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WestProp
On this page
Company details
- Legal name
- WestProp Holdings Limited
- Listing
- WPHL.VX on the Victoria Falls Stock Exchange, active · ISIN ZWVX09010088 (observed 2026-10-08)
- Sector
- Not classified (our classification from the stated principal activity)
- Financial year ends
- 31 December
Overview
Year ended 31 December 2023 · published summary of audited statements, final status not established · source
Read with these figures
- Auditor's report on the full statements, year to 2023-12-31: modified opinion (not a report on this summary). Qualified (on the full statements): the joint venture Sunshine Developments (Private) Limited is included from unaudited financial statements (PDF pp3-4).
- Published summary of audited statements not confirmed as final. The published copy is not confirmed as the final version. The FY2023 figures come from it.
- Auditor's emphasis of matter. Emphasis of matter: attention is drawn to note 23 of the annual financial statements describing pending cases against the group at 31 December 2023; the auditor could not determine whether adjustments were needed for liabilities that may arise; the conclusion is not modified in respect of this matter (p4).
Full wording and sources
Auditor's report on the full statements, year to 2023-12-31: modified opinion (not a report on this summary)
Basis for Qualified Opinion — Inclusion of unaudited financial statements for Sunshine Developments (Private) Limited in the consolidated financial statements of WestProp Holdings Limited: the consolidated financial statements include unaudited financial statements of the joint venture Sunshine Developments (Private) Limited, so the auditor could not determine whether all necessary adjustments and disclosures were made or the effect on the consolidated financial information for the year ended 31 December 2023 (report on the complete consolidated financial statements, PDF pp3-4).
Source: WestProp Holdings Limited Audited Abridged Consolidated Financial Results For the year ended 31 December 2023 (dated 2024-04-16)
Published summary of audited statements for 2023: final status not established
Audited abridged consolidated results filed on the Victoria Falls Stock Exchange, presented by the board chairman Dr. Michael Louis (chairman's report, p1); no board approval date is printed. The publication reprints Grant Thornton's independent auditor's report on the complete consolidated financial statements (pp3-7; QUALIFIED opinion; handwritten 'Grant Thornton' signature over Edmore Chimhowa, Partner, PAAB 0470, handwritten date 16 April 2024, visible on the render of p7), which is not a report on this summary; no auditor's report on the summary is printed.
Source: WestProp Holdings Limited Audited Abridged Consolidated Financial Results For the year ended 31 December 2023 (dated 2024-04-16)
2023, 2022: figures from a published summary
These columns come from a summary of the audited statements, not the full audited financial statements. 'These abridged financial results derived from the audited consolidated financial statements of Westprop Holdings Limited for the financial year ended 31 December 2023, should be read together with the complete set of audited consolidated financial statements of the Group' (Auditor's statement, p1) No auditor's report on the summary is printed. 'These abridged financial results derived from the audited consolidated financial statements of Westprop Holdings Limited for the financial year ended 31 December 2023 ... have been audited by Grant Thornton Chartered Accountants (Zimbabwe) and the auditor's report signed by Edmore Chimhowa, Registered Public Auditor 0470. A qualified opinion has been issued on the audited consolidated financial statements ...' (Auditor's statement, p1). The publication reprints that report on the complete consolidated statements (pp3-7): 'In our opinion, except for the matter described in the Basis for Qualified opinion section of our report, the consolidated financial statements present fairly, in all material respects, the consolidated financial position of Westprop Holdings Limited as at 31 December 2023 ...' (p3); emphasis of matter on pending legal cases (p4); key audit matter on revenue recognition (pp4-5); signed 'Grant Thornton', Edmore Chimhowa, 16 April 2024 (p7). Abridged consolidated statement of profit or loss and OCI, statement of financial position, statement of changes in equity and statement of cash flows (PDF p1), and notes on revenue, cost of sales, joint venture, investment property, EPS, the IFRS 15 revenue correction, the change of accounting policy and the ZiG (p2). No OCI items are printed (total comprehensive income equals profit).
Source: WestProp Holdings Limited Audited Abridged Consolidated Financial Results For the year ended 31 December 2023 (dated 2024-04-16)
Auditor's emphasis of matter
Emphasis of matter: attention is drawn to note 23 of the annual financial statements describing pending cases against the group at 31 December 2023; the auditor could not determine whether adjustments were needed for liabilities that may arise; the conclusion is not modified in respect of this matter (p4).
