Home » South African tycoon Stephen Brookes’ Balwin Properties posts $9 million in mid-year profit

South African tycoon Stephen Brookes’ Balwin Properties posts $9 million in mid-year profit

by Yusuf Abdulfatai
Stephen Brookes

Balwin Properties, a Johannesburg-based residential property developer led by South African businessman Stephen Brookes, saw its profit exceed $9 million at the end of the first six months of its 2023 fiscal year due to increased demand for residential properties in South Africa.

According to figures in its recently published financial statement, its profit for the first half of its current fiscal year rose by 48 percent from R117.2 million ($6.4 million) during the same period of 2021 to R173 million ($9.4 million).

The double-digit increase in earnings was supported by a 20-percent increase in revenue from R1.31 billion ($71.38 million) to R1.6 billion ($87.2 million).

According to the South African property developer, “home buyers continued to reward Balwin Properties for its unique product offering in the South African residential property sector.”

It revealed that the company’s resilient financial performance for the six-month period was driven by higher demand, which resulted in an eight-percent increase in the number of apartments recognized in revenue, from 1,261 last year to 1,360 this year.

Balwin is a large-scale estate developer in South Africa for the low-to-middle-income population.

The company offers high-quality, environmentally friendly, and affordable apartments, as well as an innovative lifestyle program for residents.

Brookes, a South African real estate mogul who founded Balwin Properties in 1996, is the company’s largest shareholder, holding 170,374,031 shares, or a 36.08-percent stake.

As part of its efforts to improve the quality of its revenue and earnings, the company has secured a development pipeline of 45,411 apartments spread across 27 developments in key South African target nodes, representing a 15-year development horizon.

Its resilient financial performance during the review period also saw its cash position improve above R580 million ($32 million), well above its covenant and treasury policy thresholds.

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