Johannesburg – Demand for Baldwin Properties’ high-quality apartments remained firm in the year to February 28, despite losing three months construction time due to Covid restrictions.
A total of 2,546 apartments were recognised in revenue, compared to 2,715 apartments in the prior financial year, showed the annual results released yesterday.
According to chief executive Steve Brookes, a range of pragmatic solutions were implemented during the lockdowns, including the launch of an online sales platform, promotions and other incentives to continue to drive sales.
The 275-basis point reduction in the prime lending rate and an increased preference to work from home had further supported demand, he said.
As a result, revenue of R2.7 billion had only declined by 7% and profit margins were maintained 27% compared to the prior period.
Pre-sales beyond the reporting period of 2 499 apartments were significantly more than 1 855 apartments at the same time last year.
Sales were bolstered by especially one- and two- bedroom apartments, which accounted for 77% of the total number of apartments recognised in revenue.
“The continued strong sales, the highly successful launch of our online sales platform during lockdown as well as the exceptionally strong pre-sales are encouraging,” said Brookes.
The share price was up 0.22% to R4.51 yesterday afternoon, well up from R2.28 a year ago.
