B 
550.00
—
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 413.7m
FY2016FY2025
Net income
ZAR 44.0m
FY2016FY2025
Free cash flow
−ZAR 23.1m
FY2016FY2025
Shareholders' equity
ZAR 3.05bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ZAR 413.7m | ZAR 2.23bn | ZAR 6.53bn | ZAR 6.21bn | ZAR 5.05bn | ZAR 4.72bn | ZAR 4.44bn | ZAR 3.38bn | ZAR 2.78bn | ZAR 2.69bn |
| Gross profit | ZAR 27.8m | ZAR 63.1m | ZAR 455.1m | ZAR 509.6m | ZAR 695.1m | ZAR 670.9m | ZAR 808.5m | ZAR 558.6m | ZAR 615.2m | ZAR 576.0m |
| Operating income | ZAR 27.8m | ZAR 63.1m | ZAR 455.1m | ZAR 509.6m | ZAR 695.1m | ZAR 153.6m | ZAR 428.1m | ZAR 388.6m | ZAR 374.5m | ZAR 459.5m |
| Net income | ZAR 44.0m | −ZAR 200.4m | ZAR 291.3m | ZAR 189.9m | ZAR 731.9m | −ZAR 184.5m | −ZAR 85.8m | −ZAR 78.5m | ZAR 46.0m | ZAR 170.7m |
| Diluted earnings per share | 0.18 | -0.83 | 1.19 | 0.77 | 2.95 | -0.73 | -0.34 | -0.33 | 0.19 | 0.71 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ZAR 4.50bn | ZAR 5.28bn | ZAR 12.26bn | ZAR 11.66bn | ZAR 10.50bn | ZAR 10.34bn | ZAR 11.27bn | ZAR 10.90bn | ZAR 9.19bn | ZAR 7.68bn |
| Cash and short-term investments | ZAR 123.2m | ZAR 127.4m | ZAR 421.8m | ZAR 156.5m | — | — | — | — | — | — |
| Total liabilities | ZAR 1.39bn | ZAR 1.99bn | ZAR 7.15bn | ZAR 6.85bn | ZAR 6.11bn | ZAR 6.59bn | ZAR 7.59bn | ZAR 7.03bn | ZAR 5.62bn | ZAR 5.09bn |
| Debt | ZAR 1.25bn | ZAR 1.78bn | ZAR 5.14bn | ZAR 4.86bn | ZAR 3.95bn | ZAR 3.41bn | ZAR 3.91bn | ZAR 4.42bn | ZAR 3.55bn | ZAR 3.26bn |
| Shareholders' equity | ZAR 3.05bn | ZAR 3.24bn | ZAR 3.58bn | ZAR 3.32bn | ZAR 2.92bn | ZAR 2.49bn | ZAR 2.52bn | ZAR 2.71bn | ZAR 2.78bn | ZAR 2.43bn |
| Shares outstanding | 241m | 242m | 246m | 248m | 248m | 253m | 252m | 241m | 241m | 241m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −ZAR 17.4m | −ZAR 485.4m | ZAR 461.6m | ZAR 513.5m | ZAR 672.5m | ZAR 758.8m | ZAR 420.3m | ZAR 155.7m | ZAR 269.2m | ZAR 208.5m |
| Capital spending | −ZAR 5.7m | −ZAR 183.6m | −ZAR 543.8m | −ZAR 340.1m | −ZAR 338.5m | −ZAR 380.3m | −ZAR 361.5m | −ZAR 361.1m | −ZAR 430.9m | −ZAR 133.7m |
| Free cash flow | −ZAR 23.1m | −ZAR 668.9m | −ZAR 82.2m | ZAR 173.4m | ZAR 334.0m | ZAR 378.5m | ZAR 58.8m | −ZAR 205.4m | −ZAR 161.7m | ZAR 74.8m |
| Dividends paid | −ZAR 101.2m | −ZAR 170.0m | −ZAR 147.8m | −ZAR 76.4m | −ZAR 72.8m | −ZAR 72.8m | −ZAR 110.4m | −ZAR 65.6m | −ZAR 102.7m | −ZAR 91.5m |
Latest quarters
By quarter end
| Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Jun 2019 | Mar 2019 | Dec 2018 | Sept 2018 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ZAR 190.3m | ZAR 179.1m | ZAR 2.05bn | ZAR 3.19bn | ZAR 1.04bn | ZAR 1.04bn | ZAR 1.00bn | ZAR 1.00bn |
| Gross profit | — | — | — | — | ZAR 89.1m | ZAR 89.1m | ZAR 187.5m | ZAR 187.5m |
