https://www.engineeringnews.co.za

Balwin delivers strong maiden results

23rd May 2016

By: Creamer Media Reporter

  

Font size: - +

Property developer Balwin has delivered double-digit growth as it set out its maiden financial results for the year ended February 29, CEO and founder Stephen Brookes said on Monday, attributing the performance to record sales and strong demand.

The group, which listed on the Johannesburg bourse in October last year, posted a 68% jump in headline earnings a share to 131c, while the developer’s after-tax profit exceeded the prelisting forecast by R17-million, reaching R559-million for the year under review.

Revenue for the year increased 54% to R2.1-billion, while operating profit jumped 69% to R768-million.

The group launched several first phase developments during the year and had secured a seven-year development pipeline of over 16 000 homes across Johannesburg, Pretoria and the Western Cape.

“In addition to our existing pipeline, we concluded an agreement providing us the right to develop about 15 000 more units in the Waterfall node,” Brookes said.

Balwin concluded several strategic land acquisitions in key nodes such as Bryanston, Olivedale, Linbro Park, Modderfontein and Kyalami during the financial year.

“Despite a rising interest rate cycle and continued pressure on disposable income, interest in our offering remains resilient,” Brookes stated.

Edited by Creamer Media Reporter

Comments

Latest Multimedia

Magazine video image
Magazine round up | 29 March 2024
Updated 44 minutes ago

Showroom

Weir Minerals Africa and Middle East
Weir Minerals Africa and Middle East

Weir Minerals Europe, Middle East and Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones,...

VISIT SHOWROOM 
Condra Cranes
Condra Cranes

ISO-certified Condra manufactures overhead cranes, portal cranes, cantilever cranes and crane components: hoists, drives, end-carriages, brakes and...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.266 0.323s - 150pq - 2rq
Subscribe Now