PrimeTime Property Holdings Limited anticipates its profits for the year to increase significantly by 244 percent for its year ended, 31 August.

The company stated that the increase in profits is contributed by the effect of year end market values of investment properties which are higher in the current year than in the prior year.

The Company is expected to publish the final financial results for the year ended 31 August 2022 by 30 November 2022. “The Board of Directors of the Company would like to bring to the attention of linked unitholders that the consolidated profit before tax for the year ended 31 August 2022 is expected to be materially higher than the restated consolidated profit before tax of the prior comparable year to 31 August 2021, by approximately 244 percent (P61.9 million).”

In its year ended August 2021, Primetime recorded P14.6 million profits after tax despite challenging trading conditions brought by Covid-19 Pandemic. During the half year ended February 2022 the Group profit increased to

P 40. 4 million as the company experienced revenue growth coming from its new Pinnacle Park Mall in Lobatse.

The Group Chairperson, Petronella Matumo highlighted that they have worked hard to look after the company’s tenants and properties during the challenging time

“Running parallel to this, management and the board continue to partner with our funders to restructure and reduce the group’s overall debt ratio levels. We would like to thank our funders and stakeholders for their consideration throughout and look forward to their continued support.” The group is currently developing Phase II of Prime Plaza in the Gaborone CBD. “The major extension to our Boiteko Mall in Serowe is still being considered on the back of strong tenant demand and we have land to extend Pinnacle Park.”