WestProp Holdings Limited (ZSE: WPHL), reported a sharp upswing in full-year earnings for 2024, buoyed by robust demand for high-end residential developments and increased revenue from ongoing projects across Harare.
The group posted a profit before tax of ZWL 10.3 billion for the year ended December 31, 2024, a 154% jump from ZWL 4.05 billion in 2023. Total revenue surged 63% year-over-year to ZWL 21.3 billion, driven primarily by sales in its Pomona City and Millennium Heights developments.
“Our performance is a reflection of both strong consumer appetite for premium real estate and our execution capabilities,” said CEO Kenneth Sharpe in a statement accompanying the results. “The demand pipeline remains robust, and we are seeing increasing interest from diaspora investors.”
WestProp’s flagship Pomona City development contributed ZWL 9.7 billion in revenue, nearly doubling from ZWL 5.6 billion the previous year. Millennium Heights followed with ZWL 6.7 billion, while other residential estates such as Pokugara and Gunhill Rise made solid contributions.
Gross profit came in at ZWL 13.1 billion, yielding a gross margin of 61.3%, up from 52.4% in 2023. Administrative expenses rose modestly to ZWL 2.1 billion, reflecting scaled operations rather than inefficiencies, the company said.
Asset Expansion and IPO-Driven Liquidity Boost
Total assets grew to ZWL 53.6 billion, up from ZWL 47.9 billion, underpinned by fair value gains and capitalised development costs. The company raised ZWL 6.4 billion through its Zimbabwe Stock Exchange listing in May 2023, which fortified its balance sheet and enabled expansion across core segments.
Cash and cash equivalents stood at ZWL 5.2 billion, a significant increase from ZWL 346 million in the prior year, giving WestProp ample liquidity to finance its growing project pipeline.
Looking ahead, Sharpe signalled continued investment in “live-work-play” real estate models that blend residential, commercial, and leisure components. The company declared a final dividend of USD 152,135 (USD 0.00012 per share), underscoring confidence in sustained earnings.
“We remain focused on developing lifestyle estates that redefine urban living in Zimbabwe,” said Sharpe. “Our strategic land bank and proven project delivery position us well for long-term value creation.”
