Chronicle Editor
Senior Business Writer
PROPERTY firm WestProp Holdings board chairman, Dr Micheal Louis has said the firm’s revenue increased marginally in the six months to June to US$ 11,770,480 compared to US$11,656,632 for the same period last year adding that the Group continues to work towards its target of putting a billion bricks in the ground by 2050.
He said despite marginal growth, the Board has approved current projects to a value of US$147 million of sales and an anticipated Gross Profit of US$68 million, a confirmation that the property firm is on track to deliver a gross profit in excess of US$20 million per year for the next three years.
“The Group recorded a net profit after tax of US$2,721,188 for the half year ended 30 June 2023. A market-based valuation of the Group’s land banks inclusive of its 70 percent interest in Sunshine Developments (Private) Limited done during the period gave an aggregated fair value of USD 201,750,000,” Dr Louis is the financial results for the period ended 30 June.
Operating expenses for the period under review amounted to US$2,374,208 compared to US$1,249,458 for the same period last year, representing a US$124,750 increase.
Dr Louis noted that the cost increase is due to VFEX, Initial Public Offer (IPO) and listing requirements which resulted in the Group incurring ad hoc public relations, IPO, audit and professional fees.
The chairman said the Group has already committed to its rollout of two multi-billion-dollar developments which include Pomona City a “City within a city” development as well as one of Africa’s most premier Golf Estate “The Hills” to which case both developments are already actively engaged and being developed to launch in 2024.
“We are also pleased to confirm that we are in the final stages of negotiations for Zimbabwe’s long awaited first-ever regional mall “The Mall of Zimbabwe” which we expect to go to ground by mid-2024.”
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