A 
15,825.00
+4.80%
Close of 9 Nov 2026, in ZAc
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At a glance
Figures in ZAR, from our data supplier.
Revenue
ZAR 15.25bn
FY2017FY2026
Net income
ZAR 4.00bn
FY2017FY2026
Free cash flow
ZAR 5.62bn
FY2017FY2026
Shareholders' equity
ZAR 57.72bn
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ZAR 15.25bn | ZAR 11.66bn | ZAR 11.42bn | ZAR 14.66bn | ZAR 16.92bn | ZAR 19.66bn | ZAR 11.65bn | ZAR 8.83bn | ZAR 8.35bn | ZAR 8.16bn |
| Research and development | ZAR 94.0m | ZAR 67.0m | ZAR 232.0m | ZAR 212.0m | ZAR 166.0m | ZAR 105.0m | ZAR 115.0m | ZAR 108.0m | ZAR 108.0m | ZAR 108.0m |
| Operating income | ZAR 3.10bn | ZAR 1.49bn | ZAR 76.0m | ZAR 4.95bn | ZAR 6.29bn | ZAR 11.20bn | ZAR 3.06bn | ZAR 658.0m | ZAR 1.78bn | ZAR 1.39bn |
| Net income | ZAR 4.00bn | ZAR 330.0m | ZAR 3.15bn | ZAR 8.08bn | ZAR 12.43bn | ZAR 12.63bn | ZAR 3.96bn | ZAR 3.55bn | ZAR 4.56bn | ZAR 1.37bn |
| Diluted earnings per share | 19.16 | 1.70 | 16.01 | 41.17 | 63.29 | 63.83 | 20.15 | 18.09 | 23.29 | 7.01 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ZAR 78.12bn | ZAR 74.33bn | ZAR 70.69bn | ZAR 64.13bn | ZAR 59.17bn | ZAR 53.09bn | ZAR 42.55bn | ZAR 37.22bn | ZAR 34.30bn | ZAR 32.25bn |
| Cash and short-term investments | ZAR 11.22bn | ZAR 9.25bn | ZAR 9.14bn | ZAR 10.68bn | ZAR 12.49bn | ZAR 9.39bn | ZAR 6.28bn | ZAR 3.40bn | ZAR 2.16bn | ZAR 389.0m |
| Total liabilities | ZAR 14.97bn | ZAR 14.20bn | ZAR 12.61bn | ZAR 9.98bn | ZAR 8.81bn | ZAR 9.31bn | ZAR 8.44bn | ZAR 7.51bn | ZAR 6.93bn | ZAR 8.21bn |
| Debt | ZAR 157.0m | ZAR 2.04bn | ZAR 1.13bn | ZAR 242.0m | ZAR 484.0m | ZAR 1.47bn | ZAR 1.98bn | ZAR 2.08bn | ZAR 2.30bn | ZAR 2.76bn |
| Shareholders' equity | ZAR 57.72bn | ZAR 55.86bn | ZAR 54.01bn | ZAR 49.21bn | ZAR 46.16bn | ZAR 40.19bn | ZAR 32.08bn | ZAR 28.17bn | ZAR 25.91bn | ZAR 23.50bn |
| Shares outstanding | 209m | 194m | 196m | 196m | 196m | 198m | 197m | 196m | 196m | 196m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | ZAR 8.30bn | ZAR 2.45bn | ZAR 7.60bn | ZAR 6.24bn | ZAR 12.31bn | ZAR 5.37bn | ZAR 7.11bn | ZAR 2.87bn | ZAR 2.60bn | ZAR 2.87bn |
| Capital spending | −ZAR 2.68bn | −ZAR 2.66bn | −ZAR 6.29bn | −ZAR 4.46bn | −ZAR 2.20bn | −ZAR 1.66bn | −ZAR 805.0m | −ZAR 931.0m | −ZAR 1.15bn | −ZAR 949.0m |
| Free cash flow | ZAR 5.62bn | −ZAR 210.0m | ZAR 1.30bn | ZAR 1.79bn | ZAR 10.11bn | ZAR 3.71bn | ZAR 6.31bn | ZAR 1.94bn | ZAR 1.45bn | ZAR 1.92bn |