Source: WestProp Holdings Limited Audited Abridged Consolidated Financial Results For the year ended 31 December 2023 (dated 2024-04-16)
-
Revenue
USD 16.1 million
16,089,596 USD units · p1
+37.9% vs 2022
-
Operating profit / (loss)
USD 51.4 million
51,422,223 USD units · p1
−24.0% vs 2022
-
Profit / (loss) for the year
USD 50.3 million
50,284,203 USD units · p1
−8.4% vs 2022
-
Total assets
USD 179 million
178,677,842 USD units · p1
+40.0% vs 2022
-
Total equity
USD 143 million
143,145,867 USD units · p1
+49.0% vs 2022
-
Cash from operations
USD 6.78 million
6,775,952 USD units · p1
−48.6% vs 2022
Large amounts are rounded for reading (USD million / billion / trillion); exact figures as printed are under each amount and in the tables. No currency conversion.
Financial statements
Exact figures as printed. Each column comes from one filing; labels are as printed in the newest filing. Amounts in USD units unless the row says otherwise; brackets are negative.
† from a supplementary filing for the same year · ‡ signed audited statements preferred over a disputed figure · “–” is a printed dash, explained below the table
Column sources
- FY2023 — published summary of audited statements (summary), final status not established; reported for the year · source
- FY2022 — published summary of audited statements (summary), final status not established; comparative in the FY2023 filing · source
- 2023, 2022: figures from a published summary. These columns come from a summary of the audited statements, not the full audited financial statements. 'These abridged financial results derived from the audited consolidated financial statements of Westprop Holdings Limited for the financial year ended 31 December 2023, should be read together with the complete set of audited consolidated financial statements of the Group' (Auditor's statement, p1) No auditor's report on the summary is printed. 'These abridged financial results derived from the audited consolidated financial statements of Westprop Holdings Limited for the financial year ended 31 December 2023 ... have been audited by Grant Thornton Chartered Accountants (Zimbabwe) and the auditor's report signed by Edmore Chimhowa, Registered Public Auditor 0470. A qualified opinion has been issued on the audited consolidated financial statements ...' (Auditor's statement, p1). The publication reprints that report on the complete consolidated statements (pp3-7): 'In our opinion, except for the matter described in the Basis for Qualified opinion section of our report, the consolidated financial statements present fairly, in all material respects, the consolidated financial position of Westprop Holdings Limited as at 31 December 2023 ...' (p3); emphasis of matter on pending legal cases (p4); key audit matter on revenue recognition (pp4-5); signed 'Grant Thornton', Edmore Chimhowa, 16 April 2024 (p7). Abridged consolidated statement of profit or loss and OCI, statement of financial position, statement of changes in equity and statement of cash flows (PDF p1), and notes on revenue, cost of sales, joint venture, investment property, EPS, the IFRS 15 revenue correction, the change of accounting policy and the ZiG (p2). No OCI items are printed (total comprehensive income equals profit).
Income statement
| Line (as printed) | FY2023Published summary of audited statements (summary)reported for the year | FY2022Published summary of audited statements (summary)comparative in FY2023 filingsource limitations |
|---|---|---|
| Revenue | 16,089,596 | 11,665,081 |
| Cost of sales | (10,209,924) | (7,506,941) |
| Gross profit | 5,879,672 | 4,158,140 |
| Other income | 1,247,787 | 7,147,111 |
| Fair value adjustments on investment property1 | 49,514,456 | 58,624,185 |
| Share of joint venture (loss)/profit2 | (36,201) | 202,290 |
| Operating expenses | (5,183,491) | (2,498,912) |
| Profit from operations | 51,422,223 | 67,632,814 |
| Finance costs | (139,881) | (432,480) |
| Profit before tax | 51,282,342 | 67,200,334 |
| Income tax expense | (998,139) | (12,277,727) |
| PROFIT FOR THE YEAR | 50,284,203 | 54,922,607 |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 50,284,203 | 54,922,607 |
Notes and alternative reported figures (2)
- “Fair value adjustments on investment property” is an issuer-specific line, not mapped to a shared definition: Note 8 / note 4: IAS 40 fair value gain on land banks.
- “Share of joint venture (loss)/profit” is an issuer-specific line, not mapped to a shared definition: Sunshine Development (Private) Limited (note 3).
