WestProp Holdings (WestProp) recorded a 19 percent increase in revenue to US$34.64 million for the year ended 31 December 2025, reflecting sustained demand in the residential property segment, despite mounting operational constraints.
The group’s revenue performance, up from US$29 million in 2024, highlights the continued resilience of Zimbabwe’s housing market, where structural demand, driven by urbanisation and supply shortages, has remained firm even as cost pressures and material shortages weigh on project execution timelines.
According to chairman Michael Louis, growth was largely anchored by flagship developments.
“This growth was primarily driven by demand across key residential estates, including Pomona City Residential Estate, Pokugara Residential Estate, and Millennium Heights, which contributed US$15.64 million, US$10.33 million, and US$4.25 million, respectively,” he said.
The revenue mix also reflects a gradual diversification strategy. Subsidiaries such as Electro Properties contributed US$3 million, while West Development Company and BrickFusion Manufacturing generated US$1.22 million and US$0.19 million, respectively. This broader income base supported a net profit of US$13.43 million for the period.
Balance sheet expansion remained notable, with total assets rising to US$240 million. This growth was underpinned by an increase in property, plant and equipment to US$5.44 million and receivables to US$32.58 million, while investment property, central to the group’s valuation, stood at US$157.77 million.
At a project level, Pomona City continued to underpin performance, particularly through its Walk-Up Flats development.
“The Walk-Up Flats project, launched in July 2025, has been a key driver of success, generating significant revenue with Blocks A and B sold out, and C and D nearing full subscription,” Louis said.
He added that “Phases 1 B & C are also almost fully sold out, supported by completed boulevard surfacing and phased regulatory compliance allowing early handovers.”
Construction of Blocks A and B is expected to conclude in July 2026.
At Millennium Heights, project momentum has extended into the current financial year, with four additional blocks initiated in early 2026 following the completion of Block 4 in November 2025.
“Investment in Millennium Heights continues to attract strong demand from homebuyers and institutional investors, bolstering the group’s brand and revenue potential,” Louis noted.
Operationally, WestProp has sought to mitigate input cost volatility through vertical integration. The expansion of in-house manufacturing, particularly through TrustProp’s aluminium and glass production, and BrickFusion’s brick plant commissioned in May 2025, has improved supply chain control.
“These in-house facilities directly supply high-quality materials to construction sites, improving cost control, protecting margins, and accelerating project delivery for developments like Pokugara Phase 2 and Millennium Heights,” Louis said.
However, the group’s performance was tempered by sector-wide headwinds. Capital constraints and shortages of key construction inputs slowed infrastructure rollout, reflecting broader inefficiencies within Zimbabwe’s real estate and construction ecosystem.
“The capital-intensive real estate sector faced complexities, increasing operational costs, challenging project financing, and impacting customer purchasing power,” Louis said.
Supply-side disruptions proved particularly acute in late 2025.
“Critically, significant cement shortages in late 2025 led to heightened material costs and delays for key projects like The Hills, Pomona City, Millennium Heights and significantly affected the group’s brick manufacturing division,” he added. – TML