Harare | WestProp Holdings Limited, a prominent property development firm in Zimbabwe, announced a notable surge in both revenue and profitability for the fiscal year concluding on December 31, 2023, despite facing economic challenges.
Michael Louis, the Chairman of WestProp, remarked, “The year 2023 presented distinctive trials and openings for Zimbabwe’s economy. Initially, we encountered a tough operational landscape marked by a slowdown in economic activities due to sudden inflation spikes and exchange rate fluctuations.”
Nevertheless, WestProp successfully navigated these hurdles, attributing its resilience to the steadfast support of its clientele and governmental efforts to stabilize the economy.
Louis emphasized, “As the year progressed, we experienced substantial growth, particularly towards the latter part, fueled by a marked rise in premium sales, owing to an improved economic climate.”
In 2023, WestProp’s revenue surged to US$16.09 million, compared to US$11.67 million the previous year. The company also posted a net profit after tax of US$50.28 million, propelled by gains in its investment property portfolio.
Louis highlighted, “A comprehensive market-based assessment of the group’s land assets, including its 70% stake in Sunshine Development Private Limited, yielded an aggregated fair value of US$250,400,590 as of December 31, 2023.”
WestProp also reaffirmed its dedication to sustainability and community welfare. Louis stated, “We’ve fostered a forward-thinking ethos by championing sustainability initiatives aligned with our vision of laying ‘a billion bricks by 2050.’ In 2023, we spearheaded a clean-up drive and maintenance initiative at Harare Gardens to promote environmental consciousness and practices.”
Furthermore, the company allocated US$142,350 towards mentorship, sports, education, and medical aid for over 100 beneficiaries.
Looking ahead, WestProp unveiled ambitious expansion plans for 2024, including the launch of major projects such as “The Hills,” a multi-billion-dollar golf estate, and Pomona City, a US$4 billion development endeavor.
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Louis elaborated, “The Hills, a US$280 million undertaking, introduces several pioneering features to Zimbabwe, such as the inaugural USGA standard golf course, a unique water-based driving range, and branded tennis and swimming academies. Additionally, it includes the first dedicated residences in sub-Saharan Africa, boasting an 82% green area open space development—a potential African record—and Zimbabwe’s first 12-floor residential building.”
WestProp also disclosed its collaboration with South African investors to construct Zimbabwe’s inaugural regional mall, “The Mall of Zimbabwe.”
Louis concluded, “We maintain a cautiously optimistic outlook as we strive to achieve our goal of laying a billion bricks by 2050. With our diversified portfolio and strategic initiatives, we are well-positioned to seize emerging opportunities and mitigate risks as we continue to progress.”
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