G4S Botswana recorded a P11 million loss per its financial results for the year ended 31 December 2023, with the company bemoaning the government's decision to use citizen-owned security companies for guarding services as a contributor to sluggish revenue growth.
The company's revenue for the year was P215 million, a 1% increase from 2022's P212 million.
"The [company's] revenue for the year increased modestly by 1.1% year-on-year as the full impact of government's preferential policy on 100% citizen-owned Guarding service providers continued to affect the [company's] ability to access contract opportunities in that space," the company told shareholders.
However, according to its financial results, the company's loss was mostly its own doing. G4S incurred a 9% increase in administrative expenses due to a penalty for paying its P3.2 million VAT late which shot up audit cost overruns. The company did not provide a reason for the delay.
To improve performance, G4S intends to improve its internal administrative structures to avoid a similar expensive charge and refine its debt collection strategies.