting period, the group\u2019s rental income and revenue from contracts with customers were P79.8 million. According to Matumo, vacancies are low and where tenants have moved, they have and are finding good covenant replacements. \u201cThis is indicative of the quality of our assets, confirming the strength of our portfolio fundamentals. We have worked hard to look after our tenants and properties during this time as well as bedding down our new developments successfully,\u201d she said.<\/p>\n

The Lobatse Junction retail centre, which was opened in October last year, is reported to have been fully occupied by November 2021 while the final unit at the Pinnacle Park, which was practically completed right at the end of the 2020 financial year, has now been let out. In terms of the development pipeline, the two property disposals brokered in the prior financial year, namely retail centres in the rural locations of Gantsi and Ramotswa, were transferred by the end of January 2022.<\/p>\n

The proceeds of these are being redirected into the first building of Prime Plaza II at CBD, Gaborone. The major extension to Boiteko Mall in Serowe is still being considered on the back of strong tenant demand and we have land to extend Pinnacle Park. Running parallel to this, Matumo said management and the board continue to partner with funders to restructure and reduce the group\u2019s overall debt ratio levels. Moving onto costs, she said there are some key drivers of the increase recorded during this period. Matumo said some of these costs such as the refurbishment and compliance costs are investments into the group\u2019s future and she expects to reap the benefits in the years to come. \u201cNew properties such as Lobatse Junction, by their nature as multi-tenanted retail malls, carry a higher cost base.<\/p>\n

Generally, across all the regions we operate in, utility and municipal costs have increased above inflationary levels and recoveries must continually be adjusted upwards to keep pace where possible. Additional refurbishment costs have been incurred this year to fill vacancies with suitable tenants. There is a cost attached to improving our board structures, governance, and ongoing compliance in an increasingly regulatory environment,\u201d she said.<\/p>\n

For More News And Analysis About Botswana<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Botswana. Botswana Stock Exchange-listed (BSE), PrimeTime Property Holdings has recorded P40.4 million in profit for the six months financials ended February 28. This is an increase compared to P5.4 million recorded previously in the corresponding period. Commenting on the results, the group\u2019s chairperson, Petronella Matumo attributed the growth to the new properties. \u201cWhile […]<\/p>\n","protected":false},"author":84,"featured_media":7906,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,7,8,16],"tags":[233,237,234],"class_list":["post-7907","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-head-lines","category-homepage-english","category-twitter","tag-africa-press","tag-africa-press-botswana","tag-botswana"],"yoast_head":"\nPrimeTime's six-month profits at P40.4m - Botswana<\/title>\n<meta name=\"description\" content=\"Botswana Stock Exchange-listed (BSE), PrimeTime Property Holdings has recorded P40.4 million in profit for the six mo ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/botswana\/all-news\/primetimes-six-month-profits-at-p40-4m\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"PrimeTime's six-month profits at P40.4m\" \/>\n<meta property=\"og:description\" content=\"Botswana Stock Exchange-listed (BSE), PrimeTime Property Holdings has recorded P40.4 million in profit for the six mo ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/botswana\/all-news\/primetimes-six-month-profits-at-p40-4m\" \/>\n<meta property=\"og:site_name\" content=\"Botswana\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2022-06-01T10:28:02+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-06-01T14:17:22+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/botswana\/sites\/38\/2022\/06\/img-629774d72a0f7.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"532\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/primetimes-six-month-profits-at-p40-4m#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/primetimes-six-month-profits-at-p40-4m\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/botswana\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"PrimeTime’s six-month profits at P40.4m\",\"datePublished\":\"2022-06-01T10:28:02+00:00\",\"dateModified\":\"2022-06-01T14:17:22+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/primetimes-six-month-profits-at-p40-4m\"},\"wordCount\":458,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/primetimes-six-month-profits-at-p40-4m#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/botswana\/sites\/38\/2022\/06\/img-629774d72a0f7.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Botswana\",\"Botswana\"],\"articleSection\":[\"all news\",\"economy\",\"head lines\",\"homepage-english\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/botswana\/all-news\/primetimes-six-month-profits-at-p40-4m#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/primetimes-six-month-profits-at-p40-4m\",\"url\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/primetimes-six-month-profits-at-p40-4m\",\"name\":\"PrimeTime's six-month profits at P40.4m - 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