RDC Properties Limited recorded a 11 percent jump in profit to P87.0 million before tax for the year ended 31 December 2015.
The BSE listed company which owns Masa Centre in the CBD and Chobe Marina lodge said profits levels were impressive.
“The results again reflect solid revenue growth of 11% revenue from P78.1 million in 2014 to P87.0 million in 2015 and profit before tax was up 9%,” said RDC Chairman, Guido Giachetti.
He said their investment and property portfolio now stands at P1.1 billion a 16% increase from previous year.
“The largest contributors to the growth in the portfolio value relate to Masa Centre and Chobe Marina Lodge, as well as the acquisition of the RDC Flats, as part of our residential diversification, in November 2015,” Giachetti said.
He added that of significant strategic importance for the company is the successful raising of P232.1 million from the rights issue concluded in November 2015.
“This has placed the company in a strong position to expand into the region with a specific focus on Mozambique, Namibia and South Africa,” Giachetti stated.
During the period under review, Masa Centre vacancy dropped to 1% of total lettable area which is down from 10% in the previous reporting period. The group’s cash cow Lansmore Masa Square Hotel has been under new management since April 2015 and is now trading as Masa Square Hotel.
Giachetti highlighted that the Masa Suites are almost complete. “We are very excited about the offering this will bring to the market. These beautifully furnished suites will be marketed by the Masa Square Hotel and we look forward to welcoming the first guests in early April 2016,” he said.
Masa Square Hotel continues to be, arguably, the most sought after business hotel in Gaborone.
He added that Chobe Marina Lodge is also performing exceptionally well. The exceptional performance has been attributed to the management team of the hotel and to the refurbishment carried out in 2014.
The Chairman said he is satisfied with the demand for the newly completed Gaborone West Warehouses. Adding that works will be starting on the RDC Flats; this will comprise 45 new flats to be added to this prime property.
Meanwhile, RDC shareholders have agreed on the acquisition of a 45% stake in Braccobaldo 1 (Proprietary) Limited (“BR1”), subject to regulatory approval. The company will acquire the shares in BR1 principally through a loan of R18.2 million. BR1, a South African company, will develop a large hotel in Queen Victoria Street in the heart of the Cape Town CBD. The R18.2 million loan will be advanced to fund the project.
Prices for cereals or staple foods in Botswana and other Southern African countries continue to rise at a slower pace, following trends in the global markets, according to the latest November 2022 Food Price Monitoring and Analysis by Food Agricultural Organization (FAO) of the United Nations.
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Botswana Institution Of Engineers (BIE), has last week hosted a gala dinner in which they appreciated engineers who worked tirelessly and with dedication for 10 years from 1983 to steer the BIE to its current status.
The event that was held at the Phakalane Golf Estate had brought together young, experienced and veteran engineers and was held under the theme “Vitalize the dignity and eminence of all professional engineers”.
Explaining the theme, the institution’s treasurer, Thanabalasingam Raveendran said that engineers were looked upon reverentially with respect as the educated but with time it seems to have deteriorated. He indicated that there is a need to change the narrative by all means.
“The BIE exists for the welfare and the betterment of us Botswana engineers, we need to recognize specialised units within our Institution. We Engineers strongly believe in Engineers make it happen” Raveendran said.
He indicated that under the theme they appeal to all engineers to energize, to attain quality of being worthy of honour and respect and to achieve recognized superiority amongst the Society.
Raveendran stated that engineers need to ensure their end product is of good quality satisfying the end users expectations and engineers must be honest in their work.
“Approximately 8000 engineers registered with Engineering Regulatory Board (ERB) are not members of the BIE, engineers need to make every effort to recruit them to BIE” he said.
He alluded that BIE being a society, it currently needs to upgrade itself at par with professional institutions elsewhere like the UK and USA.
He further stated that BIE has to have engineering units of specialised disciplines like Civil/Mechanical/electrical etc
“As President Masisi indicated in his inaugural speech, the young people, who make 60 percent of the population of this country, are the future leaders and therefore investing in them is building the bridge to the future” said Raveendran
Kandima indicated that BIE has a memorandum of Understanding with Engineers Registration Board (ERB), where BIE is a recognised provider of CPD training, mentorship programmes and more importantly IPD undertaking to upgrade the skills and know-how of our engineers.
“For us to achieve our mandate and make worthwhile changes to engineering in Botswana, we have to be totally focused and act with intent” said Kandima.
Furthermore, Stephen Williams, past president of the BIE from 1986-1988 told the engineers that the BIE provides a fertile environment where they can meet, share ideas and grow professionally.
“The BIE is also a nesting place for graduate engineers to learn from their peers and seniors, it also cater for engineering technicians and technologists and so nobody in the technology field is left out” he said.
He further indicated that Botswana Government provides a conductive environment for growth of engineering professionals.
“It must be stated that the Botswana Government recognises the existence of BIE and it can further be stated that the government enables ERB to carry out its mandate as a regulator of engineering professionals” said Williams
He plead with engineering companies to recognize and support BIE as it is the only source of engineering personnel’s for various Industries .
Furthermore, when giving his farewell speech, Michael Pinard , a past president of the institution said how they are viewed as engineers by the general public might be due to some lack of appreciation as to exactly what role they play in the development of the country.
“The BIE slogan is aptly coined-Engineers make it happen, in other words, what man dreams engineers create” Said Pinard.