PrimeTime Property Holdings has reported a 67% increase in profit for the six months ended 28 February 2026, driven by resilient property operations and gains from strategic asset disposals as the company continues to strengthen its balance sheet.
The property investment company recorded profit after tax of P31 million for the period, up from P18.5 million in the corresponding period last year. Profit before tax rose 60% to P36.3 million, supported by a P12.7 million gain on the disposal of investment properties as part of its portfolio optimisation and deleveraging programme.
Revenue increased by 4% to P122.1 million from P117.5 million a year earlier, buoyed by stronger performances from the company's Zambia and South Africa portfolios, as well as improved recovery income. Rental income remained largely flat, increasing by just 0.5% to P95.2 million.
PrimeTime said its Botswana portfolio experienced a 4% decline in rental income to P61.3 million due to property disposals, lease reversions and vacancies. However, this was offset by growth in Zambia and South Africa. Zambia rental income increased by 4% to P26.7 million, while South African rental income surged 37% to P7.2 million, aided by lease-related income, annual escalations and foreign exchange gains.
The group's property portfolio remained resilient, with a vacancy rate of just 2% despite a modest increase from the previous financial year. Net asset value rose 3% to P1.06 billion, equivalent to approximately P4 per linked unit.
PrimeTime continued to make progress on reducing debt, with its loan-to-value ratio falling to 43% from 45% at the end of August 2025. Total borrowings declined to P826 million from P865.9 million over the same period. The company also reported a stronger cash position, with cash and cash equivalents increasing to P29.5 million from P20.2 million six months earlier.
The company has classified investment properties worth P141 million as held for sale as it accelerates its capital recycling strategy. PrimeTime said the disposals are intended to strengthen the balance sheet and reduce debt while redirecting capital into stronger-yielding opportunities.
Looking ahead, PrimeTime is advancing two major development projects: Prime Plaza II in Gaborone and the expansion of Munali Mall in Zambia. Prime Plaza II is backed by a 50% pre-let commitment and carries remaining capital commitments of approximately P76.3 million, while the Munali Mall expansion is expected to support Shoprite's growth and enhance the mall's long-term income profile.
Despite the improved earnings performance, the board elected not to declare an interim distribution, citing the need to preserve liquidity and support ongoing refinancing and deleveraging efforts.
"The Group continued to make progress in strengthening its balance sheet," the company said, noting that asset sales, debt repayments and disciplined capital allocation remain central to its strategy amid a high interest rate environment.