Turnstar Holdings Limited recorded a 10.5 percent decline in profit after tax to P85.1 million for the six months ended July 2026, despite improved rental income and operating performance across its property portfolio.
The property group’s unaudited interim results show that profit after tax fell from P95.2 million recorded in the corresponding period last year, reflecting a significant change in its tax position.
Taxation shifted from a P22.5 million credit in the previous comparable period to an expense of P1.7 million during the period under review, weighing on the bottom line.
The decline came despite a 4 percent increase in revenue to P181 million, while operating profit improved 4.4 percent to P102.3 million.
Profit before tax rose 19.5 percent to P86.9 million, supported partly by a favourable foreign exchange movement that generated a P6.6 million gain, compared with a P6.4 million loss in the previous period.
Rental growth across its operations in Botswana, Tanzania and Dubai supported the improved operating performance.
In Botswana, external revenue increased to P92 million from P87 million, while operating profit edged up to P59.5 million from P57.1 million.
Tanzania’s Mlimani City recorded an 11 percent increase in operating profit, supported by higher rental income and improved cost management. In Dubai, Palazzo Venezia remained fully occupied, with rental income rising 22 percent.
Despite the lower after-tax earnings, the board proposed an interim distribution of 10 thebe per linked unit, comprising 7.305 thebe in debenture interest and 2.695 thebe in dividends.
Borrowings remained unchanged at P596 million, while total assets stood at approximately P2.8 billion.