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Letlole La Rona upbeat on growth

patriot by patriot
October 6, 2022
in Business
0

STAFF WRITER

editors@thepatriot.co.bw

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Listed property dealer Letlole La Rona (LLR) is basking in the glory of exceptional financial performance for the year ended June 30, 2022; posting a 71 per cent growth in Profit Before Tax of P45m to close at P109m.

“Revenue increased by 5% year-on-year to close at P108m, from the prior year’s figure of P103m. This growth was on the back of average annual lease escalations of 6.7%, supported by extremely low vacancy rates of less than 1%. There was a significant improvement in collection rates which exceeded 100% of the total monthly rentals billed, resulting in the credit loss allowances during the year being 35% lower than the prior year figure of P3m,” said company directors in a statement accompanying the results.

The directors declared that improved rental collections and cash management led to higher cash reserves which were invested in various fixed deposits and money market instruments, hence the significant growth in finance income.

LLR CEO Kamogelo Mowaneng commented: “We are very pleased with the Company’s sustained, strong growth. This not only unlocked value for shareholders by way of a higher distribution, but also through the rerating of our share price. Prudent capital allocation decisions in the 2021 financial year and our relentless focus on property fundamentals supported our performance for this financial year.”

According to the directors, the acquisition of a stake in Rail Park Mall has substantially boosted the share of profit from associates as the investment which was acquired for P152m in December 2021 showed a 13% growth in value to close at P171m by year end.

The fair value of the investment property increased significantly from P8m in the prior year to P25m for the year ended 30 June 2022, contributing to the growth in the value investment portfolio which now stands at P1.2bn.

The company’s share price appreciated by 29 per cent from P2.32 per share to close at P3.00 per share for the period under review.  Subsequently the Board has resolved to declare a final distribution of 10.03 thebe per linked unit on 23 June 2022 in respect of the financial year ended 30 June 2022, comprising of a dividend of 0.05 thebe and debenture interest of 9.98 thebe per linked unit. The total to be paid out to shareholders is P51.5 million.

The company is upbeat about the prospects of its recently launched “Go-To-Africa” Strategy.

Mowaneng said: “We are very excited to have launched our long-awaited “Go-to-Africa” strategy in July this year by acquiring a 30% equity stake in an industrial property in Nairobi, Kenya for US$ 7 million. This investment is not only value accretive for investors, but is expected to improve our investment portfolio fundamentals, considering the 25-year triple net lease terms and US dollar income that we’ll derive from this investment.

“Our new strategy seeks to optimize and diversify the Company’s portfolio, drive balance sheet growth, enhance stakeholder value and sustain investor returns. Aligned to these goals, our mission was revised to integrate our Basket of Wealth into the African economy, through value enhancing real estate investments which unlock superior returns for our shareholders, whilst connecting and empowering communities. This drive will be at the core of what we intend to do over our five-year strategic period, from 1 July 2022 to 30 June 2027.”

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  • Where are the ladies?October 7, 2025
    Botswana enjoys athletics success but… NANCY RAMOKHUA RelatedPosts Where are the ladies? FMD surges in SA Banks report P5.98 billion loan defaults editors@thepatriot.co.bw   Questionably for several years now, ladies in athletics have their representation visibly missing at international… Read more: Where are the ladies?
  • FMD surges in SAOctober 6, 2025
    Border villages,Tlokweng on high alert Cattle crossing into SA to be slaughtered Farmers to conduct FMD routine checks   BAKANG TIRO RelatedPosts Where are the ladies? FMD surges in SA Banks report P5.98 billion loan defaults editors@thepatriot.co.bw   Government… Read more: FMD surges in SA
  • Banks report P5.98 billion loan defaultsOctober 6, 2025
    Government’s growing fiscal pressures escalate risks of default in household and business loan repayments   RelatedPosts Where are the ladies? FMD surges in SA Banks report P5.98 billion loan defaults STAFF WRITER editors@thepatriot.co.bw Arrears on loans to the household… Read more: Banks report P5.98 billion loan defaults
  • Botswana Council of Churches calls for peaceOctober 6, 2025
    GORATAONE KGOSIMORE editors@thepatriot.co.bw RelatedPosts Where are the ladies? FMD surges in SA Banks report P5.98 billion loan defaults   Rev. Mmachakga Moruakgomo, representing the Botswana Council of Churches, on August 2025 undertook a diplomatic visit to Ukraine aimed at… Read more: Botswana Council of Churches calls for peace
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    Global uproar over killing 21 elephants for Independence festivities KITSO RAMONO editors@patriot.co.bw RelatedPosts Where are the ladies? FMD surges in SA Banks report P5.98 billion loan defaults   The Ministry of Environment and Tourism has confirmed authorising the killing… Read more: Botswana defends slaughtering elephants
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