Business Reporter
FAST rising property concern, WestProp Holdings has seen revenues rising by 80% , surging to dizzy heights of US$29,05 million attributed to robust management strategies well positioning the company despite overall financial challenges.
Presenting the group’s performance for the period ended December 31 2024, the company’s board chairman, Doctor Michael Louis said financial performance over the period was very lucrative.
“The Group experienced a significant 80% increase in revenue, rising from USD 16.09 million in 2023 to USD 29.05 million in 2024 driven primarily by Pomona City Residential Estate, which contributed USD 15.61 million, followed by Pokugara Residential Estate at USD 9.42 million, and Millennium Heights at USD 4.02 million.
“The higher revenue reflects increased demand for residential real estate and successful progression in project execution. Gross profit increased substantially by 90% from USD 5.88 million in 2023 to USD 11.15 million in 2024, showcasing enhanced operational efficiencies with a greater pro rata reduction in cost of sales to USD 17.89 million (from USD 10.21 million in 2023),” he said.
Louis said the group’s ability to manage construction and development costs while scaling revenue indicates strong project execution and market positioning. One of the key drivers of profitability was the USD 18.84 million fair value gain on investment property, though notably lower than the USD 49.51 million gain recorded in 2023.
He said this suggests a more stabilized real estate valuation environment compared to the previous year, when adjustments were high. During the period, the group has successfully commissioned its glass and aluminium fabrication plant, TrustProp Aluminium, focused on producing high-quality materials tailored for the construction industry.
According to the property firm ,this facility will not only cater to internal project demands but will also serve external clients, ensuring better quality, cost efficiency, durability, and aesthetic excellence in its offerings
“ Additionally, the Group has established BrickFusion Manufacturing, a brick-moulding factory designed to mitigate delays in brick supply while maintaining superior material quality for its developments. This strategic initiative aligns seamlessly with the Group’s ambitious “One Billion Bricks by 2050” Vision.
“The Group’s ability to navigate these macroeconomic changes while identifying and capitalizing on growth opportunities underscores its resilience, adaptability, and strategic acumen within a dynamic environment,” he said.
These tax measures may also influence real estate investment trends and property values, creating a dynamic landscape for investors. Despite these challenges, the Group has successfully adapted strengthening its presence in the middle-class market while leveraging gains from investment properties.
The government’s tight monetary policy stance aimed at anchoring inflation and exchange rate expectations has contributed to overall economic stability but was blamed for liquidity challenges in early 2025 and a decline in economic activity largely due to the amount of reserves put into the local currency, the Zimbabwe Gold (ZIG) which is not circulating into the main economy to create substantial growth.
“The continued widespread use of the USD as an accepted currency further enhances economic predictability for the foreseeable future and we hope Government will extend its tenure beyond the current 2030 deadline and make it a decision to have a permanent multi- currency environment thus removing any doubt and uncertainty beyond the immediate five-year horizon.
“On the fiscal side, policies aimed at increasing tax revenues—particularly property taxes—have introduced significant challenges. The 2024 budget initially proposed a 1% Wealth Tax on residential properties valued at USD 100,000 or more later adjusted to USD 250,000 following stakeholder feedback,” he added.
