BSE Listed company PrimeTime has released its highly positive results for the year ended 31 August 2012.
Highlights of the results include the company’s annual turnover increasing by 30%.
This, according to PrimeTime Managing Director, Sandy Kelly, was largely due to Prime Plaza, Sebele Centre and G4S Headquarters’ contributions on the books.
“We are extremely pleased with this year’s results. At PrimeTime, we take as much time as is necessary in investigating the right property fit for our portfolio.
We actively source quality tenants to provide a balanced portfolio for our shareholders,” he said.
After five years on the stock exchange, PrimeTime has consistently produced a robust set of results for its shareholders.
The growth strategy has come to fruition with the CEDA House in the new CBD’s Prime Plaza being fully let to CEDA since 1 August 2012.
The company endeavours to start construction in Prime Plaza with the expected completion marked for the last quarter of 2013.
In addition, refurbishing of some key properties is on the cards for 2013 in a bid to retain the valued tenants.
Rental income has reported an increase of 37.7% from P47 197 293 to R64 997 643 with a 10.3% profit increase from Primetime’s operations.
The property portfolio reported an increase of P26 million due to the annual property revaluations.
As a leader in the property industry, PrimeTime’s property portfolio includes Sebele Centre, Prime Plaza, South Ring Mall, Blue Jacket Square, Barclays Plaza and the South African High Commission Building.
The revaluation and total cost of new acquisitions has increased the total value of all properties from P445m in 2011 to P505m in the just ended financial year.
“Achieving a good set of results in such a competitive market is quite a feat for PrimeTime and something that we are incredibly excited about.
Our operations are currently only based in Botswana but we anticipate adding the right property investments to our portfolio in the future.
We are grateful to our shareholders and to all of our stakeholders and, with a 9% increase in earnings per linked unit, we now look forward to the next financial year,” Kelly concluded.
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