WESTPROP Holdings Limited reported a 63,5% increase in net profit to US$1,8 million during the first quarter ended March 31, 2026, with Pomona City remaining its flagship property development.
The strong performance was driven by rising demand for residential stands and flats across the group’s major developments, as well as steady progress on key projects that continue to attract investors and home-buyers despite Zimbabwe’s challenging economic environment.
The property developer’s key developments include The Hills Golf Course & Lifestyle Estate, Pomona City, Millennium Heights, Pokugara Residential Estate and the Mall of Zimbabwe.
Pomona City, in particular, is a premier gated community offering a range of residential stands and modern flats.
Last month, WestProp revealed that its major retail and commercial projects were advancing steadily and remain on schedule.
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“Consolidated revenue reached a remarkable US$8,06 million in Q1 2026, representing an impressive 80,2% increase compared to US$4,47 million in Q1 2025. This significant growth underscores the group’s robust market position and effective development strategies,” WestProp said in its trading update for the quarter ended March 31, 2026.
“Pomona City continued to be the flagship contributor, generating US$4,03 million. Strong demand for walk-up flats and residential stands solidified its role as a primary revenue anchor. Seatrite delivered a substantial US$1,70 million, supported by successful sales at Millennium Heights Block 6 and strong off-plan sales for Block 7.”
WestProp said Electro, a new entrant, emerged as a significant contributor with US$1,26 million, showcasing the success of its diversification efforts.
“Gross profit increased by 72,9% to US$4,06 million, up from US$2,35 million in Q1 2025. This resulted in a robust gross margin of approximately 50%,” the company said.
“Net profit rose significantly by 63,5% to US$1,80 million, compared to US$1,10 million in Q1 2025. Profit from operations surged to US$2,70 million, up from US$1,53 million, reflecting the positive impact of efficiency gains and a diversified revenue base.”
According to the trading update, this profitability was achieved despite the cost of sales increasing to US$3,99 million from US$2,13 million due to higher construction activity and an expanded project portfolio.
Operating expenses also rose to US$1,86 million, an increase of 50,2%, driven by marketing, administration and expansion initiatives.
WestProp said Pomona City continues to demonstrate strong growth as a vibrant urban hub, with visible vertical construction and rising homes in Phases 1A and B where clients have already begun building.
“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.
At the same time, construction of Blocks C, D and E has advanced to the foundation stage, ensuring continued momentum across the development.
“In addition, the group is resurfacing the entrance roads to enhance accessibility and improve the overall community experience,” WestProp said.
Regarding Millennium Heights, Block 4 was completed during the review period and handed over to clients for personalised fit-outs, with finishing works such as painting, paving and balustrading now underway.
“Block 5, the Radisson Service Aparthotel, continues to record substantial progress and remains on track for its targeted early 2027 completion,” the company said.
“Block 6 has advanced to the foundation stage and is already fully sold out, while Block 7 is currently selling off-plan, with rollout scheduled for Q2 2026.”
Millennium Heights remains the group’s cornerstone residential and hospitality development.
Meanwhile, Pokugara Residential Estate has advanced into the construction phase of lifestyle amenities, while development at The Hills Golf Course & Lifestyle Estate is progressing with strong momentum.
“The group enters Q2 2026 with measured confidence, underpinned by steady progress across key projects and sustained investor trust. 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,” WestProp said.
“This strong strategic foundation enables the business to navigate Zimbabwe’s evolving economic environment while driving long-term growth for both shareholders and stakeholders.”
