A 
4,560.00
-0.46%
Close of 9 Nov 2026, in ZAc
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At a glance
Figures in ZAR, from our data supplier.
Revenue
ZAR 2.84bn
FY2017FY2026
Net income
ZAR 293.1m
FY2017FY2026
Free cash flow
ZAR 311.1m
FY2017FY2026
Shareholders' equity
ZAR 2.04bn
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ZAR 2.84bn | ZAR 2.64bn | ZAR 2.54bn | ZAR 2.46bn | ZAR 2.43bn | ZAR 1.97bn | ZAR 1.73bn | ZAR 1.72bn | ZAR 1.83bn | ZAR 1.85bn |
| Gross profit | ZAR 892.9m | ZAR 792.7m | ZAR 720.9m | ZAR 646.3m | ZAR 612.3m | ZAR 495.7m | ZAR 453.4m | ZAR 421.6m | ZAR 378.4m | ZAR 399.9m |
| Research and development | — | — | — | ZAR 36,000 | ZAR 35,000 | ZAR 4,000 | ZAR 65,000 | ZAR 75,000 | ZAR 99,000 | ZAR 16,000 |
| Operating income | ZAR 401.8m | ZAR 371.7m | ZAR 342.7m | ZAR 286.1m | ZAR 263.4m | ZAR 188.7m | ZAR 133.4m | ZAR 119.7m | −ZAR 192.1m | ZAR 106.0m |
| Net income | ZAR 293.1m | ZAR 270.0m | ZAR 244.9m | ZAR 230.5m | ZAR 190.2m | ZAR 130.4m | ZAR 96.2m | ZAR 83.8m | −ZAR 184.2m | ZAR 61.8m |
| Diluted earnings per share | 5.51 | 5.00 | 4.50 | 4.17 | 3.37 | 2.20 | 1.61 | 1.17 | -2.25 | 0.69 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ZAR 2.90bn | ZAR 2.86bn | ZAR 2.51bn | ZAR 2.16bn | ZAR 1.98bn | ZAR 1.69bn | ZAR 1.58bn | ZAR 1.41bn | ZAR 1.34bn | ZAR 1.73bn |
| Cash and short-term investments | ZAR 629.2m | ZAR 487.5m | ZAR 450.7m | ZAR 255.3m | ZAR 183.5m | ZAR 246.2m | ZAR 158.6m | ZAR 73.7m | ZAR 87.9m | ZAR 30.9m |
| Total liabilities | ZAR 836.1m | ZAR 928.3m | ZAR 792.8m | ZAR 646.6m | ZAR 702.3m | ZAR 552.6m | ZAR 530.1m | ZAR 381.1m | ZAR 364.2m | ZAR 488.6m |
| Debt | ZAR 128.6m | ZAR 154.6m | ZAR 116.3m | ZAR 142.6m | ZAR 199.0m | ZAR 191.0m | ZAR 241.8m | ZAR 73.4m | ZAR 126.2m | ZAR 168.0m |
| Shareholders' equity | ZAR 2.04bn | ZAR 1.90bn | ZAR 1.70bn | ZAR 1.49bn | ZAR 1.26bn | ZAR 1.12bn | ZAR 1.03bn | ZAR 1.01bn | ZAR 961.7m | ZAR 1.22bn |
| Shares outstanding | 53m | 54m | 54m | 55m | 56m | 59m | 60m | 72m | 82m | 89m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | ZAR 402.8m | ZAR 304.7m | ZAR 352.6m | ZAR 163.5m | ZAR 113.0m | ZAR 265.9m | ZAR 139.0m | ZAR 138.1m | ZAR 158.1m | ZAR 80.2m |
| Capital spending | −ZAR 91.7m | −ZAR 102.3m | −ZAR 92.7m | −ZAR 58.8m | −ZAR 56.1m | −ZAR 31.8m | −ZAR 41.1m | −ZAR 44.5m | −ZAR 77.6m | −ZAR 48.4m |
| Free cash flow | ZAR 311.1m | ZAR 202.4m | ZAR 259.9m | ZAR 104.8m | ZAR 56.8m | ZAR 234.2m | ZAR 97.9m | ZAR 93.6m | ZAR 80.4m | ZAR 31.7m |
| Dividends paid | −ZAR 72.2m | −ZAR 65.3m | −ZAR 58.3m | −ZAR 48.8m | −ZAR 48.8m | −ZAR 48.8m | −ZAR 48.8m | −ZAR 8.5m | −ZAR 18.6m | −ZAR 17.1m |
Latest quarters
By quarter end
| Mar 2026 | Sept 2025 | Mar 2025 | Sept 2024 | Mar 2024 | Dec 2023 | Sept 2023 | Jun 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ZAR 1.42bn | ZAR 1.42bn | ZAR 1.37bn | ZAR 1.26bn | ZAR 1.24bn | ZAR 618.4m | ZAR 1.31bn | ZAR 653.7m |
| Gross profit | ZAR 455.7m | ZAR 437.2m | ZAR 424.8m | ZAR 367.8m | ZAR 355.8m | ZAR 177.9m | ZAR 338.5m | ZAR 182.5m |
| Operating income | ZAR 207.7m | ZAR 194.2m | ZAR 193.2m | ZAR 175.4m | ZAR 170.2m | ZAR 75.7m | ZAR 171.4m | ZAR 86.3m |
