Wrap Text
Unaudited condensed consolidate interim financial results for the six months ended 31 August 2025
CALGRO M3 HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 2005/027663/06)
JSE Share code: CGR
ISIN: ZAE000109203
Company Alpha Code: CGRI1
LEI: 3789003B0859E9438F25
("Calgro M3" or "the Group" or "the Company")
UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL RESULTS FOR THE SIX
MONTHS ENDED 31 AUGUST 2025
1. SALIENT FEATURES
- 2,589 serviced residential opportunities
- 871 residential opportunities under construction
- Share buy-back of 1,327,525 shares
- Cash collections from Memorial Parks business exceed R50 million
- Net asset value ("NAV") increased by 6.41% to R15.82 per share (February 2025: R14.86 per
share)
- Gross profit margin sustained at 29.43% (August 2024 (restated): 29.57%)
- Net debt to equity 0.71 (February 2025: 0.65)
- Earnings per share ("EPS") decreased to 83.00 cents per share (August 2024 (restated):
100.87 cents per share)
- Headline earnings per share ("HEPS") decreased to 82.86 cents per share (August 2024
(restated): 100.87 cents per share)
- No dividend was declared for the period ended 31 August 2025 (2024: Nil)
Operational performance
This period's results reflect short-term revenue and profitability pressures as a result of the shift in
capital allocation to the Bankenveld District City project where infrastructure installation has
commenced, revenue from these installations will be recognised upon finalisation of public sector
agreements. With gross profit margins maintained, the asset base expanded, and liquidity
preserved, the Group is well positioned for long-term #sustainablegrowth through the
implementation of its strategic pillars.
We have dedicated significant time to rethinking our operations, drawing on decades of experience
in residential property development and more recent expertise in memorial parks management.
This has enabled us to refine our strategic pillars, focusing capital on future opportunities that
optimise the portfolio and reduce debt through the sale and completion of non-contributing assets
and projects.
As reported in the February 2025 year-end results, the Group held large stock on hand. We are
pleased to have reduced the number of units on hand by more than half in the six-month period
through innovative targeted marketing campaigns and the sale of units to the property investor
market.
On-site infrastructure activities have commenced at Platinum City Memorial Park where final
regulatory approvals were obtained in the reporting period. Burials are expected to commence in
the last quarter of the 2026 financial year, providing in excess of 28 000 burial opportunities to the
Group. Once this Memorial Park becomes fully operational, and in line with the Group's growth
strategy, further investments will be directed toward replacing end-of-life parks over the short to
medium term to support growth in the segment.
Memorial Parks continued to support Group liquidity through predictable cash inflows, with stable
cash collections for the period of R51.64 million (August 2024: R52.15 million) contributing towards
Group overheads. Lay-by cash collections increased by 22.27% to R14.9 million (August 2024:
R12.24 million). This strategic shift in sales strategies adopted two years ago, to the lay by market
supports predictability in the cash flows as evidenced by cash collections growing to approximately
28% of total cash collections.
Contributions from the broader residential development pipeline remained well balanced, with
construction activities on Western Cape projects increasing during the period.
The installation of the final stages of infrastructure in the Belhar project was undertaken, while
successfully completing and selling out a further section of the Scottsdene development. This
positions the Western Cape projects to make a large contribution towards performance in the
second half of the financial year. In Gauteng, on the existing pipeline, the final bulk and link
installations in Fleurhof and Jabulani are nearing completion. These installations, along with bulk
and link investments which occurred over the preceding financial years, resulted in 2 589 serviced
opportunities currently available for development across the residential developments pipeline.
2. PROSPECTS
Calgro M3 continues to experience demand for both residential housing units and memorial park
burial sites, solidifying its strategic focus on high-demand niches in the South African economy.
The reductions in interest rates have shown a positive response, albeit at a slower pace than
initially anticipated. Despite the interest rate being held at the current level by the Monetary Policy
Committee during September, market sentiment shows an uptick and both increases in home loan
volumes and approvals across the market.
The implementation of the strategic pillars outlined is necessary as the Bankenveld District City
development begins and the Group positions to execute on fewer projects with equitable
contribution levels. At the same time, the Memorial Parks business has matured, is extremely cash
generative and is poised for further growth. This revitalised strategy which supports future growth
has invigorated the entire business whilst also ensuring that the debt structure of the business is
aligned with its size and capital requirements.
3. SHORT-FORM ANNOUNCEMENT
This short-form announcement is the responsibility of the directors of Calgro M3. It contains only a
summary of the information in the unaudited condensed consolidated interim financial results for the
six months ended 31 August 2025 ("Interim Results") and does not contain full or complete details.
The full announcement has been released on SENS and it is also available on the Company's
website at:
https://www.calgrom3.com/index.php/investors/annual-reports
or on the JSE cloudlink at
https://senspdf.jse.co.za/documents/2025/jse/isse/cgre/hy2025.pdf
Any investment decision by investors and/or shareholders should be based on consideration of the
Interim Results, as a whole. This short-form announcement and the Interim Results, from which the
information was extracted, have not been audited or reviewed by the Company's auditors.
By order of the Board
Ben Pierre Malherbe Sayuri Naicker
Chief Executive Officer Chief Financial Officer
Johannesburg
13 October 2025
Equity and Debt Sponsor
PSG Capital
Date: 13-10-2025 07:10:00
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