Property developer WestProp Holdings Limited has reported a dip in revenue for the half-year ended June 30, 2025, as economic headwinds weighed on project timelines and consumer spending. 

Despite the slowdown, the company says its long-term fundamentals remain strong, supported by progress on key residential and commercial developments in Harare.

According to the company’s abridged financial results published this month, revenue declined to US$12.8 million, down from US$14.2 million recorded during the same period last year. 

Net profit also fell to US$2.65 million, compared to US$4.37 million in 2024, while gross profit stood at US$6.8 million, representing a 53 percent margin.

In a statement accompanying the results, WestProp chairman Michael Louis said the company’s performance reflected “a period of disciplined capital management and continued investment in long-term growth.”

“While the economic environment remains challenging, we are encouraged by the steady progress on our flagship projects and the strong demand for premium lifestyle estates,” Louis said. 

“Our strategy remains focused on delivering sustainable returns through innovation, quality and resilience.”

The group’s total assets increased slightly to US$218.8 million, up from US$213.5 million as of December 2024, while equity rose to US$153.6 million. Cash holdings, however, fell to US$1.6 million from US$2.8 million, reflecting ongoing investments in construction and infrastructure.

WestProp said construction continued across several developments including Millennium Heights, Pokugara Residential Estate, and Pomona City. The company broke ground on Block 5 of the Millennium Heights complex, which will operate as the Radisson Millennium Heights Aparthotel under a new Real Estate Investment Trust.

“We are excited to have launched the Radisson Millennium Heights Aparthotel through the Seatrite Five REIT,” management said. “The REIT attracted strong investor interest with units priced at US$500, a reflection of confidence in our brand and future growth.”

The Pokugara Residential Estate is nearing completion, with 66 of 69 units in Phase II already sold and several homeowners taking occupancy. Amenities such as a gym, swimming pool, and tennis court are also under development.

At Pomona City, infrastructure for Phase 1A has been completed, paving the way for home construction by clients. The company recently broke ground on Pomona walk-up flats, which management said were “almost fully subscribed within weeks of launch.”

“The high level of uptake across our developments demonstrates that the market still values secure, well-serviced, and premium lifestyle communities,” WestProp said.

Despite tighter liquidity and inflationary pressures in the economy, the group said its vertically integrated structure — which includes in-house manufacturing of bricks and glass — has helped cushion against rising costs.

“Through our subsidiaries BrickFusion and WestDevCo, we are reducing reliance on external suppliers and improving project delivery timelines,” the company noted. “This approach strengthens our cost efficiency and supports long-term value creation.”

The board declared an interim dividend of US$818,186, underscoring its confidence in the company’s stability and cash flows.

Looking ahead, Louis said the company remains committed to its “live, work, shop, play” development philosophy, which is transforming Harare’s property landscape.

“We are building more than just homes — we are shaping lifestyle destinations that represent the future of urban Zimbabwe,” he said. 

“Our outlook for the remainder of the year is one of cautious optimism, anchored by innovation and sound execution.”

WestProp expects steady performance in the second half of 2025 as more projects reach completion and new developments gain momentum. Planning for the long-awaited Mall of Zimbabwe continues, with groundbreaking expected in early 2026 in partnership with South Africa’s Exemplar REIT.

With a diversified portfolio and growing investor confidence, WestProp appears poised to weather the current volatility. As Louis summed it up,

“Our vision of premium, sustainable urban communities remains unchanged — we are here for the long haul.”