Balwin Properties has posted its unaudited results for the six months ended 31^st August 2025, reporting a 44% increase in revenue to R1.2 billion (August 2024: R852.7 million), driven by a 51% increase in apartment sales to R1.1 billion owing to a 45% rise in apartment handovers with 928 apartments recognised in revenue (August 2024: 640) as well as sales price growth during the period.

The Group says that market improvement has created a more supportive environment for residential property development, declaring a 33% increase in profit to R102.4 million.

Balwin Annuity, the Group’s value adding product and services including Balwin Fibre and Balwin Mortgages, recorded a 55% increase in revenue to R01.5 million (August 2024: R65.7 million) with an increased contribution to group revenue of 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 during the period, compared to profits recognised from land disposals in the prior period. It says that the gross margin from apartment sales remained steady at 23% (August 2024: 23%) underpinned by Balwin Annuity’s profitability. “Tight cost control” contributed to a 35% increase in group operating profit.

The Group’s earnings per share increased 28% to 20.91 cents per share, its headline earnings per share increasing by 29% to 20.91 cents per share with its net asset value (NAV) per share up 8% to 946.03 cents per share.

Balwin closed the period with cash on hand of R303.4 million (February 2025: R254.8 million) with its debt levels and bank covenants at period-end within the required thresholds. Its loan-to-value (LTV) ratio reduced to 39.3% (February 2025: 40.4%).

Its Board resolved not to declare a dividend for the 2026 interim period (August 2025: no interim dividend declared).