Tawanda Musarurwa
VICTORIA Falls Stock Exchange-listed WestProp Holdings will pay shareholders US$1,81 million for the half-year to June 2026, while it carves its flagship Pomona City land bank out of the group.
The restructuring will also multiply its issued shares more than thirtyfold. The property developer’s revenue rose 16,3 percent to US$14,91 million, from US$12,82 million a year earlier.
The growth came largely from the consolidation of Sunshine Developments, Electro Properties and BrickFusion Manufacturing.
Millennium Heights was the biggest earner at US$5,19 million, ahead of Pomona City at US$4,99 million.
Pokugara Residential Estate, now sold out, contributed just US$0,35 million, against US$5,43 million in the comparative period.
Growth did not reach the bottom line. Gross profit climbed 9,5 percent to US$7,49 million, but margin slipped to 50,2 percent from 53,3 percent as the product mix shifted.
Operating expenses jumped 34,6 percent to US$4,19 million, and finance costs more than doubled to US$698 220 as the group borrowed to fund its pipeline.
Profit before tax fell 12,6 percent to US$3,67 million, and profit for the period fell 6 percent to US$2,49 million.
Basic earnings per share were 8 US cents, against 9 cents. The balance sheet expanded. Total assets rose 9,1 percent to US$261,79 million, with investment property up 19,4 percent to US$188,39 million, reflecting construction at The Hills Golf Course and the Chivhu EcoCity project.
Cash stood at US$6,01 million. The board declared US$1 806 826, or US$0,0602 per share on 30 million shares.
The last day to trade cum-dividend is October 14, the record date is October 16, and payment follows on October 30.
Under the Scheme of Reconstruction, Pomona City moves into a separate vehicle, Alpha Holdings Africa.
Shareholders receive shares in it pro rata, while WestProp keeps its income-generating assets and focuses on dividends.
A share split will lift issued shares from 30 million to one billion, which directors say will improve liquidity.
WestProp has also extended its Exit Offer for minority shareholders.
The closing date moves from September 18 to Friday, October 9, and results and settlement are due on October 12.
The split is scheduled for October 13, a completion announcement for October 14, and statutory filings by October 21.
Chairperson Dr Michael Louis said the group had shown resilience amid liquidity constraints, a higher value-added tax (VAT) rate and rising input costs.
He added that the restructuring will bring greater transparency and capital-allocation flexibility.