Balance sheet
| Line (as printed) | FY2023Published summary of audited statements (summary)reported for the year | FY2022Published summary of audited statements (summary)comparative in FY2023 filingsource limitations |
|---|---|---|
| Property, plant and equipment | 2,688,828 | 138,175 |
| Investment properties | 139,523,752 | 89,893,634 |
| Investment in joint venture1 | 6,605,871 | 6,642,072 |
| Non-current assets (unlabelled subtotal) | 148,818,451 | 96,673,881 |
| Inventories | 11,432,024 | 14,783,674 |
| Trade and other receivables | 13,896,867 | 14,148,948 |
| Related party receivables2 | 1,870,872 | 1,117,043 |
| Cash and cash equivalents | 2,659,628 | 860,182 |
| Current assets (unlabelled subtotal) | 29,859,391 | 30,909,847 |
| TOTAL ASSETS | 178,677,842 | 127,583,728 |
| Ordinary share capital | 100 | 100 |
| Non-distributable reserves3 | 548,695 | 548,695 |
| Retained earnings | 142,597,072 | 95,539,726 |
| Total equity | 143,145,867 | 96,088,521 |
| Shareholder's loan4 | 4,202,488 | 4,283,246 |
| Preference shares5 | 783,510 | –6 |
| Related party payables7 | 8,645,234 | 7,905,313 |
| Long term payables8 | 4,282,489 | 4,971,549 |
| Deferred tax liability | 10,023,142 | 9,607,890 |
| Non-current liabilities (unlabelled subtotal) | 27,936,863 | 26,767,998 |
| Trade and other payables | 6,044,168 | 1,854,774 |
| Dividend payable | 968,057 | –9 |
| Current tax payable | 582,887 | 2,872,435 |
| Current liabilities (unlabelled subtotal) | 7,595,112 | 4,727,209 |
| TOTAL EQUITY AND LIABILITIES | 178,677,842 | 127,583,728 |
- Printed “-”, read as nil: subtotal_arithmetic: bs.non_current_liabilities.
- Printed “-”, read as nil: subtotal_arithmetic: bs.current_liabilities.
Notes and alternative reported figures (7)
- “Investment in joint venture” is an issuer-specific line, not mapped to a shared definition: Note 3: equity-accounted joint venture.
- “Related party receivables” is an issuer-specific line, not mapped to a shared definition: Current.
- “Non-distributable reserves” is an issuer-specific line, not mapped to a shared definition: Non-distributable reserve.
- “Shareholder's loan” is an issuer-specific line, not mapped to a shared definition: Non-current.
- “Preference shares” is an issuer-specific line, not mapped to a shared definition: Preference shares classified as a non-current liability.
- “Related party payables” is an issuer-specific line, not mapped to a shared definition: Non-current.
- “Long term payables” is an issuer-specific line, not mapped to a shared definition: Non-current.
Cash flow
| Line (as printed) | FY2023Published summary of audited statements (summary)reported for the year | FY2022Published summary of audited statements (summary)comparative in FY2023 filingsource limitations |
|---|---|---|
| Cash generated from operations (unlabelled subtotal) | 9,648,387 | 16,594,997 |
| Income tax paid | (2,872,435) | (3,422,911) |
| Cash flows generated from operating activities | 6,775,952 | 13,172,086 |
| Purchase of plant and equipment | (2,615,736) | (133,331) |
| Investment property additions1 | (115,662) | (14,069,449) |
| Net cash utilised in investing activities | (2,731,398) | (14,202,780) |
| Long term loans2 | (689,060) | 2,801,040 |
| Shareholder's loan3 | (80,758) | (1,575,256) |
| Issue of preference shares4 | 783,510 | –5 |
| Dividends paid | (2,258,800) | –5 |
| Net cash flow from financing activities | (2,245,108) | 1,225,784 |
| Net increase in cash and cash equivalents | 1,799,446 | 195,090 |
| Cash and cash equivalents, at the beginning of the period | 860,182 | 665,092 |
| Cash and cash equivalents, at the end of the period | 2,659,628 | 860,182 |
- Printed “-”, read as nil: subtotal_arithmetic: cf.cash_from_financing.
Notes and alternative reported figures (4)
- “Investment property additions” is an issuer-specific line, not mapped to a shared definition: Investing activities.
- “Long term loans” is an issuer-specific line, not mapped to a shared definition: Financing activities: net movement in long-term loans.
- “Shareholder's loan” is an issuer-specific line, not mapped to a shared definition: Financing activities: net movement in the shareholder's loan.
- “Issue of preference shares” is an issuer-specific line, not mapped to a shared definition: Financing activities.
Segments
Segment data not yet collected for this company in the pilot.
