C 
421.00
+1.45%
Close of 9 Nov 2026, in ZAc
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At a glance
Figures in ZAR, from our data supplier.
Revenue
ZAR 2.20bn
FY2017FY2026
Net income
ZAR 203.0m
FY2017FY2026
Free cash flow
ZAR 100.6m
FY2017FY2026
Shareholders' equity
ZAR 1.23bn
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ZAR 2.20bn | ZAR 2.00bn | ZAR 1.93bn | ZAR 1.71bn | ZAR 1.10bn | ZAR 507.8m | ZAR 1.16bn | ZAR 1.55bn | ZAR 1.50bn | ZAR 1.52bn |
| Gross profit | ZAR 936.5m | ZAR 838.9m | ZAR 810.5m | ZAR 693.8m | ZAR 362.4m | −ZAR 268.4m | ZAR 423.4m | ZAR 586.6m | ZAR 547.7m | ZAR 591.8m |
| Research and development | — | — | — | — | — | — | ZAR 6.6m | ZAR 6.5m | ZAR 6.0m | ZAR 5.1m |
| Operating income | ZAR 448.0m | ZAR 445.8m | ZAR 387.6m | ZAR 355.3m | ZAR 262.6m | −ZAR 724.2m | ZAR 106.9m | ZAR 364.6m | ZAR 467.5m | ZAR 496.4m |
| Net income | ZAR 203.0m | ZAR 213.0m | ZAR 188.7m | ZAR 163.7m | ZAR 81.7m | −ZAR 804.6m | −ZAR 486.6m | ZAR 205.5m | ZAR 279.4m | ZAR 295.1m |
| Diluted earnings per share | 386.62 | 0.40 | 0.34 | 0.29 | 0.14 | -1.41 | -1.17 | 1.15 | 7.63 | 8.06 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ZAR 3.14bn | ZAR 3.08bn | ZAR 2.96bn | ZAR 3.22bn | ZAR 3.28bn | ZAR 3.35bn | ZAR 3.86bn | ZAR 3.03bn | ZAR 2.69bn | ZAR 2.35bn |
| Cash and short-term investments | ZAR 44.6m | ZAR 27.4m | ZAR 67.3m | ZAR 328.3m | ZAR 6.7m | ZAR 5.5m | ZAR 36.3m | ZAR 77.6m | ZAR 79.3m | ZAR 139.9m |
| Total liabilities | ZAR 1.92bn | ZAR 1.81bn | ZAR 1.79bn | ZAR 2.10bn | ZAR 2.31bn | ZAR 2.42bn | ZAR 3.29bn | ZAR 1.92bn | ZAR 1.63bn | ZAR 1.42bn |
| Debt | ZAR 1.52bn | ZAR 1.44bn | ZAR 1.42bn | ZAR 1.75bn | ZAR 2.04bn | ZAR 2.13bn | ZAR 2.28bn | ZAR 1.58bn | ZAR 1.19bn | ZAR 879.4m |
| Shareholders' equity | ZAR 1.23bn | ZAR 1.26bn | ZAR 1.17bn | ZAR 1.12bn | ZAR 975.3m | ZAR 936.4m | ZAR 568.3m | ZAR 1.11bn | ZAR 1.06bn | ZAR 934.3m |
| Shares outstanding | 1m | 533m | 558m | 573m | 574m | 572m | 415m | 178m | 37m | 37m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | ZAR 326.1m | ZAR 247.1m | ZAR 379.5m | ZAR 356.1m | ZAR 122.0m | −ZAR 250.5m | −ZAR 63.9m | ZAR 175.0m | ZAR 273.3m | ZAR 269.4m |
| Capital spending | −ZAR 225.5m | −ZAR 273.9m | −ZAR 164.6m | −ZAR 107.2m | −ZAR 10.1m | −ZAR 2.7m | −ZAR 97.0m | −ZAR 388.5m | −ZAR 415.0m | −ZAR 202.4m |
| Free cash flow | ZAR 100.6m | −ZAR 26.8m | ZAR 214.8m | ZAR 248.9m | ZAR 111.9m | −ZAR 253.3m | −ZAR 160.9m | −ZAR 213.5m | −ZAR 141.7m | ZAR 67.0m |
| Dividends paid | — | −ZAR 84.3m | −ZAR 79.6m | −ZAR 28.7m | −ZAR 28.7m | −ZAR 371.1m | −ZAR 108.2m | −ZAR 160.1m | −ZAR 178.9m | −ZAR 193.0m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Mar 2024 | Dec 2023 | Sept 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ZAR 1.06bn | ZAR 1.14bn | ZAR 1.04bn | ZAR 1.02bn | ZAR 935.4m | ZAR 467.7m | ZAR 1.00bn | ZAR 503.5m |
| Gross profit | ZAR 280.9m | ZAR 362.2m | ZAR 406.3m | ZAR 314.0m | ZAR 336.2m | ZAR 168.1m | ZAR 317.0m | ZAR 226.5m |
| Operating income | ZAR 187.7m | ZAR 260.3m | ZAR 212.6m | ZAR 218.5m | ZAR 167.0m | ZAR 83.5m | ZAR 222.9m | ZAR 113.7m |
| Net income | ZAR 88.4m | ZAR 114.6m | ZAR 92.6m | ZAR 120.4m | ZAR 81.4m | ZAR 40.7m | ZAR 107.3m | ZAR 53.6m |
