WestProp unveils plans for Zimbabwe’s first regional mall, posts 77% revenue surge
HARARE – WestProp Holdings, a leading property development company, has announced significant progress in its plans to develop Zimbabwe’s first-ever regional mall, “The Mall of Zimbabwe.”
· Nehanda RadioAccording to the company’s half-year financial report, negotiations with South African partners are in the final stages, with construction expected to commence post mid-2024.
“We are also in the final stages of negotiations with our South African partners for Zimbabwe’s long-awaited first-ever regional mall “The Mall of Zimbabwe” which we expect to go to the ground post mid-2024,” board chairman Michael Louis said.
Despite Zimbabwe’s challenging economic environment, the Victoria Falls Stock Exchange company reported impressive half-year financial results, with revenue soaring 77% to US$14,234,363.
The company’s strong performance was driven by the success of its flagship developments, Pokugara Properties and Pomona City, which contributed significantly to its revenue growth. Net profit after tax stood at US$4,377,209, representing a 31% net profit margin.
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WestProp Holdings‘ total assets increased by US$34,096,372, primarily due to investment property fair value gains, while equity grew by 22% (US$26,209,700). The company also declared an interim dividend of US$1,714,284.
Louis attributed the company’s success to its diversified portfolio, improved liquidity, and strong asset base.
“We will continue to persevere, perform, and deliver our commitment of growing shareholder value, sharing our future success with all stakeholders,” he said.
The company said it remains cautiously optimistic about its future prospects, with several exciting projects in the pipeline, including the US$280 million Hills Lifestyle Estate, which held its groundbreaking ceremony on August 23, 2024, presided over by President Emmerson Mnangagwa.
WestProp Holdings said it is committed to sustainability, incorporating eco-friendly features in its developments, such as the use of solar green energy and electronic access technology.
The company aims to put “a billion bricks by 2050” and continue driving growth and value for its stakeholders.