A 
118.00
-5.60%
Close of 9 Nov 2026, in ZAc
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Reference data, closing prices and charts across 45,000 companies, plus crypto, commodities and currencies.
At a glance
Figures in ZAR, from our data supplier.
Revenue
ZAR 32.29bn
FY2016FY2025
Net income
−ZAR 2.90bn
FY2016FY2025
Free cash flow
−ZAR 46.0m
FY2016FY2025
Shareholders' equity
−ZAR 317.0m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | ZAR 32.29bn | ZAR 38.60bn | ZAR 41.64bn | ZAR 39.71bn | ZAR 24.64bn | ZAR 41.35bn | ZAR 45.27bn | ZAR 39.02bn | ZAR 32.74bn |
| Research and development | — | ZAR 134.0m | ZAR 187.0m | ZAR 294.0m | ZAR 53.0m | ZAR 173.0m | ZAR 175.0m | ZAR 140.0m | ZAR 143.0m |
| Operating income | −ZAR 4.06bn | −ZAR 4.45bn | −ZAR 2.94bn | ZAR 7.98bn | −ZAR 1.61bn | −ZAR 3.78bn | ZAR 2.78bn | −ZAR 4.37bn | −ZAR 4.29bn |
| Net income | −ZAR 2.90bn | −ZAR 5.84bn | −ZAR 3.92bn | ZAR 6.63bn | −ZAR 1.97bn | −ZAR 4.68bn | ZAR 1.37bn | −ZAR 5.13bn | −ZAR 4.71bn |
| Diluted earnings per share | -2.60 | -5.24 | -3.52 | 5.94 | -1.86 | -4.28 | 1.25 | -4.69 | -4.28 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|
| Total assets | ZAR 21.13bn | ZAR 24.94bn | ZAR 29.11bn | ZAR 29.09bn | ZAR 21.81bn | ZAR 22.46bn | ZAR 28.56bn | ZAR 31.20bn | ZAR 30.65bn |
| Cash and short-term investments | ZAR 2.68bn | ZAR 2.18bn | ZAR 3.52bn | ZAR 4.65bn | ZAR 3.37bn | ZAR 1.99bn | ZAR 2.52bn | ZAR 3.14bn | ZAR 1.54bn |
| Total liabilities | ZAR 21.44bn | ZAR 22.98bn | ZAR 21.31bn | ZAR 20.04bn | ZAR 19.46bn | ZAR 19.06bn | ZAR 20.60bn | ZAR 23.14bn | ZAR 17.10bn |
| Debt | ZAR 9.37bn | ZAR 8.89bn | ZAR 6.89bn | ZAR 6.00bn | ZAR 7.04bn | ZAR 5.46bn | ZAR 3.06bn | ZAR 6.52bn | ZAR 2.14bn |
| Shareholders' equity | −ZAR 317.0m | ZAR 1.96bn | ZAR 7.80bn | ZAR 9.05bn | ZAR 2.34bn | ZAR 3.40bn | ZAR 7.96bn | ZAR 8.06bn | ZAR 13.54bn |
| Shares outstanding | 1,115m | 1,115m | 1,115m | 1,115m | 1,063m | 1,094m | 1,094m | 1,094m | 1,100m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −ZAR 23.0m | ZAR 384.0m | ZAR 978.0m | ZAR 2.76bn | ZAR 622.0m | ZAR 129.0m | ZAR 887.0m | −ZAR 1.52bn | ZAR 90.0m |
| Capital spending | −ZAR 23.0m | −ZAR 938.0m | −ZAR 1.49bn | −ZAR 860.0m | −ZAR 509.0m | −ZAR 1.49bn | −ZAR 1.26bn | −ZAR 1.32bn | −ZAR 2.01bn |
| Free cash flow | −ZAR 46.0m | −ZAR 554.0m | −ZAR 511.0m | ZAR 1.90bn | ZAR 113.0m | −ZAR 1.36bn | −ZAR 369.0m | −ZAR 2.84bn | −ZAR 1.92bn |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Sept 2023 | Jun 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ZAR 12.04bn | ZAR 15.17bn | ZAR 17.12bn | ZAR 18.09bn | ZAR 20.51bn | ZAR 20.59bn | ZAR 10.30bn | ZAR 21.05bn |
| Operating income | −ZAR 910.0m | −ZAR 3.52bn | −ZAR 533.0m | −ZAR 3.38bn | −ZAR 542.0m | −ZAR 1.11bn | −ZAR 458.0m | ZAR 94.0m |
| Net income | −ZAR 1.25bn | −ZAR 1.97bn | −ZAR 932.0m | −ZAR 4.63bn | −ZAR 1.21bn | −ZAR 3.56bn | −ZAR 1.78bn | −ZAR 359.0m |
| Diluted earnings per share | -1.12 | -1.77 | -0.84 | -4.15 | -1.09 | -3.19 | -1.60 | -0.32 |
