Calgro M3 FY revenue falls 15.8%
Residential property developer and memorial parks owner Calgro M3 declared its maiden dividend today. The shares flew around 5 per cent on the news and as Calgro M3 reported its highest ever net asset value per share, with increased growth profit offset lower revenues. Wikus Lategan, CEO, Calgro M3 joins CNBC Africa for more.
Mon, 13 May 2024 15:57:48 GMT
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AI Generated Summary
- Calgro M3 announces its inaugural dividend payout, signalling a shift towards rewarding shareholders and showcasing confidence in its operating environment.
- The company's strong focus on cash generation from projects and strategic capital allocation reflects a matured business approach despite challenges in the market.
- Calgro M3's strategic independence from government funding and commitment to addressing housing needs positions the company as a key player in driving economic growth and social development.
Residential property developer and memorial parks owner, Calgro M3, made a significant announcement today as it declared its first-ever dividend. The news caused a surge in the company's shares by around 7 percent, underlining the market's positive reaction to the development. Despite facing challenges including lower revenues, Calgro M3 reported its highest ever net asset value per share, reflecting the company's strong growth profit. In an exclusive interview with CNBC Africa, Wikus Lategan, CEO of Calgro M3, shed light on the company's decision to introduce dividends at this particular juncture in South Africa's economic history. Lategan highlighted the company's maturation and its focus on cash generation from projects, signaling a confident outlook on future growth. As Calgro M3 navigates the dynamic economic landscape, the company's strategic approach to capital allocation and independence from government funding sets it apart in the industry. The move to pay dividends is not only a reward for patient shareholders but is also a testament to the company's belief in its ability to contribute positively to the South African economy. With a firm commitment to addressing the housing backlog and creating sustainable human settlements, Calgro M3's dividend declaration marks a significant milestone in the company's journey towards long-term value creation and social impact.
