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Unaudited results for the six months ended 31 August 2025
Balwin Properties Limited
(Incorporated in the Republic of South Africa)
(Registration number: 2003/028851/06)
Share code: BWN
ISIN: ZAE000209532
("Balwin" or "the group")
Unaudited results for the six months ended 31 August 2025
FINANCIAL OVERVIEW
Revenue Increase of 44% to R1.2 billion
Profit for the period Increase of 33% to R102.4 million
Earnings per share Increase of 28% to 20.91 cents per share
Headline earnings per share Increase of 29% to 20.91 cents per share
Net asset value per share Increase of 8% to 946.03 cents per share
Balwin's results for the six months ended 31 August 2025 (the period) reflect improved
macroeconomic conditions. Whilst global trade risks and weak GDP growth prevail, the
moderation of inflationary pressures and a cautious easing of interest rates of 50 basis points
over the period by the Reserve Bank have positively supported consumer demand, enhanced
loan affordability, and stimulated increased investment in fixed property.
The market improvement has created a more supportive environment for residential property
development. During the period, the group maintained its focus on the construction and timely
handover of quality apartments and ensuring that development activity is prudently aligned
with sales trends.
Group revenue totalled R1.2 billion (August 2024: R852.7 million), an increase of 44% from the
prior interim period, reflecting the improved conditions in the residential housing market. Group
revenue growth was driven by a 51% increase in apartments sales to R1.1 billion, owing to a
45% rise in apartment handovers with 928 apartments recognised in revenue
(August 2024: 640) and supported by sales price growth achieved in the period.
Balwin Annuity delivered another pleasing performance, with revenue up 55% to R101.5 million
(August 2024: R65.7 million), continuing the growth trajectory and increasing its contribution to
group revenue to 8.3% (August 2024: 7.7%)
The group reported a slight decline in gross margin to 29% (August 2024: 32%), primarily due to
the absence of land sales in the current period, compared to profits recognised from land
disposals in the prior period. The gross margin from apartment sales remained steady at 23%
(August 2024: 23%), underpinned by strong profitability in Balwin Annuity. Tight cost control
contributed to a 35% increase in group operating profit.
The group closed the period with a healthy cash position of R303.4 million (February 2025:
R254.8 million) and continues to closely monitor, manage and plan cash flows into the
foreseeable future. Debt levels and bank covenants at period-end were within the required
thresholds. The group's loan-to-value ratio reduced to 39.3% (February 2025: 40.4%).
DIVIDEND
Following a careful review of interim trading conditions, the board has resolved not to declare
a dividend for the 2026 interim period (August 2025: no interim dividend declared). In the
current environment, the board's priority remains the prudent allocation of capital towards
reducing the group's debt exposure.
The board will reassess the potential declaration of a dividend at the conclusion of the 2026
financial year.
SHORT-FORM ANNOUNCEMENT
This short form announcement is the responsibility of the directors. This announcement is a
summary of the full announcement in respect of the group's unaudited results for the six months
ended 31 August 2025 and as such does not contain full or complete details pertaining to the
group's results. The full announcement was released on the JSE's website at:
https://senspdf.jse.co.za/documents/2025/jse/isse/BWNE/HY26.pdf
Any investment decisions should be based on the full announcement. A copy of the full
announcement is available for viewing on the group's website at www.balwin.co.za
The financial information contained in this announcement has not been reviewed or reported
on by the group's external auditor.
Corlett Drive
28 October 2025
Sponsor:
Investec Bank Limited
Date: 28-10-2025 07:05:00
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