Housing developer Calgro M3’s CEO Wikus Lategan says the firm has managed to reduce its reliance on the public sector for revenue, having diversified into three businesses. "We believe we must be diversified especially in tougher economics times. Hence, we are doing more work with private partners in our integrated residential development business. Our memorial parks and real estate investment trust businesses are also growing. "While navigating the current business landscape, as well as diversifying risk across sectors and businesses, the group has remained focused on maintaining the underlying theme of property development that is synonymous with Calgro M3," said Lategan. On Monday, Calgro reported revenue growth of 29.12% to R1.6bn in the year to February, with its net asset value climbing 23.78% to 798.35c. Cash on hand trebled to R240.8m from R80.1m. Calgro’s net debt to equity sat at 41.82%, lower than the 59.30% at the end of February 2016. Headline earnings per share fell 4....

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, Morningstar financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00.