Property group Calgro M3 Holdings may have returned to profit, but it won't be paying a dividend for a second year in a row.
The company – which specialises in affordable housing, as well as memorial park cemeteries – released its annual results for the year ended February 2022, on Monday.
The results showed that Calgro’s headline earnings per share grew to 105.63 cents from a loss of 15.17 cents in 2021.
The group also managed to cut down its debt to R850 million, from R958 million in 2021.
In an interview, CEO Wikus Lategan said although the group’s performance is generally positive, it is still trading with caution, and is focusing on bringing its debt down further, while investing in infrastructure.
“And once we are through that, we will relook at [a dividend]. At this stage, I think there is still a lot of worldwide uncertainty and pressure with the war in Ukraine,” Lategan said.
Calgro currently has 4 583 units under construction, from 4 654 in 2021. It completed 2 685 units for the year.
The group’s share price fell by 2% on Monday morning after it released its results.