FaR Property Company (FPC) Limited, a property investment company listed on the Botswana Stock Exchange, has recently announced its exceptional financial results for the year 2023. The company’s property asset value has risen to P1.47 billion, up from P1.42 billion in the previous year.
FPC has a diverse portfolio of properties, including retail, commercial, industrial, and residential properties in Botswana, South Africa, and Zambia. The company owns a total of 186 properties, generating rental revenues from various sectors. In 2023, the company recorded rental revenues of P11 million from residential properties, P62 million from industrial properties, and P89 million from commercial properties. Overall, the company’s total revenues increased by 9% to P153 million, while profit before tax increased by 22% to P136 million, and operating profit increased by 11% to P139 million.
One notable achievement for FPC is the low vacancy rate across its properties, which stands at only 6%. This is particularly impressive considering the challenging trading environment. The company attributes this success to effective lease management and the leasing of previously vacant properties in South Africa. FPC’s management expressed satisfaction with the results, highlighting the resilience of the company in the face of ongoing macroeconomic challenges.
The increase in profit before tax can be attributed to both an increase in income and effective control of operating expenses. FPC managed to achieve these results with fewer employees, demonstrating the company’s efficiency. The headline earnings per linked unit also saw an improvement, reaching 26.92 thebe, higher than the previous year.
Looking ahead, FPC remains confident in its competitiveness and growth prospects. The company possesses a substantial land bank, which it plans to develop strategically as opportunities arise. FPC aims for managed growth, focusing on consumer-driven developments and ensuring the presence of supportive tenants. By maintaining this approach, the company believes it can sustainably grow its property portfolio and remain competitive in the market.
In terms of the macroeconomic environment, FPC noted that inflation rates are decreasing towards the 3% to 6% range approved by the Bank of Botswana. This is positive news for the company, as it hopes for further decreases in interest rates. However, the fluctuating fuel prices, influenced by global events such as the war in Ukraine and oil output reductions by Russia and other Middle Eastern countries, continue to impact businesses, including some of FPC’s tenants.
FPC’s property portfolio includes notable assets such as a shopping mall in Francistown with Choppies Hyper as the anchor tenant, Borogo Mall located on the A33 main road near the Kazungula ferry crossing, and various industrial and commercial properties in Gaborone leased to Choppies, Senn Foods, and Clover Botswana. The company also owns a shopping mall in Mafikeng and Rustenburg in South Africa.
The majority of FPC’s properties, 85%, are located in Botswana, followed by 12% in South Africa and 3% in Zambia. With its strong financial performance, competitive position, and strategic land bank, FPC is well-positioned for continued growth and success in the property market.
In a significant stride towards inclusivity, Botswana’s National Assembly has ratified the groundbreaking Persons with Disability Act. This legislation is a cornerstone in protecting the rights and promoting the economic well-being of individuals with disabilities
At the heart of this act is the creation of two pivotal bodies: the National Disability Coordinating Office and the National Disability Council. These institutions are set to revolutionize the integration of disability affairs into the national fabric, as outlined by the Minister for State President, Kabo Morwaeng. Morwaeng highlighted the alignment of this act with the global Convention on the Rights of Persons with Disabilities (CRPD), underlining Botswana’s commitment to international standards in disability rights.
During his address to Parliament, Morwaeng disclosed Botswana’s inaugural CRPD report submission to the UN, underscoring the nation’s dedication to global dialogue on disability rights. Furthermore, he unveiled plans for a comprehensive assessment to understand the socio-economic realities of disabled individuals and their families. This initiative, complemented by the strengthening of existing programs, aims to empower this community, ensuring their integration and prosperity in society
Morwaeng’s call to action was clear. He urged a collective shift in developmental agendas to accommodate and prioritize disability issues, advocating for an inclusive societal framework.
An ambitious budget of P35,631,600 has been allocated to bridge gaps in Disability Economic Empowerment, alongside critical studies and the establishment of the National Emergency Operations Centre. Concluding his presentation, Morwaeng appealed to fellow governmental departments to allocate funds diligently to fulfill CRPD and Persons with Disabilities obligations, marking a new chapter in Botswana’s legislative history towards inclusive development.
Kabo Matlho, a luminary whose fame once graced the grand finale of My Star, is poised to enchant the music realm once more with an upcoming solo venture—an RnB and Hip-Hop Extended Play (EP)—heralding his grand resurgence after a hiatus that spoke volumes.
During a telephonic confab with our editors, the virtuoso, navigating the world from the confines of his wheelchair, confided that while the exact launch date of the EP remains shrouded in mystery, he is fervently working towards a mid-2024 reveal. Matlho shared the trials of his odyssey, especially the cold shoulder he received from the industry ambushes, crediting the harsh exclusion to his physical predicament.
“The scene calls me once more, for the absence has been both a sabbatical and a shadow. The road for an artist, enveloped in the embrace of wheels, is strewn with fewer welcomes and scarce stages. Yet, herein I forge my return, with the precise hour of my EP’s birth still nestled in the coming chapters, assuredly within this year’s embrace,” Matlho unveiled with a determination that shone bright.
Probed on his choice for a solo EP, the melody weaver expressed a desire to not only rekindle his essence but to stand solitary under the spotlight, nurturing his brand to vigor before possibly blending it with the talents of others—once his career phoenix rises anew from its ashes.
Elaborating on his Extended Play, Matlho shared visions of its essence, where the soul of RnB intertwines with the spirited rhythm of Hip-Hop, crafting an audial tapestry that not only returns to his roots but also ventures into previously uncharted territories of his musical domain. With resilience, Matlho faces the crossroads of his artistry, embracing the whisperings of Hip-Hop that tease the boundaries of his comfort, embarking on this path with a heart both apprehensive and ablaze.
The Botswana DanceSport Association (BODANSA) has been graced with a financial boon of P45,000 courtesy of Turnstar Holdings. This generous endowment is earmarked for the illustrious Botswana International Dance Sport Grand Prix Championships, which are scheduled to animate Gaborone from Friday to Saturday.
At a media engagement held early today, BODANSA’s Marketing Maestro, Tiro Ntwayagae, shared that Turnstar Holdings Limited has bestowed a gift of P45,000 towards the grand spectacle.
“We are thrilled to announce that this backing will enable us to orchestrate a cultural soirée at the Game City Marque locale, a night brimming with cultural fervor set for March 1, 2024, from 6pm to the stroke of midnight.
This enchanting space will also serve as the battleground for the preliminaries of traditional dance ensembles—spanning the rhythmically rich Setapa to the euphoric beats of Sebirwa, the spirited Seperu, the heavenly Hosana, and more—in a competition folded into the Traditional Dance Groups Category. The ensemble that dances into the judges’ hearts will clinch a grand prize of P10,000,” elaborated Ntwayagae.
He further illuminated that the cultural eve would not only celebrate traditional melodies but also the fresh beats of contemporary dance variants including Hip Hop, Sbujwa, Amapiano, among others, in a dazzling display of modern dance mastery.
Moreover, these championships carry the prestigious recognition by the World DanceSport Federation as a qualifying round for the Breakdance category for the Paris 2024 Olympics. “This is a monumental opportunity for athletes to leap towards their Olympic dreams during one of the penultimate qualifiers,” underscored Ntwayagae.
Looking ahead to March 2, 2024, the festivities will propel into the University of Botswana Indoor Sports Arena for the championship’s climactic showdowns encompassing Breakdance, Latin, and Ballroom Dancing.