WestProp Holdings concluded FY2025 with significant gains across its property portfolio, strengthened governance frameworks, and a strategic expansion into hospitality-linked real estate, reinforcing its long-term ambition of laying “one billion bricks by 2050.
Despite a challenging operating environment, the company delivered a resilient set of results. Revenue increased 19% to US$34.64 million, up from US$29.04 million in FY2024, underpinned by sustained demand across key residential estates.
Rainbow Hotels — Experience Luxury Across Zimbabwe
Rainbow Hotels continues to redefine hospitality standards in Zimbabwe, offering world-class accommodation, fine dining, and modern conference facilities in Harare, Bulawayo, and Victoria Falls.
Whether for business or leisure, Rainbow Hotels delivers unmatched comfort, exceptional service, and a truly premium guest experience tailored to modern travellers.
Book Now
Pomona City Residential Estate generated US$15.64 million, Pokugara Residential Estate contributed US$10.33 million, and Millennium Heights recorded US$4.25 million. Diversification initiatives also added to performance, with Electro Properties delivering US$3.00 million, West Development Company contributing US$1.22 million, and BrickFusion Manufacturing adding US$0.19 million.
Gross profit rose 40.4% to US$15.65 million from US$11.15 million. Other income improved to US$1.69 million from US$1.43 million. Fair value gains on investment property moderated to US$7.25 million compared to US$18.84 million in the prior year, reflecting a more stable valuation environment. The share of profit from associates was US$1.20 million, driven by Sunshine Developments.
Operating expenses were well contained at US$8.82 million versus US$8.64 million in FY2024. Profit from operations stood at US$16.96 million, down from US$23.91 million, while net profit was US$13.43 million compared to US$18.26 million. Basic and diluted earnings per share were 45 cents, down from 61 cents. Notably, headline EPS improved to 18 cents from 8 cents, signalling stronger underlying operational performance.
The balance sheet strengthened considerably. Total assets grew to US$240 million from US$213.51 million. Property, plant and equipment increased to US$5.44 million from US$3.84 million. Receivables rose to US$32.58 million from US$25.06 million. Investment property was valued at US$157.77 million. Equity attributable to owners increased to US$162.61 million from US$151.73 million, with retained earnings reaching US$162.06 million. Non-current liabilities increased to US$55.98 million, primarily due to shareholder loans and long-term payables, while current liabilities remained stable at US$20.44 million.
Grant Thornton audited the IFRS-compliant financial statements and issued an unmodified opinion. The company declared a dividend of 9 cents per share on 11 March 2026, up from 8 cents in the previous year.
Chief Executive Officer Kenneth R. Sharpe described 2025 as a transformative year for WestProp Holdings. The Group made substantial progress across its development portfolio, advanced its sustainability agenda, and consolidated its position in Zimbabwe’s property sector under the mantra “Bringing Dubai to Zimbabwe.”Sharpe underscored ethical and effective leadership as the foundation of performance. The Group assesses key personnel on improvement, stagnation, or decline, linking accountability directly to its long-term vision. The C-Suite remains focused on clarity of purpose, team empowerment, and alignment through structured systems.
WestProp continued to embed PropTech across its estates, integrating digital security, access control, home automation, energy-efficient lighting, and renewable energy solutions. The company plans to launch a Smart City App that will provide residents with real-time data on traffic, air quality, and community services, positioning the Group at the forefront of smart, eco-conscious urban communities.
The company differentiates itself through credibility rather than price competition. Over the next five years, marketing will center on building brand authority via media, digital platforms, and public relations, supported by analytics-driven customer databases. Financially, WestProp continues to prioritize self-financing to reduce reliance on bank loans and lower gearing.WestProp pioneered off-plan shell units in Zimbabwe, introduced leasehold property structures, and remains a leader in green building practices. An integrated CRM platform and the use of celebrity brand ambassadors have broadened market reach and enhanced client engagement.
To drive accountability, the Group employs the Balanced Scorecard, PEAR, OKRs, and PropTech innovations. A brick counter installed at its developments tracks progress toward the goal of laying one billion bricks by 2050.
Flagship projects continue to attract strong investor and buyer confidence, including Pomona City, Millennium Heights, Pokugara Townhouses, and The Hills Golf Course & Lifestyle Estate. The Group also launched Chivhu Eco City, extending its footprint beyond Greater Harare.
A key strategic expansion is the development of a Radisson-branded Aparthotel at Millennium Heights, marking WestProp’s entry into hospitality-linked real estate. The project is being funded through a Real Estate Investment Trust approved by the Securities and Exchange Commission of Zimbabwe.
The Investments, ESG and CSR Committee reviews all major projects for alignment with environmental and social objectives. WestProp is advancing toward the UN’s 17 Sustainable Development Goals, with particular emphasis on Good Health and Well-being, Quality Education, Gender Equality, Decent Work and Economic Growth, Climate Action, and Peace, Justice and Strong Institutions.
In 2025, WestProp received multiple accolades: Super Platinum Winner for Outstanding Real Estate Developer of the Year at the Zimbabwe CEO Network Awards; Top Performing Property Development Company at the Megafest Business Awards; and the Brand Excellence Award from IPRCZ. The Zimbabwe Institute of Management named it Private Sector Organization of the Year. The company was also recognized at the Superbrand Awards and honored for urban development innovation at the African Achievers Awards in the UK.
WestProp enters 2026 with a robust development pipeline, strong presales, and an expanding land bank. Strategic priorities include execution excellence, concurrent construction capability, deeper sustainability integration, and enhanced stakeholder engagement. The Group remains committed to its mission of developing real estate worth over US$5 billion and laying one billion bricks by 2050.
Through steady and deliberate progress, WestProp affirms it remains on course to create enduring value for all stakeholders.
