Listed property developer WestProp Holdings Limited reported a US$2.65 million profit for the half year ended 30 June 2025, down from US$4.38 million in the same period last year, as delayed project handovers and higher finance costs weighed on earnings.
Revenue fell 10% to US$12.82 million from US$14.23 million, largely reflecting the timing of property deliveries and a strategic shift toward higher-margin projects. Gross profit declined to US$6.83 million from US$8.21 million, though the group sustained a solid 53% gross margin through tighter cost control and operational efficiency.
Operating expenses rose to US$3.11 million from US$2.58 million, while finance costs more than doubled to US$259,635, resulting in a lower profit before tax of US$4.2 million, compared to US$5.88 million a year earlier. Basic earnings per share fell to 8.85 US cents, from 14.59 US cents. The board declared an interim dividend of US$818,186.
Despite the softer half-year, WestProp’s balance sheet remains strong, with total assets rising to US$218.8 million (up from US$213.5 million in December 2024) and retained earnings increasing to US$153 million, underscoring the group’s reinvestment strategy.
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Revenue was driven primarily by Pokugara Properties (US$5.43 million), Pomona City (US$4.11 million), and Millennium Heights (US$3.28 million). The company also launched the Radisson Millennium Heights Aparthotel under a Real Estate Investment Trust (REIT) structure, allowing investors to buy in from US$500 per share. Construction on Pomona City Walk-Up Flats has begun following strong off-plan sales, while Pokugara Phase 2 nears completion.
WestProp continued to improve efficiency through TrustProp and BrickFusion Manufacturing, its in-house production units for building materials, complemented by a US$2 million investment in new equipment under West Development Company.
Looking ahead, the developer remains “measuredly optimistic” amid an uncertain economic climate. The flagship Mall of Zimbabwe project, being developed in partnership with South Africa’s Exemplar, is expected to break ground in early 2026.
Chairman Michael Louis praised CEO Ken Sharpe and the management team for steering the company through a volatile operating environment.
“The groundwork being laid continues to shape our long-term trajectory, including our goal of delivering one billion bricks by 2050,” Louis said.
WestProp’s numbers show a company managing short-term headwinds while keeping long-term bets in play. Margin resilience above 50%, a growing asset base, and continued project momentum suggest that, for investors, the story is less about the dip — and more about staying power.
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