B 
1,399.00
—
Close of 2 Nov 2026, in ZAc
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At a glance
Figures in ZAR, from our data supplier.
Revenue
ZAR 952.9m
FY2017FY2026
Net income
ZAR 137.0m
FY2017FY2026
Free cash flow
ZAR 106.6m
FY2017FY2026
Shareholders' equity
ZAR 963.6m
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ZAR 952.9m | ZAR 945.9m | ZAR 860.9m | ZAR 717.0m | ZAR 673.1m | ZAR 635.5m | ZAR 558.7m | ZAR 542.1m | ZAR 577.3m | ZAR 580.7m |
| Gross profit | ZAR 264.3m | ZAR 271.6m | ZAR 245.5m | ZAR 189.3m | ZAR 197.1m | ZAR 212.7m | ZAR 177.8m | ZAR 154.3m | ZAR 184.9m | ZAR 186.6m |
| Operating income | ZAR 162.2m | ZAR 142.5m | ZAR 120.9m | ZAR 72.8m | ZAR 100.1m | ZAR 111.2m | ZAR 89.9m | ZAR 63.6m | ZAR 95.8m | ZAR 108.0m |
| Net income | ZAR 137.0m | ZAR 121.9m | ZAR 107.3m | ZAR 68.7m | ZAR 82.7m | ZAR 91.5m | ZAR 82.5m | ZAR 211.9m | ZAR 140.3m | −ZAR 1.1m |
| Diluted earnings per share | 2.00 | 1.78 | 1.56 | 1.00 | 1.18 | 1.28 | 1.14 | 2.65 | 1.72 | -0.01 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ZAR 1.13bn | ZAR 1.03bn | ZAR 917.9m | ZAR 843.5m | ZAR 808.0m | ZAR 827.6m | ZAR 766.9m | ZAR 754.3m | ZAR 884.3m | ZAR 758.5m |
| Cash and short-term investments | ZAR 284.9m | ZAR 236.4m | ZAR 225.6m | ZAR 207.9m | ZAR 180.9m | ZAR 248.2m | ZAR 392.6m | ZAR 393.2m | ZAR 202.9m | ZAR 152.0m |
| Total liabilities | ZAR 170.5m | ZAR 154.8m | ZAR 116.0m | ZAR 115.3m | ZAR 103.6m | ZAR 94.8m | ZAR 85.9m | ZAR 75.3m | ZAR 118.2m | ZAR 97.3m |
| Debt | ZAR 3.2m | ZAR 10.3m | — | ZAR 3.0m | ZAR 4.5m | ZAR 1.6m | ZAR 3.5m | ZAR 3.5m | — | — |
| Shareholders' equity | ZAR 963.6m | ZAR 875.8m | ZAR 801.9m | ZAR 728.2m | ZAR 704.4m | ZAR 732.8m | ZAR 681.0m | ZAR 679.0m | ZAR 766.1m | ZAR 661.2m |
| Shares outstanding | 68m | 68m | 69m | 69m | 70m | 72m | 72m | 80m | 81m | 82m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | ZAR 179.5m | ZAR 117.7m | ZAR 133.6m | ZAR 85.4m | −ZAR 67.6m | ZAR 75.4m | ZAR 64.4m | ZAR 31.4m | ZAR 96.9m | ZAR 53.4m |
| Capital spending | −ZAR 72.9m | −ZAR 80.5m | −ZAR 103.4m | −ZAR 39.9m | −ZAR 27.2m | −ZAR 72.3m | −ZAR 13.5m | −ZAR 20.7m | −ZAR 24.0m | −ZAR 32.7m |
| Free cash flow | ZAR 106.6m | ZAR 37.2m | ZAR 30.2m | ZAR 45.6m | −ZAR 94.8m | ZAR 3.1m | ZAR 50.9m | ZAR 10.7m | ZAR 72.9m | ZAR 20.7m |