| Net income | ZAR 150.8m | ZAR 142.3m | ZAR 143.9m | ZAR 126.1m | ZAR 120.4m | ZAR 60.2m | ZAR 124.6m | ZAR 62.3m |
| Diluted earnings per share | 2.84 | 2.63 | 2.66 | 2.32 | 2.21 | 1.09 | 2.25 | 1.13 |
| Cash from operations | ZAR 203.0m | ZAR 163.0m | ZAR 160.0m | ZAR 143.0m | ZAR 176.0m | ZAR 103.0m | ZAR 118.0m | ZAR 73.0m |
| Capital spending | −ZAR 18.0m | −ZAR 73.0m | −ZAR 45.0m | −ZAR 57.0m | −ZAR 60.0m | −ZAR 30.0m | −ZAR 32.0m | −ZAR 16.0m |
| Free cash flow | ZAR 185.0m | ZAR 90.0m | ZAR 115.0m | ZAR 86.0m | ZAR 116.0m | ZAR 73.0m | ZAR 86.0m | ZAR 57.0m |
| Total assets | ZAR 2.90bn | ZAR 2.90bn | ZAR 2.86bn | ZAR 2.59bn | ZAR 2.51bn | ZAR 2.51bn | ZAR 2.29bn | ZAR 2.29bn |
| Cash and short-term investments | ZAR 629.2m | ZAR 546.7m | ZAR 487.5m | ZAR 392.5m | ZAR 450.7m | ZAR 452.4m | ZAR 365.0m | ZAR 365.0m |
| Debt | ZAR 54.2m | ZAR 67.2m | ZAR 63.2m | ZAR 67.1m | ZAR 67.4m | ZAR 42.0m | ZAR 131.0m | ZAR 81.8m |
| Shareholders' equity | ZAR 2.04bn | ZAR 1.97bn | ZAR 1.90bn | ZAR 1.78bn | ZAR 1.70bn | ZAR 1.70bn | ZAR 1.60bn | ZAR 1.60bn |
Financial ratios
Data as of 31 Oct 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|---|
| Gross margin | 31.5% | 30.1% | 28.3% | 26.3% | 25.2% | 25.2% | — | — | — |
| Operating margin | 14.2% | 14.5% | 14.0% | 12.5% | 11.0% | 9.8% | — | — | — |
| Net margin | 10.3% | 10.2% | 9.6% | 9.4% | 7.8% | 6.6% | — | — | — |
| Return on equity | 14.4% | 14.2% | 14.4% | 15.4% | 15.1% | 11.7% | — | — | — |
| Return on assets | 10.1% | 9.5% | 9.7% | 10.7% | 9.6% | 7.7% | — | — | — |
| Free cash flow yield | 0.2% | 0.2% | 0.2% | 0.1% | 0.1% | 0.1% | — | — | — |
| Revenue growth | 7.7% | 3.6% | 3.5% | 1.1% | 23.7% | 13.8% | — | — | — |
| Earnings growth | 8.5% | 10.2% | 6.2% | 21.2% | 45.9% | 35.5% | — | — | — |
| Current ratio | 2.75x | 2.38x | 2.55x | 2.76x | 2.29x | 2.66x | — | — | — |
| Debt to equity | 0.03x | 0.03x | 0.04x | 0.08x | 0.13x | 0.12x | — | — | — |
| Equity ratio | 70.3% | 66.5% | 67.4% | 69.1% | 63.8% | 66.2% | — | — | — |
| Interest coverage | 32.93x | 26.52x | 27.02x | 21.24x | 17.84x | 11.39x | — | — | — |
| R&D as a share of sales | — | — | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Buybacks as a share of market value | 1.6% | 0.8% | 1.5% | 2.0% | 4.8% | 0.7% | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 4.9% | 7.6% | 5.2% |
| Operating income | 12.0% | 16.3% | 16.0% |
| Net income | 8.3% | 17.6% | 18.2% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 30.8% | 29.1% | 28.0% | 26.2% |
| Operating margin | 14.1% | 13.4% | 12.5% | 8.9% |
| Net margin | 10.3% | 9.9% | 9.1% | 6.2% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 8.0 | 6.6 | 6.1 | 3.6 | 4.6 | 6.2 | 4.2 | 4.9 | -2.1 | 5.7 |
| Price to sales | 0.8 | 0.7 | 0.6 | 0.3 | 0.4 | 0.4 | 0.2 | 0.2 | 0.2 | 0.2 |
Dividends and splits
Per share, in the currency the company pays
Paid for 4 years. Last went ex-dividend on 17 Dec 2025.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 1.34 | 1.26 | 1.05 | 0.87 | 0.10 | 0.21 | 0.19 | 0.18 |
- 5-to-1 reverse split · 30 Aug 1999
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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