Turnstar Holdings Ltd (Botswana) – HY 2023 PBT decreases by 11.5% to P 54 million

By Published On: October 31st, 2022Categories: Corporate announcement, Earnings
Turnstar Holdings Limited 2023 Interim Results For The Half Year

Turnstar Holdings Limited (TURNST.bw) HY2023 Interim Report

OVERVIEW

The rental revenues of the Group for the half year period ended 31 July 2022 increased by approximately 11.3% compared to the corresponding half year period ended 31 July 2021 (P 128.2 million for the half year period ended 31 July 2021 compared to P 142.7 million for the half year period ended 31 July 2022). The increase in rental revenues resulted in a marginal increase in the Group’s operational profit despite current inflationary cost increases, when compared to the corresponding half year period ended 31 July 2021.

Escalating borrowing rates resulted in an increase in the Group’s finance costs compared to the comparative prior period. The US Dollar also appreciated substantially against the Botswana Pula, during the current half year period, resulting in foreign exchange losses recognised on the Group’s borrowings denominated in US Dollar.

As a result of the inflationary cost pressures together with the increase in finance costs and foreign exchange losses referred to above, the Group’s profit before taxation, for the half year period ended 31 July 2022, is 11.5% lower (or P7 million) from P 61 million for the half year period ended 31 July 2021 to P 54 million for the half year period ended 31 July 2022.

After realisation of deferred tax and an exchange gain on translating of the Group’s foreign operations, the Group’s comprehensive income for the half year period ended 31 July 2022, has increased by 103% (P61 million) from P59 million for the half year period ended 31 July 2021 to approximately P 120 million for the half year period ended 31 July 2022.

Stakeholders are reminded that foreign exchange translation gains are unrealized and are dependent on the US$/BWP exchange rate at the reporting date.

Group
• Group earnings per share (EPS) is 11.99 thebe per share, for the half year, up from 10.27 thebe per share for the half year July 2021.
• Group Tax recovery of P14.6 million comprises wholly of a deferred tax relization, calculated in accordance with IAS 12.

INTERIM DISTRIBUTION

The dividend of 9t per linked unit will comprise of Debenture interest of 7.9024t and dividend of 1.0976t per linked unit, to all registered unit holders as at the close of business on 2nd December 2022.

Ex distribution date 30th November 2022
Record date for participation 2nd December 2022
Date of payment of dividend 13th December 2022

In accordance with requirements of the Income Tax Act, withholding tax shall be deducted by the company on the payment of interest and dividends paid to residents and non – residents’ holders of link units who are not exempt from the withholdings tax provisions of the Act.


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