| Dividends paid | −ZAR 50.0m | −ZAR 43.1m | −ZAR 33.4m | −ZAR 29.6m | −ZAR 96.6m | −ZAR 35.2m | −ZAR 30.9m | −ZAR 280.0m | −ZAR 35.4m | −ZAR 31.2m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Mar 2024 | Dec 2023 | Sept 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ZAR 455.6m | ZAR 497.3m | ZAR 486.5m | ZAR 459.4m | ZAR 426.9m | ZAR 213.5m | ZAR 434.0m | ZAR 217.0m |
| Gross profit | ZAR 79.9m | ZAR 82.0m | ZAR 73.4m | ZAR 69.1m | ZAR 76.0m | ZAR 38.0m | ZAR 169.5m | ZAR 84.8m |
| Operating income | ZAR 79.9m | ZAR 82.0m | ZAR 73.4m | ZAR 69.1m | ZAR 64.3m | ZAR 32.1m | ZAR 56.6m | ZAR 28.3m |
| Net income | ZAR 68.5m | ZAR 68.5m | ZAR 62.6m | ZAR 59.3m | ZAR 56.8m | ZAR 28.4m | ZAR 50.5m | ZAR 25.3m |
| Diluted earnings per share | 1.00 | 1.00 | 0.92 | 0.86 | 0.83 | 0.41 | 0.73 | 0.37 |
| Cash from operations | ZAR 95.0m | ZAR 83.0m | ZAR 178.0m | −ZAR 17.0m | ZAR 81.0m | ZAR 40.0m | ZAR 52.0m | ZAR 26.0m |
| Capital spending | −ZAR 44.0m | −ZAR 28.0m | −ZAR 38.0m | −ZAR 42.0m | −ZAR 58.0m | −ZAR 29.0m | −ZAR 45.0m | −ZAR 22.0m |
| Free cash flow | ZAR 51.0m | ZAR 55.0m | ZAR 140.0m | −ZAR 59.0m | ZAR 23.0m | ZAR 11.0m | ZAR 7.0m | ZAR 4.0m |
| Total assets | ZAR 1.13bn | ZAR 1.07bn | ZAR 1.03bn | ZAR 953.5m | ZAR 917.9m | ZAR 917.9m | ZAR 867.0m | ZAR 867.0m |
| Cash and short-term investments | ZAR 284.9m | ZAR 259.2m | ZAR 236.4m | ZAR 117.9m | ZAR 225.6m | ZAR 225.6m | ZAR 196.2m | ZAR 196.2m |
| Debt | ZAR 3.2m | ZAR 6.7m | ZAR 7.1m | — | — | — | ZAR 2.2m | ZAR 1.1m |
| Shareholders' equity | ZAR 963.6m | ZAR 915.0m | ZAR 875.8m | ZAR 833.0m | ZAR 801.9m | ZAR 801.9m | ZAR 761.7m | ZAR 761.7m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 9.9% | 8.4% | 6.7% |
| Operating income | 30.6% | 7.8% | 7.4% |
| Net income | 25.9% | 8.4% | 7.6% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 28.2% | 27.9% | 28.8% | 29.3% |
| Operating margin | 16.0% | 14.3% | 14.8% | 15.2% |
| Net margin | 13.6% | 12.5% | 12.7% | 14.7% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 7.0 | 7.8 | 8.7 | 9.5 | 7.9 | 9.4 | 8.2 | 2.8 | 4.6 | -573.7 |
| Price to sales | 1.0 | 1.0 | 1.1 | 0.9 | 1.0 | 1.4 | 1.2 | 1.1 | 1.1 | 1.1 |
Dividends and splits
Per share, in the currency the company pays
Paid for 36 years. Last went ex-dividend on 25 Mar 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.73 | 0.628 | 0.486 | 0.428 | 1.354 | 0.489 | 0.42 | 3.415 |
- 3-for-1 split · 19 Aug 1996
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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