ZIMBABWE’s fastest growing property firm, West Property (WestProp) Holdings, says it has laid the groundwork to expand into a US$5 billion operation.
WestProp plans to raise US$30 million on the Victoria Falls Stock Exchange (VFEX), where it lists by way of an initial public offering (IPO) tomorrow, in order to bankroll several of its projects.
In an address to delegates attending a Capital Markets Conference in London last week, chief executive officer Ken Sharpe said significant work had been made to transform the business.
WestProp will become the first property firm to list on VFEX, where several big counters have trooped this year, attracted by its US-indexed trading system.
“Significant strides in this regard have been achieved as the vision is bearing fruit as evidenced through the developments at Pomona City, Millennium Heights and Pokugara Residential Estate with future flagship developments of the Mall of Zimbabwe and The Hills Lifestyle Estate adding on to this impetus of growing an asset value of US$5 billion within the next 27 years,” Sharpe said.
“Our company’s business model is premised around fulfilling the needs of customers through the role of master planner, financier and developer of appropriately designed, sustainably built residential and commercial properties within the greater Harare area. As an investor, you have an opportunity to partner with WestProp on this journey towards a better tomorrow; to buy shares, secure your money and get a solid return on investment in USD. By participating in the IPO, you can get your share in our success and own part of our exciting world class property portfolio”
Financial statements presented at the conference showed that the group’s revenue grew by 597%, US$19,6 million, from 2020 to 2022.
Sharpe said this was driven by an increase in the number of projects and aggressive marketing strategies.
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The financial statements showed that net profit, excluding extraordinary income, was US$334 649 in 2020, US$5 691 498 in 2021 and US$9 340 523 in 2022.
This translated into a 2 691% growth between 2020 and 2022.