| Cash from operations | −ZAR 1.09bn | −ZAR 1.55bn | ZAR 1.53bn | ZAR 398.0m | −ZAR 14.0m | ZAR 364.0m | ZAR 182.0m | ZAR 614.0m |
| Capital spending | −ZAR 356.0m | −ZAR 1.55bn | −ZAR 590.0m | −ZAR 586.0m | −ZAR 586.0m | −ZAR 818.0m | −ZAR 331.0m | −ZAR 818.0m |
| Free cash flow | −ZAR 1.45bn | −ZAR 3.10bn | ZAR 939.0m | −ZAR 188.0m | −ZAR 600.0m | −ZAR 454.0m | −ZAR 149.0m | −ZAR 204.0m |
| Total assets | ZAR 21.64bn | ZAR 21.13bn | ZAR 27.03bn | ZAR 24.94bn | ZAR 28.53bn | ZAR 29.11bn | ZAR 29.11bn | ZAR 32.93bn |
| Cash and short-term investments | ZAR 2.28bn | ZAR 2.68bn | ZAR 3.93bn | ZAR 2.18bn | ZAR 3.71bn | ZAR 3.52bn | ZAR 3.48bn | ZAR 3.55bn |
| Debt | ZAR 9.63bn | ZAR 9.18bn | ZAR 9.85bn | ZAR 8.74bn | ZAR 7.53bn | ZAR 6.73bn | ZAR 4.00bn | ZAR 6.53bn |
| Shareholders' equity | −ZAR 1.66bn | −ZAR 317.0m | ZAR 1.03bn | ZAR 1.96bn | ZAR 6.59bn | ZAR 7.80bn | ZAR 7.80bn | ZAR 11.34bn |
Financial ratios
Data as of 2 Nov 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Operating margin | -5.1% | -11.3% | -6.8% | 8.2% | 18.2% | -6.5% | — |
| Net margin | -9.0% | -15.1% | -9.4% | 6.5% | 16.7% | -8.0% | — |
| Return on equity | 914.8% | -297.5% | -50.3% | 22.6% | 73.2% | -84.2% | — |
| Return on assets | -13.7% | -23.4% | -13.5% | 8.8% | 22.8% | -9.0% | — |
| Free cash flow yield | 0.0% | 0.9% | 1.7% | 1.6% | 2.5% | 0.8% | — |
| Revenue growth | -16.3% | -7.3% | 2.1% | 2.7% | 61.1% | -40.4% | — |
| Earnings growth | -50.3% | 49.0% | -248.8% | -60.2% | -435.8% | -57.8% | — |
| Current ratio | 0.90x | 1.05x | 1.21x | 1.48x | 1.37x | 0.98x | — |
| Debt to equity | -28.95x | 4.45x | 0.86x | 0.53x | 0.66x | 2.98x | — |
| Equity ratio | -1.5% | 7.9% | 26.8% | 38.9% | 31.1% | 10.7% | — |
| Interest coverage | -1.28x | -3.01x | -2.65x | 4.55x | 5.92x | -2.40x | — |
| R&D as a share of sales | — | 0.3% | 0.4% | 0.5% | 0.7% | 0.2% | 0.4% |
| Buybacks as a share of market value | 0.0% | 0.0% | -0.0% | 0.0% | -4.9% | 2.8% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 329.4% | 5.6% | 0.4% |
| Operating income | — | 20.2% | -1.5% |
| Net income | — | 8.0% | -10.3% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -12.0% | -10.1% | -2.8% | -5.3% |
| Net margin | -12.3% | -11.2% | -4.5% | -8.1% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -0.5 | -0.3 | -0.5 | 115.0 | 0.9 | -0.3 | -0.2 | 1.6 | -0.5 | -1.5 |
| Price to sales | 0.0 | 0.0 | 0.0 | 7.4 | 0.1 | 0.0 | 0.0 | 0.1 | 0.1 | 0.2 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 29 Aug 2011.
| FY2011 | FY2010 | FY2009 | FY2008 | FY2007 | FY2006 | FY2005 | FY2004 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.006 | 0.015 | 0.124 | 0.054 | 0.084 | 0.028 | 0.034 | 0.037 |
- 1-to-1 reverse split · 22 Jun 2009
- 1-to-1 reverse split · 17 Feb 2003
- 1000-to-100 reverse split · 29 Nov 1999
- 1.008-for-1 split · 24 Feb 1997
- 1.012-for-1 split · 19 Sept 1994
- 1.012-for-1 split · 14 Mar 1994
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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