Calgro M3 issues maiden dividend, posts robust results

Residential-focused property developer Calgro M3 has issued a maiden dividend of 9.49c a share after posting a record gross profit margin of 27.25% for the financial year ended February 29, and profit after tax increased to R196.8-million, up from R186.29-million in the preceding financial year. The company also published a dividend policy that will see it pay yearly dividends to a minimum of 5% of headline earnings a share. The total dividend payable is R10.86-million for the financial year under review.