WestProp Holdings Limited, a prominent property development company in Zimbabwe, has reported a remarkable surge in revenue and profitability for the fiscal year ending on December 31, 2023, despite the prevailing challenging economic conditions.
Nevertheless, WestProp overcame these challenges because of the unwavering backing of its clientele and the government actions taken to stabilise the economy.
Louis noted, “The Group saw significant growth towards the end of the year, especially in premium sales, benefiting from an improved operating environment.”
WestProp saw a substantial increase in income in 2023, rising from US$11.67 million to US$16.09 million. Additionally, the company’s investment property portfolio saw gains that helped it generate a net profit after taxes of US$50.28 million.
The group’s land banks, including its 70% ownership in Sunshine Development Private Limited, were valued at market value as of December 31, 2023, and as of that date, their total fair value was US$250,400,590.
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WestProp also restated its dedication to sustainability and community involvement. “We have promoted sustainability initiatives in line with our vision to lay ‘a billion bricks by 2050,’” Louis said, fostering a culture focused on the future. To raise awareness of environmental issues, the Group led a clean-up effort and maintenance of Harare Gardens in 2023.
Additionally, WestProp provided US$142,350 to over 100 people for sports, education, medical aid, and mentoring.
Looking ahead, WestProp announced ambitious plans for growth for 2024, which included the opening of Pomona City, a US$4 billion development project, and “The Hills,” a multibillion-dollar golf estate.
“The Hills project, valued at US$280 million, introduces several groundbreaking features in Zimbabwe,” Louis continued. “These include the first golf course in Zimbabwe to meet USGA standards, a driving range that is submerged in water, branded tennis and swimming academies, exclusive residences, and an extensive development of green open space.”
Furthermore, WestProp disclosed that it has entered into a strategic partnership with South African investors to build Zimbabwe’s first regional mall, which will be known as “The Mall of Zimbabwe.”
Louis was upbeat but cautiously optimistic about the future, highlighting WestProp’s flexibility and agility in the face of shifting market conditions. “We stay dedicated to our vision and work towards realising our goal of laying a billion bricks by 2050,” he said in closing. We are well-positioned to take advantage of new possibilities and reduce risks by implementing strategic initiatives and maintaining our diversified portfolio, which will help us to continue our successful and growing path.
