Calgro M3 surges after flagging earnings jump

📆 02/10/2023 01:16 م

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Shares in affordable housing developer Calgro M3 surged almost 8% on Monday after it flagged a rise in earnings of almost half for the six months to end-August, helped by cost containment, a share buyback and by double-digit revenue growth.

📆 02/10/2023 01:16 م
📰 News24

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Headline earnings per share are expected to rise in a range of 28.4% and 48.4%, the company said, with revenue increasing by approximately 13.5%.

"The current high interest rate environment has caused a reduction in the number of units handed over when compared to the previous period, however through cost management, the gross profit margin remains in line with the gross profit margin reported in the previous period.

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