Calgro shakes up its business portfolio
The housing developer's CEO Wikus Lategan says the company will have three separate business units by 2022
Affordable housing developer Calgro M3 will restructure into three business units as part of its roll-out of the R27bn pipeline over the next seven years. By 2022 the firm would house three separate businesses — housing development, memorial park and rental property — with each contributing a third to the group’s headline earnings, said CEO Wikus Lategan. Speaking after the release of the financial results for the six months to August, he said headline earnings per share dropped 26.74% to 47.71c, even as revenue rose 40% to R1bn. Calgro M3’s recently announced rental business had not yet reached capacity, neither had its memorial parks business. The construction of rental units in partnership with SA Corporate Real Estate for the rental business had affected Calgro’s financial performance. WATCH: Wikus Lategan, CEO of Calgro M3 gives us some insight into the company’s financial performance over the past six months
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