PROPERTY developer, WestProp Holdings Limited (Westprop) has declared a dividend of US$857 143 for its first quarter performance ended March 31, 2024, owing mostly to sales of its Pokugara Residential Estate townhouses.<\/p>\n
During the period under review, revenue increased to US$7,03 million, marking a growth of 11,54% compared to the comparative period last year.<\/p>\n
Seventy-two percent of this revenue was attributed to the group\u2019s Pokugara Residential Estate townhouses, which generated US$5,05 million in sales.<\/p>\n
Westprop\u2019s developments are Millennium Heights, Pokugara Residential Estate, Pomona City (ongoing), The Mall of Zimbabwe, Millennium Heights Office Park and the Hills Luxury Golf Estate.<\/p>\n
In a trading update for the first quarter ended March 31, 2024, WestProp finance director Simbarashe Kadye said they were cautiously optimistic about their future performances.<\/p>\n
\u201cThe board of directors declared a dividend of US$857 143 for Q1 2024, to be distributed to ordinary shareholders from the retained earnings. A separate dividend notice with details of payment will be published to this effect in accordance with the group\u2019s Articles of Association and Victoria Fall Stock Exchange listing,\u201d he said.<\/p>\n
\u201cWestprop Holdings has identified several significant projects planned to run concurrently throughout 2024. Notably, the group has initiated the development of two multi-billion-dollar projects Pomona City, a visionary \u2018City within a city\u2019, and The Hills, an esteemed premier golf estate.\u201d<\/p>\n
Last month, the property developer initiated the development of two of its multi-billion-dollar projects, namely Pomona City and the Hills Luxury Golf Estate during the period, with sale of residential stands are already ongoing.<\/p>\n
The Hills Luxury Golf Estate will see the construction of a world-class golf course, villas, apartments, townhouses, country club, hotel, tennis and swimming academy and shopping mall, using the \u201ccity within a city\u201d concept.<\/p>\n
Regarding Pomona City, this is a project sitting on 273 hectares of land that will have hundreds of residential properties located in the northern part of Harare.<\/p>\n
Kadye said civil works were ongoing at the Hills Luxury Golf Estate and that the firm injected US$10 million in building the golf course.<\/p>\n
\u201cMoreover, the group plans to complete the infrastructure for Pomona City sections 1B & 1C in Q3, followed by the launch of Pomona flats in Q4 this year. The remaining phases of the US$4 billion city are set to be unveiled by Q1 2025,\u201d he said.<\/p>\n
\u201cThe group remains confident that its diversified portfolio and strategic initiatives have positioned it favourably to leverage emerging opportunities while effectively mitigating potential risks.\u201d<\/p>\n
However, Kadye said the group\u2019s operating profit decreased by 14,3% to US$1,66 million during the period from the comparative year.<\/p>\n
\u201cThe decline was primarily driven by the rise in operating expenses, a trend that we anticipate to align with our projected sales growth of US$50 million by the end of Q4 2024,\u201d Kadye said.<\/p>\n
He said operating expenses rose 26,97% to US$1,36 million during the period under review compared to the previous quarter.<\/p>\n
\u201cThe increase reflects the significant expansion in the group\u2019s operations as it prepares for upcoming developments scheduled for commissioning from Q2 onwards,\u201d Kadye added.
\nhttps:\/\/www.newsday.co.zw\/business\/article\/200028107\/westprop-declares-us857k-dividend-from-q1-operations<\/p>\n","protected":false},"excerpt":{"rendered":"
PROPERTY developer, WestProp Holdings Limited (Westprop) has declared a dividend of US$857 143 for its first quarter performance ended March 31, 2024, owing mostly to sales of its Pokugara Residential Estate townhouses. During the period under review, revenue increased to US$7,03 million, marking a growth of 11,54% compared to the comparative period last year. Seventy-two […]<\/p>\n","protected":false},"author":1,"featured_media":2947,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false,"footnotes":""},"categories":[15],"tags":[],"class_list":["post-3095","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-updates"],"_links":{"self":[{"href":"https:\/\/ctrade.co.zw\/index.php?rest_route=\/wp\/v2\/posts\/3095","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ctrade.co.zw\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ctrade.co.zw\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ctrade.co.zw\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ctrade.co.zw\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3095"}],"version-history":[{"count":1,"href":"https:\/\/ctrade.co.zw\/index.php?rest_route=\/wp\/v2\/posts\/3095\/revisions"}],"predecessor-version":[{"id":3096,"href":"https:\/\/ctrade.co.zw\/index.php?rest_route=\/wp\/v2\/posts\/3095\/revisions\/3096"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ctrade.co.zw\/index.php?rest_route=\/wp\/v2\/media\/2947"}],"wp:attachment":[{"href":"https:\/\/ctrade.co.zw\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3095"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ctrade.co.zw\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3095"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ctrade.co.zw\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3095"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}