| Diluted earnings per share | 168.30 | 0.21 | 0.17 | 0.22 | 0.15 | 0.07 | 0.19 | 0.09 |
| Cash from operations | ZAR 187.0m | ZAR 230.0m | ZAR 189.0m | ZAR 141.0m | ZAR 210.0m | ZAR 105.0m | ZAR 168.0m | ZAR 84.0m |
| Capital spending | −ZAR 79.0m | −ZAR 154.0m | −ZAR 108.0m | −ZAR 152.0m | −ZAR 101.0m | −ZAR 50.0m | −ZAR 62.0m | −ZAR 31.0m |
| Free cash flow | ZAR 108.0m | ZAR 76.0m | ZAR 81.0m | −ZAR 11.0m | ZAR 109.0m | ZAR 55.0m | ZAR 106.0m | ZAR 53.0m |
| Total assets | ZAR 3.14bn | ZAR 3.15bn | ZAR 3.08bn | ZAR 3.10bn | ZAR 2.96bn | ZAR 2.96bn | ZAR 2.93bn | ZAR 2.93bn |
| Cash and short-term investments | ZAR 44.6m | ZAR 48.3m | ZAR 27.4m | ZAR 35.5m | ZAR 67.3m | ZAR 67.3m | ZAR 54.6m | ZAR 54.6m |
| Debt | ZAR 151.8m | ZAR 225.0m | ZAR 56.7m | ZAR 144.2m | ZAR 80.7m | ZAR 80.7m | ZAR 41.8m | ZAR 41.8m |
| Shareholders' equity | ZAR 1.23bn | ZAR 1.19bn | ZAR 1.26bn | ZAR 1.24bn | ZAR 1.17bn | ZAR 1.17bn | ZAR 1.17bn | ZAR 1.17bn |
Financial ratios
Data as of 27 Oct 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | FY2014 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross margin | 42.5% | 42.0% | 42.0% | 40.5% | 32.8% | -52.9% | — | — | — | — | — | — |
| Operating margin | 20.4% | 22.4% | 20.3% | 21.4% | 23.9% | -142.6% | — | — | — | — | — | — |
| Net margin | 9.2% | 10.7% | 9.8% | 9.5% | 7.4% | -158.4% | — | — | — | — | — | — |
| Return on equity | 16.5% | 16.9% | 16.1% | 14.6% | 8.4% | -85.9% | — | — | — | — | — | — |
| Return on assets | 6.5% | 6.9% | 6.4% | 5.1% | 2.5% | -24.0% | — | — | — | — | — | — |
| Free cash flow yield | 237.2% | 0.2% | 0.2% | 0.2% | 0.1% | -0.1% | — | — | — | — | — | — |
| Revenue growth | 10.3% | 3.5% | 12.6% | 55.3% | 117.4% | -56.2% | — | — | — | — | — | — |
| Earnings growth | -4.7% | 12.9% | 15.2% | 100.4% | -110.2% | 65.3% | — | — | — | — | — | — |
| Current ratio | 0.67x | 0.54x | 0.60x | 1.47x | 1.13x | 1.64x | — | — | — | — | — | — |
| Debt to equity | 0.12x | 0.04x | 0.07x | 0.41x | 0.72x | 0.82x | — | — | — | — | — | — |
| Equity ratio | 39.1% | 41.1% | 39.6% | 34.7% | 29.7% | 27.9% | — | — | — | — | — | — |
| Interest coverage | 3.20x | 3.29x | 2.86x | 2.48x | 1.47x | -4.08x | — | — | — | — | — | — |
| R&D as a share of sales | — | — | — | — | — | — | 0.6% | 0.4% | 0.4% | 0.3% | 0.1% | 0.0% |
| Buybacks as a share of market value | 99.9% | 4.5% | 2.5% | 0.3% | -0.5% | -37.8% | — | — | — | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 8.7% | 34.1% | 4.0% |
| Operating income | 8.0% | — | -1.6% |
| Net income | 7.4% | — | -4.3% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 42.3% | 41.8% | 35.7% | 34.6% |
| Operating margin | 21.3% | 20.9% | 12.4% | 18.8% |
| Net margin | 9.9% | 9.8% | 0.5% | 3.9% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 0.0 | 13.0 | 14.9 | 17.1 | 35.6 | -3.8 | -2.1 | 8.0 | 2.1 | 2.3 |
| Price to sales | — | 1.4 | 1.5 | 1.6 | 2.6 | 6.1 | 0.9 | 1.1 | 0.4 | 0.4 |
Dividends and splits
Per share, in the currency the company pays
Paid for 3 years. Last went ex-dividend on 11 Mar 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.17 | 0.16 | 0.14 | 0.05 | 0.596 | 0.884 | 0.989 | 1.069 |
- 100-to-85 reverse split · 21 Jul 2008
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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