Roy Cokayne
2 minute read
21 Oct 2020
8:57 am

Calgro M3 gets revenue Covid boost

Roy Cokayne

Two months of construction stoppages because of Covid-19 also resulted in this business suffering reduced revenue and incurring standing time costs.

The lockdown forced many construction sites to halt work. AFP/GLYN KIRK

Deaths attributed to Covid-19 provided an unexpected revenue boost to JSE-listed property and private memorial parks developer Calgro M3 in the six months to end-August 2020. Calgro M3 CEO Wikus Lategan said on Monday the group’s memorial parks business, which acts as a risk diversifier against the traditional lumpy and cash intensive residential property development business, illustrated its potential in the first half by increasing cash revenue by 65.7% to R25.8 million in the six months to August from R15.5 million. The group’s interim results show that accounting revenue grew by 75% to R19.3 million from R11 million in the same period,...