Dividends
Proposed or recommended, declared and paid are different events and are kept apart. A statement that no dividend was proposed does not mean none was paid.
| Year ended | Event | Wording as printed | Amount | Unit | Source |
|---|---|---|---|---|---|
| 31 Dec 2023 | Dividends paid (cash flow statement) | Dividends paid |
(2,258,800) | USD units | Summary statements, p1 |
| 31 Dec 2022 | Dividends paid (cash flow statement) | Dividends paid |
0printed “–”, read as nil | USD units | Summary statements, p1 |
Sources
Each filing used on this page, newest period first. Dates are the document's own; the date we retrieved a file is shown separately and is never a publication date.
-
WestProp Holdings Limited Audited Abridged Consolidated Financial Results For the year ended 31 December 2023
Year ended 31 December 2023 · Published summary of audited statements (summary) · final status not established
Audit: Grant Thornton, Chartered Accountants (Zimbabwe) (named); no auditor's opinion on the full statements in this document · no signature page in this document
Final status: Audited abridged consolidated results filed on the Victoria Falls Stock Exchange, presented by the board chairman Dr. Michael Louis (chairman's report, p1); no board approval date is printed. The publication reprints Grant Thornton's independent auditor's report on the complete consolidated financial statements (pp3-7; QUALIFIED opinion; handwritten 'Grant Thornton' signature over Edmore Chimhowa, Partner, PAAB 0470, handwritten date 16 April 2024, visible on the render of p7), which is not a report on this summary; no auditor's report on the summary is printed.
- Document date
- 16 Apr 2024
- Published
- 19 Apr 2024
- Auditor's report
- date not found in this document
- Board approval
- date not found in this document
- Retrieved by us
- 8 Oct 2026 (not a publication date)
- Used for
- statement columns FY2023, FY2022
- Basis
- consolidated statements · USD units (printed “USD”)
- Basis for Qualified Opinion — Inclusion of unaudited financial statements for Sunshine Developments (Private) Limited in the consolidated financial statements of WestProp Holdings Limited: the consolidated financial statements include unaudited financial statements of the joint venture Sunshine Developments (Private) Limited, so the auditor could not determine whether all necessary adjustments and disclosures were made or the effect on the consolidated financial information for the year ended 31 December 2023 (report on the complete consolidated financial statements, PDF pp3-4).
- Qualified (on the full statements): the joint venture Sunshine Developments (Private) Limited is included from unaudited financial statements (PDF pp3-4).
- Comparatives are headed 'Restated 2022' (IFRS 15 revenue correction, note 6; land banks reclassified to investment property, note 7; p2). The 2022 basic and diluted EPS (549,226) and headline EPS (85,761) are printed in USD per share on a weighted 100 shares (note 5, p2).
- No auditor's report on the summary is printed. 'These abridged financial results derived from the audited consolidated financial statements of Westprop Holdings Limited for the financial year ended 31 December 2023 ... have been audited by Grant Thornton Chartered Accountants (Zimbabwe) and the auditor's report signed by Edmore Chimhowa, Registered Public Auditor 0470. A qualified opinion has been issued on the audited consolidated financial statements ...' (Auditor's statement, p1). The publication reprints that report on the complete consolidated statements (pp3-7): 'In our opinion, except for the matter described in the Basis for Qualified opinion section of our report, the consolidated financial statements present fairly, in all material respects, the consolidated financial position of Westprop Holdings Limited as at 31 December 2023 ...' (p3); emphasis of matter on pending legal cases (p4); key audit matter on revenue recognition (pp4-5); signed 'Grant Thornton', Edmore Chimhowa, 16 April 2024 (p7).
- Abridged consolidated statement of profit or loss and OCI, statement of financial position, statement of changes in equity and statement of cash flows (PDF p1), and notes on revenue, cost of sales, joint venture, investment property, EPS, the IFRS 15 revenue correction, the change of accounting policy and the ZiG (p2). No OCI items are printed (total comprehensive income equals profit).
Technical details
- File
- 7 pages, with a text layer
- SHA-256
b8a96dd308d8ec36f64678f26ea8b716bc89ea26dbe811ab8c16a5ec5380abbf- Entity as printed
- WestProp Holdings Limited / Westprop Holdings Limited ('the Group')
- Exchange copy
- retrieved 2026-10-08T18:05:02Z
Data notes
No figure-level notes beyond those in the tables.
Review status: every figure has been located on its cited source page in an AI-assisted source verification (read from the page image) (9 October 2026). Independent review is pending for every figure; automated checks and the AI-assisted verification are not independent review.
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