Prime Time profit surges

Property development company, Prime Time announced that its profit before tax will shoot up significantly by 297 percent.

The company stated that its profit for the six months ended 28 February 2022 is expected to be materially higher than the prior comparable period to 28 February 2021, by approximately 297 percent (P32.4m). Profits before tax in the prior period were P10.9m.

The group’s operating profit year on year is also up by seven percent due to the effect of period end foreign exchange conversions of intercompany loans which are denominated in USD. “Originating from the strength of the US Dollar during this period, these reflect profits of P15.5 million in the current period versus losses of P19.5 million in the prior period.” The Company is expected to publish the interim financial results for the period ended 28 February 2022 by 31 May 2022.

The Groups profits were badly affected by the Covid-19 pandemic in the past two years as it had to provide rental rebates for its tenants. However, with the return to profitability, the company is looking up to its newly developed Pinnacle Park to boosts its profitability. Commenting on the Company’s 2021 annual report, Prime Time Property and Asset Manager, Sandy Kelly said they have filled Pinnacle Park with a strong set of tenants that they look forward to working with for many years to come. He said the company has also made substantial progress with the new Lobatse Junction retail mall which completed in 2021. “This was achieved with 100 percent of the space already committed to by a high-quality tenant mix and we are optimistic on its future. The investment into Lobatse was carefully analysed and proceeded based on PrimeTime receiving a guarantee from the developer on the first year’s income, which will ensure a net eight percent return. We believe the development will play a key role in Lobatse’s future with the investment leading to the creation of substantial employment opportunities in the town.”