WestProp’s excellence pays off ; ranked fourth best performing company in Zimbabwe
Business Reporter
VICTORIA Falls Exchange (VFEX) listed fast rising property firm, WestProp Holdings has been ranked the fourth most profitable company in Zimbabwe, demonstrating the firm’s wild appetite to aggressive growth.
The company which rose from humble beginnings has risen to become the leading lifestyle Property Developer – Luxury Homes, Apartments & Residential Stands in Harare.
Latest market data shows that the company now occupies the fourth position after Delta Corporation which ranks the first position at US$842,6 million, Econet Wireless at US$309,4 million, Caledonia Mining US$309,3 million and WestProp US$300 million.
The property developer has sustained a traceable history of excellence across its projects in Zimbabwe which include the Millenium Heights ,Pokugara Townhouses, Pomona City and The Hills Lifestyle Estate.
For the period ended December 31 2024, WestProp Holdings 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.