| Operating income | −ZAR 1.5m | −ZAR 512,000 | ZAR 63.6m | ZAR 217.6m | ZAR 89.1m | ZAR 89.1m | ZAR 102.5m | ZAR 102.5m |
| Net income | ZAR 252.1m | ZAR 95.3m | −ZAR 295.7m | ZAR 203.1m | −ZAR 77.7m | −ZAR 77.7m | ZAR 101.8m | ZAR 101.8m |
| Diluted earnings per share | 1.03 | 0.39 | -1.21 | 0.81 | -0.31 | -0.31 | 0.42 | 0.42 |
| Cash from operations | — | — | — | — | ZAR 100.0m | ZAR 100.0m | ZAR 121.0m | ZAR 121.0m |
| Capital spending | — | — | — | — | −ZAR 70.0m | −ZAR 70.0m | −ZAR 103.0m | −ZAR 103.0m |
| Free cash flow | — | — | — | — | ZAR 30.0m | ZAR 30.0m | ZAR 18.0m | ZAR 18.0m |
| Total assets | ZAR 5.61bn | ZAR 5.28bn | ZAR 5.67bn | ZAR 12.26bn | ZAR 12.05bn | ZAR 12.05bn | ZAR 10.90bn | ZAR 10.90bn |
| Cash and short-term investments | ZAR 108.1m | — | — | — | — | — | — | — |
| Debt | ZAR 1.84bn | ZAR 1.67bn | ZAR 1.88bn | ZAR 4.44bn | ZAR 6.01bn | ZAR 5.92bn | ZAR 4.34bn | ZAR 4.34bn |
| Shareholders' equity | ZAR 3.50bn | ZAR 3.24bn | ZAR 3.33bn | ZAR 3.58bn | ZAR 2.41bn | ZAR 2.41bn | ZAR 2.71bn | ZAR 2.71bn |
Financial ratios
Data as of 2 Nov 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 6.7% | 2.8% | 7.0% | 8.2% | 13.8% | 14.2% |
| Operating margin | 0.2% | -0.6% | 11.4% | 9.4% | 13.8% | 12.9% |
| Net margin | 10.6% | -9.0% | 4.5% | 3.1% | 14.5% | -3.9% |
| Return on equity | 1.4% | -6.2% | 8.1% | 5.7% | 25.0% | -7.4% |
| Return on assets | 1.0% | -3.8% | 2.4% | 1.6% | 7.0% | -1.8% |
| Free cash flow yield | -0.0% | -0.2% | 0.7% | 0.6% | 0.7% | 0.8% |
| Revenue growth | -81.4% | -65.9% | 5.1% | 22.9% | 7.1% | 6.3% |
| Earnings growth | -122.0% | -168.8% | 53.4% | -74.0% | -496.6% | 115.1% |
| Current ratio | 1.69x | 1.43x | 1.91x | 1.72x | 2.11x | 1.40x |
| Debt to equity | 0.41x | 0.54x | 1.38x | 1.40x | 1.35x | 1.37x |
| Equity ratio | 67.7% | 61.3% | 29.2% | 28.5% | 27.9% | 24.1% |
| Interest coverage | 0.54x | -0.14x | 3.06x | 4.21x | 8.21x | 2.37x |
| Buybacks as a share of market value | 0.4% | 1.6% | 1.0% | -0.1% | 2.0% | -0.1% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -59.5% | -38.5% | -15.4% |
| Operating income | -62.1% | -28.9% | -17.3% |
| Net income | -38.6% | — | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 3.4% | 6.9% | 9.6% | 13.1% |
| Operating margin | 3.4% | 6.9% | 7.6% | 9.2% |
| Net margin | -5.9% | 2.1% | 3.5% | 0.6% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 24.6 | -0.1 | 4.3 | 6.9 | 2.1 | -8.0 | -21.1 | -30.1 | 63.6 | 15.8 |
| Price to sales | 2.6 | 0.0 | 0.2 | 0.2 | 0.3 | 0.3 | 0.4 | 0.7 | 1.1 | 1.0 |
Dividends and splits
Per share, in the currency the company pays
Paid for 4 years. Last went ex-dividend on 15 Apr 2025.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.004 | 0.004 | 0.003 | 0.003 | 0.005 | 0.004 | 0.004 | 0.004 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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