Balwin Properties reports 33% profit increase amid market recovery

BALWIN Properties' profit increased by a robust 33% to R102.4 million in the six months to August 31 after improved sentiment in the investor and homebuying market, the directors of the JSE-listed large-scale sectional title residential estates developer said on Tuesday.

- EDWARD WEST

Revenue was up 44% to R1.2 billion. Headline earnings a share increased 29% to 20.91 cents. The number of apartments sold and recognised in revenue increased year-on-year to 928 from 640 that were recognised in revenue in the first six months of the prior financial year.

There was also a recovery in pre-sold apartments not recognised in revenue to 1 028, from 743 in the first half of the financial year. Balwin Annuity added a strong bottom line contribution, after it increased revenue by 55% to R101.5m, mainly from electronic communication and internet services revenue streams, as well as maintenance services and energy and solar bond origination