Calgro M3 FY revenue falls 15.8%

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.