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.