Property developer WestProp Holdings Limited recorded strong growth in the first quarter of 2026, with revenue rising 80.2 percent to US$8.06 million, driven by robust sales at Pomona City and Millennium Heights developments.
In its Q1 2026 interim trading update, the company said net profit climbed 63.5 percent to US$1.8 million from US$1.1 million recorded during the same period last year, despite operating in what it described as a “challenging macroeconomic environment.”
Gross profit increased 72.9 percent to US$4.06 million, while profit from operations rose 76.2 percent to US$2.7 million, reflecting increased activity across its property portfolio and improved operational efficiencies.
Management said the performance was anchored by its flagship Pomona City project, which generated US$4.03 million in revenue during the quarter. Millennium Heights sales, handled through Seatrite, contributed US$1.7 million.
The company also highlighted diversification efforts, saying a new revenue stream under Electro generated US$1.26 million during the quarter.
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“The group successfully navigated a challenging operating environment marked by macroeconomic volatility, currency instability, and a VAT rate increase from 15% to 15.5%,” management said in the report.
It added that “strategic mitigation measures, including adjusted pricing models and reinforced treasury controls, ensured operational resilience.”
WestProp said progress continued across its major developments, including vertical construction at Pomona City, completion of Block 4 at Millennium Heights, and lifestyle infrastructure works at Pokugara Residential Estate.
The company also cited the opening of the driving range at The Hills Golf Course & Lifestyle Estate as a milestone for the group.
In a sign of expansion beyond Harare, WestProp announced the launch of Chivhu EcoCity, which it said reinforces its long-term focus on sustainable urban development.
“Looking ahead, the Group enters Q2 2026 with measured confidence,” the company said.
“With a diversified asset base and a robust development pipeline, WestProp is well-positioned to deliver sustainable value and navigate Zimbabwe’s evolving economic landscape.”
However, the group acknowledged ongoing risks in the operating environment, including macroeconomic instability, currency volatility, liquidity constraints, rising compliance costs and reduced affordability following the VAT increase to 15.5 percent.
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