Calgro M3: Property Powerhouse Soars

  • Calgro M3 Records Strong Growth: Headline earnings per share increased to 78.88 cents, showcasing the company's robust performance.
  • Diversification Drives Success: Strategic diversification across provinces ensures stable handovers, positive cash flow, and sustained growth.
  • Adaptability in Sales Strategy: Shifting to lay-by offerings addresses consumer budget constraints, underlining the company's flexibility and customer-focused approach.

Calgro M3 Holdings Limited has announced impressive financial results for the first half of 2023. The unaudited condensed consolidated interim financial report for the six months ending August 31, 2023, reveals significant growth in various aspects of the company’s operations.

Financial Highlights

Calgro M3 reported a notable increase in headline earnings per share, which rose to 78.88 cents per share from 57.00 cents per share in the previous year. This growth reflects the company’s strategic initiatives and effective management in a challenging economic environment. Earnings per share also rose to 78.88 cents from 57.04 cents, showcasing a strong performance in generating shareholder value.

One of the key contributors to this growth was the share buyback program, where the company repurchased 22.6 million shares at an average price of R2.63 per share. This move demonstrates confidence in the company’s future prospects and underscores its commitment to delivering value to shareholders.

Residential Property Development

In the realm of residential property development, Calgro M3 displayed robust progress. The company successfully handed over 949 opportunities during this period, with 2,118 opportunities currently under construction. What’s more, over half of these are slated for handover by February 2024, indicating a positive trajectory for the company’s projects.

A significant driver of Calgro M3’s growth is its diversified approach. By spreading projects across different provinces and maintaining a balanced customer base, the company ensures stable handovers and generates positive cash flow. This strategy has resulted in a well-balanced mix of units ready for sale, units with granted bonds, units awaiting transfer, and units under construction. This balanced approach contributes to the company’s stability and long-term sustainability.

The residential revenue pipeline stands impressively at over R15 billion, representing 22,357 opportunities. Additionally, the company is working on the Frankenwald project, which has the potential to unlock 20,000 to 30,000 more opportunities. The availability of electricity supply and infrastructure in this project eases initial capital needs, leading to improved margins and ensuring the project’s financial viability.

Memorial Parks Expansion

Calgro M3’s Memorial Parks division also showed promising signs. Despite a flat revenue of R19.9 million, cash receipts experienced a significant boost, increasing by 33.8% to R33.9 million. The company successfully navigated shifting consumer preferences by adapting its sales strategy. With a move toward lay-by offerings, Calgro M3 accommodated customers’ budget constraints, which is crucial in the current economic climate.

A notable addition to Calgro M3’s Memorial Parks portfolio is the Bloemfontein Memorial Park. While its current performance is below expectations, the company has implemented an enhanced marketing plan to bolster visibility and drive sales growth. This proactive approach underscores the company’s commitment to continuous improvement and customer satisfaction.

Cautious Optimism and Commitment to Quality

While celebrating these achievements, Calgro M3 remains cautious about market dynamics. The company acknowledges the importance of continually improving its offerings, with a focus on affordability and quality. This commitment to delivering value to customers and investors alike positions Calgro M3 as a reliable and forward-thinking player in the South African property development landscape.


Calgro M3 Holdings Limited’s strong performance in the first half of 2023 is a testament to its strategic vision, effective management, and commitment to excellence. By focusing on diversification, adaptability, and maintaining a balanced approach, the company continues to navigate challenges and deliver sustainable growth. As the company looks ahead, its dedication to improving offerings and ensuring customer satisfaction will undoubtedly pave the way for even more significant achievements in the future. Investors and stakeholders can find the complete unaudited interim financial report on the JSE website and the company’s official website for a comprehensive overview of Calgro M3’s financial performance.



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