VICTORIA Falls Stock Exchange-listed property developer WestProp Holdings delivered a strong performance for the quarter ended March 31, 2026, largely driven by its residential, hospitality and manufacturing divisions.
WestProp reported consolidated revenue of US$8,06 million during the first quarter, representing an 80,2 percent increase from US$4,47 million recorded in the comparable period last year, underlining the strength of its diversified business model and sustained development momentum across flagship projects.
In its trading update for the review period, WestProp said the robust performance followed strong project execution, successful integration of new revenue streams and resilient demand for premium residential developments.
“WestProp Holdings Limited experienced exceptional financial growth in the first quarter of 2026, driven by strong project performance and the successful integration of new revenue streams,” the company said.
The group noted that the real estate sector was negatively impacted by an increase in value-added tax from 15 percent to 15,5 percent, which raised transaction costs and reduced affordability.
However, WestProp said disciplined project execution, strategic cost management and continued investment in infrastructure enabled the business to maintain growth momentum.
Gross profit rose by 72,9 percent to US$4,06 million from US$2,35 million recorded during the same period last year, while profit before tax increased 78,8 percent to US$2,4 million.
Net profit climbed by 63,5 percent to US$1,8 million from US$1,1 million in the same prior-year period.
The company said the strong earnings growth reflected improved operational efficiencies, diversified revenue generation and increased sales activity across the group’s developments.
Pomona City remained one of the group’s strongest-performing projects, contributing US$4,03 million in revenue during the quarter.
The development continued to benefit from demand for walk-up flats and residential stands, consolidating its position as a key growth anchor for the group.
WestProp said progress at The Walk Up lifestyle apartments remained on schedule, with Blocks A and B reaching the second-floor stage while construction of Blocks C, D and E advanced to foundation level.
“The Walk Up Flats project made notable progress during the quarter, with Blocks A and B reaching the second floor of three, keeping completion on track for July 2026,” the company said.
The group’s Millennium Heights development also delivered a strong contribution after generating US$1,7 million in revenue, supported by the successful completion and handover of Block 4 apartments to clients.
WestProp said Blocks 5 and 6 at Millennium Heights continued to record substantial construction progress and remain on track for completion by early 2027.
“Millennium Heights remains a cornerstone of our strategy, delivering premium living spaces and investment opportunities in a high-demand urban enclave,” the company said.
The group said Pokugara Residential Estate advanced significantly during the quarter as construction entered the lifestyle amenities phase.
The company completed and secured funding for a swimming pool project while construction of tennis courts also progressed.
According to WestProp, more than 100 residential units have already been delivered at Pokugara, with additional amenities such as a clubhouse, gym, playground and padel court under development.
Meanwhile, construction at The Hills Golf Course and Lifestyle Estate also gained momentum, with the group completing road surfacing works and accelerating infrastructure development.
The company said subscriptions for residential stands at The Hills were already underway, while the gatehouse has reached 70 percent completion.
“Phase 1 infrastructure works — including roads, sewer and water reticulation are 90 percent complete, with ground broken for villas, apartments and townhouses scheduled to commence in the second quarter of 2026,” WestProp said.
The group also highlighted the contribution of its manufacturing divisions, Brickfusion and Tustrup, which continued operating primarily as internal service units supporting the company’s developments.
The divisions improved operational efficiency and reduced overheads by streamlining internal workflows and managing costs strategically.
“Their success was reflected in cost savings and enhanced operational efficiency, which streamlined processes and reduced overheads,” the company said.
The property developer said sustainability remained central to its growth strategy, with eco-friendly solutions being embedded across flagship developments.
During the quarter, solar carports were completed at Millennium Heights while Pokugara introduced solar street lighting and recreational amenities.
WestProp also said The Hills Lifestyle Estate continued to preserve significant open spaces, wetlands and biodiversity zones as part of its environmental sustainability programme.
Looking ahead, the group said it remained optimistic about prospects for the remainder of the year, supported by a diversified asset base, strong project pipeline and resilient demand for premium residential property.
“The group enters Q2 2026 with measured confidence, underpinned by steady progress across key projects and sustained investor trust,” WestProp said.
“With a diversified asset base and a robust development pipeline, WestProp is well positioned to deliver sustainable value across its residential, commercial and hospitality portfolios.”-herald
