Calgro M3, which develops affordable housing with the government, sees group revenue rise 25.7% to R720m in the interim period to August.
Calgro M3 shares slide 9% in mid-morning following a trading update in which the company flagged a decrease in first-half headline profit.
SA Corporate and Calgro M3 are pleased to announce that the Parties have agreed to enter into a joint initiative through Afhco Holdings (Pty) Ltd (“Afhco”), a wholly owned subsidiary of SA Corporate, and Hizoscape (Pty) Ltd, respectively (to be renamed Calgro M3 Real Estate (Pty) Ltd) (“Calgro Real Estate”), a wholly owned subsidiary of Calgro M3.
Calgro M3, a residential property and memorial parks developer, has weathered a subdued operating environment in the construction industry to report significant growth.
A R6.2 billion new Gauteng housing project – the Leratong City integrated nodal development – is set to get under way in Leratong, Mogale City in a joint development by McCormick Property Development, Calgro M3 and Sasuka Logistics Services.
With the construction sector resembling a sort of rubble, what with all the majors on their knees as the chickens come home to roost and some worth a fraction of the values they boasted before the lid was lifted on collusion, affordable housing firm Calgro M3 is worth a look.
Calgro M3 has enhanced its already strong corporate governance framework. Mr Hugh Cameron, who was appointed as an independent Non-Executive Director in May 2015 ahead of the retirement of Mr John Gibbon, will now assume the Chair of the Audit Committee.