| Dividends paid | −ZAR 2.12bn | −ZAR 2.64bn | −ZAR 3.53bn | −ZAR 6.67bn | −ZAR 6.27bn | −ZAR 3.32bn | −ZAR 2.72bn | −ZAR 2.21bn | −ZAR 1.71bn | −ZAR 705.0m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Mar 2024 | Dec 2023 | Sept 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ZAR 7.39bn | ZAR 7.86bn | ZAR 5.96bn | ZAR 5.71bn | ZAR 5.60bn | ZAR 2.80bn | ZAR 5.82bn | ZAR 2.91bn |
| Operating income | ZAR 1.23bn | ZAR 1.88bn | −ZAR 158.0m | −ZAR 390.0m | −ZAR 134.0m | −ZAR 68.0m | ZAR 134.0m | ZAR 95.0m |
| Net income | ZAR 1.65bn | ZAR 2.35bn | −ZAR 1.06bn | ZAR 1.39bn | ZAR 1.93bn | ZAR 965.0m | ZAR 1.22bn | ZAR 608.0m |
| Diluted earnings per share | 7.88 | 12.14 | -5.49 | 7.09 | 9.82 | 4.91 | 6.20 | 3.10 |
| Cash from operations | ZAR 4.00bn | ZAR 4.30bn | ZAR 3.47bn | ZAR 1.62bn | ZAR 3.97bn | ZAR 1.99bn | ZAR 3.62bn | ZAR 1.81bn |
| Capital spending | −ZAR 1.37bn | −ZAR 1.31bn | −ZAR 1.31bn | −ZAR 1.35bn | −ZAR 3.20bn | −ZAR 1.60bn | −ZAR 3.09bn | −ZAR 1.55bn |
| Free cash flow | ZAR 2.63bn | ZAR 2.99bn | ZAR 2.16bn | ZAR 273.0m | ZAR 775.0m | ZAR 388.0m | ZAR 530.0m | ZAR 265.0m |
| Total assets | ZAR 78.12bn | ZAR 83.65bn | ZAR 74.33bn | ZAR 69.32bn | ZAR 70.69bn | ZAR 70.69bn | ZAR 64.40bn | ZAR 64.40bn |
| Cash and short-term investments | ZAR 11.22bn | ZAR 10.56bn | ZAR 9.25bn | ZAR 8.61bn | ZAR 8.46bn | ZAR 8.99bn | ZAR 8.77bn | ZAR 8.59bn |
| Debt | ZAR 61.0m | ZAR 1.01bn | ZAR 1.93bn | ZAR 2.07bn | ZAR 1.04bn | ZAR 498.0m | ZAR 113.0m | ZAR 36.0m |
| Shareholders' equity | ZAR 57.72bn | ZAR 61.58bn | ZAR 55.86bn | ZAR 52.65bn | ZAR 54.01bn | ZAR 54.01bn | ZAR 50.37bn | ZAR 50.37bn |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 1.3% | -5.0% | 5.7% |
| Operating income | -14.4% | -22.7% | — |
| Net income | -20.9% | -20.5% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | 17.1% | 18.1% | 30.3% | 24.8% |
| Net margin | 16.1% | 29.3% | 45.3% | 39.5% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 7.5 | 116.9 | 9.4 | 4.9 | 4.5 | 3.6 | 13.0 | 9.1 | 6.1 | 19.1 |
| Price to sales | 2.0 | 3.3 | 2.6 | 2.7 | 3.3 | 2.3 | 4.4 | 3.6 | 3.3 | 3.2 |
Dividends and splits
Per share, in the currency the company pays
Paid for 19 years. Last went ex-dividend on 7 Oct 2026.
| FY2027 | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 7.00 | 11.00 | 14.02 | 18.00 | 34.00 | 32.00 | 17.00 | 14.00 |
- 1-to-1 reverse split · 3 Jul 2000
- 10-for-1 split · 12 Feb 1990
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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