JSE-listed property developer Calgro M3 Holdings has published its financial statements for the year ended February 2025, highlighting growth across its residential and Memorial Parks segments.
Chief executive officer, Ben Pierre Malherbe, said: “The financial year was marked by strategic resilience, with gross margin growth maintained despite revenue pressures, strategic expansion of the Group’s pipeline, and expansion of the Memorial Parks business segment.
“Our development pipeline comprises 36,136 residential opportunities and 117,471 burial rights, representing a combined revenue pipeline of R31.8 billion.”
The Residential Property Development segment remains the largest contributor to group performance. With nine active projects in Gauteng and the Western Cape, the developer offers a diverse product range from fully subsidised to premium homes above R3 million.
Calgro M3, in partnership with its joint venture partner Eris Property Group, exercised the option to acquire the Bankenveld land in September 2024.
A robust pipeline valued at R29.2 billion includes 36,000 secured residential opportunities. The acquisition of the Bankenveld District City Development in September 2024, in partnership with Eris Property Group, adds at least 20,000 units to the pipeline.
“The development presents a significant opportunity for the group, being positioned near the Sandton and Waterfall City hubs and bordering Alexandra and the Marlboro Gautrain station, representing the last large-scale undeveloped property in the Sandton area,” said Malherbe.
The first phase of infrastructure installation commenced in the first quarter of 2025.
The Memorial Parks segment reported significant growth, with revenue increasing to 8% of group revenue, up from 4% in the previous year. Cash receipts grew by 40%, reflecting improved sales strategies and enhanced customer confidence.
Layby cash receipts saw a 57.5% increase to R24.57 million, underscoring the effectiveness of structured payment options.
The active layby book ended the year at approximately R42 million, showing a 17.3% increase year-on-year.
The gross profit margin improved to 50.09% (FY2024: 42.45%) due to cost optimisation and pricing strategies.
Financial Highlights
–Earnings per Share (EPS): Decreased by 10.14% to 171.72 cents
–Headline Earnings per Share (HEPS): Decreased by 9.31% to 171.36 cents
–Revenue: Decreased by 32.69% to R868.9 million
–Gross Margin: Increased to 29.43%
–Net Asset Value (NAV): Increased by 12.07% to R14.86 per share
-Cash Position: Increased by 26.18% to R154.7 million
The board declared a final gross cash dividend of 8.63703 cents per ordinary share, payable to shareholders subject to dividend tax.
This follows the group’s inaugural dividend policy introduced in the financial year ending 29 February 2024, which provides for annual dividends calculated at a minimum of 5% of HEPS.
“With the roll out of the remaining pipeline, we will continue to invest in innovating our building designs to minimise financial and environmental impacts. This will ensure that Calgro M3 remains at the forefront of industry innovation thereby maintaining our competitive edge in the market, whilst still ensuring that we deliver on our purpose of ‘building legacies, changing lives’,” Malherbe said.
The Memorial Parks segment has shown robust growth in the year, expanding its footprint to six active parks.
“Our aim remains the expansion of our footprint, whilst leveraging off our remaining pipeline, thereby bringing dignified burial solutions to a larger community, with regular investment opportunities being investigated and considered by the group.”
