PROPERTY developer, WestProp Holdings Limited (WestProp) declared a dividend of US$2,4 million for the year ended December 31, 2024, reflecting the company’s strong financial position.
While net profit dropped to US$18,25 million, from US$39,42 million in 2023, WestProp posted solid operational results.
Revenue surged by 80% to US$29,04 million, and gross profit nearly doubled to US$11,15 million, driven by strong sales from key residential developments such as Pomona City.
This solid core performance, coupled with a healthy cash position of US$2,82 million and a robust equity base of US$151,73 million, provided a sound foundation for sustaining dividend payments.
“Recognising the importance of shareholder returns, the group declared dividends amounting to US$2,4 million for 2024, reflecting the board’s commitment to balancing reinvestment for growth with rewarding shareholders for their confidence in the company,” WestProp chairperson Michael Louis said.
“The group maintains a healthy dividend policy, ensuring shareholder returns, while reinvesting in strategic assets. Given the strong financial performance, dividend payouts are expected to remain stable, supporting investor confidence.”
“Equity has seen a remarkable rise, reflecting strong retained earnings growth to US$151,73 million from US$135,86 million, demonstrating profitability retention. Shareholder funding and preference shares remain stable, ensuring balanced financial structuring (debt-to-equity ratio),” Louis said.
“The company has shown a healthy financial position, with increased current assets — including trade and other receivables growing to US$25,06 million — indicating robust business transactions.”
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In 2023, the firm launched the Pomona City and Millennium Heights residential developments.
Other developments include Pokugara Residential Estate, The Mall of Zimbabwe, Millennium Heights Office Park, and the Hills Luxury Golf Estate.
The performance saw investment properties being valued at US$158,46 million, nearly 14% up on the prior year.
“Remarkable progress has been achieved on The Hills Lifestyle Estate, including the ongoing construction of The Hills Championship Golf Course and residential developments,” Louis said.
“The golf course is poised to attract tourists and golf enthusiasts, thereby stimulating local businesses and creating employment opportunities during and after construction.”
The Pomona City project, envisioned as a “city within a city”, also made substantial progress as infrastructure developments for Phase 1A, including asphalt roads, storm water drainage, and water reticulation systems, have been completed.
