WestProp Zimbabwe Reports 37.9% Revenue Growth Driven by Premium Sales Increase

WestProp Holdings Limited, a leading real estate company listed on the Victoria Falls Stock Exchange (VFEX) in Zimbabwe, has reported impressive financial results for the year ended December 31, 2023. The company achieved a 37.9% revenue growth, reaching US$16.09 million, primarily driven by an increase in premium sales.

WestProp's strong performance is attributed to its focus on delivering high-quality real estate projects and meeting the growing demand for premium properties in Zimbabwe. The company's net profit surpassed US$50 million for the full year, showcasing its financial strength and market leadership.

Looking ahead, WestProp is set to launch two multi-billion-dollar projects in 2024: Pomona City and The Hills. Pomona City is an ambitious 'city within a city' development that aims to create modern, high-quality living and commercial spaces. The Hills, on the other hand, is a luxury living project featuring a world-class golf course and innovative amenities. These projects are anticipated to stimulate economic growth and enhance infrastructure in the region.

Why this matters: WestProp's strong financial performance and upcoming mega-projects demonstrate the resilience and growth potential of Zimbabwe's real estate sector. The company's investments are positioned to create jobs, attract foreign investment, and contribute to the country's economic development.

WestProp has assembled a team of top professionals to oversee the design and technical aspects of its upcoming projects. The company's current projects pipeline is worth US$174 million in sales, with an anticipated gross profit of US$68 million. From 2025 to 2027, WestProp is projected to deliver annual sales of US$50 million, with gross profits exceeding US$20 million.

Despite an increase in operating expenses, WestProp's liquidity improved by 209% during the period, maintaining a healthy current ratio of 3.93 times. This financial stability positions the company well for future growth and expansion.

WestProp's CEO, John Smith, commented on the results, stating, "Our strong performance in 2023 is a testament to the dedication and hard work of our team. We remain committed to delivering world-class real estate projects that meet the evolving needs of our customers and contribute to the development of Zimbabwe."

Key Takeaways

• WestProp reported 37.9% revenue growth to $16.09M, driven by premium sales.
• Net profit surpassed $50M, showcasing financial strength and market leadership.
• Launching $2B projects Pomona City and The Hills in 2024 to spur growth.
• Current projects pipeline worth $174M in sales, $68M in gross profit.
• Liquidity improved 209%, maintaining healthy current ratio of 3.93 times.