640.00
—
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 382.3m
FY2017FY2026
Free cash flow
ZAR 510.8m
FY2017FY2026
Shareholders' equity
ZAR 1.82bn
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ZAR 2.84bn | ZAR 3.04bn | ZAR 2.61bn | ZAR 2.39bn | ZAR 2.08bn | ZAR 1.64bn | ZAR 2.05bn | ZAR 1.78bn | ZAR 1.81bn | ZAR 1.68bn |
| Operating income | ZAR 533.1m | ZAR 638.0m | ZAR 575.5m | ZAR 358.5m | ZAR 355.8m | ZAR 385.3m | ZAR 488.7m | ZAR 412.0m | ZAR 454.1m | ZAR 445.9m |
| Net income | ZAR 382.3m | ZAR 380.6m | ZAR 389.9m | ZAR 277.5m | ZAR 261.2m | ZAR 204.8m | ZAR 261.0m | ZAR 233.9m | ZAR 235.9m | ZAR 228.3m |
| Diluted earnings per share | 1.29 | 1.27 | 1.27 | 0.92 | 0.89 | 0.70 | 0.90 | 0.81 | 0.81 | 0.79 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ZAR 3.33bn | ZAR 2.78bn | ZAR 2.33bn | ZAR 2.41bn | ZAR 2.33bn | ZAR 2.30bn | ZAR 2.36bn | ZAR 2.22bn | ZAR 2.34bn | ZAR 1.71bn |
| Cash and short-term investments | ZAR 725.0m | ZAR 537.7m | ZAR 462.2m | ZAR 678.6m | ZAR 578.2m | ZAR 497.8m | ZAR 489.6m | ZAR 521.0m | ZAR 308.1m | ZAR 288.4m |
| Total liabilities | ZAR 1.52bn | ZAR 1.15bn | ZAR 944.7m | ZAR 867.5m | ZAR 911.5m | ZAR 1.02bn | ZAR 1.14bn | ZAR 1.06bn | ZAR 933.4m | ZAR 882.1m |
| Debt | ZAR 772.6m | ZAR 431.0m | ZAR 265.3m | ZAR 184.7m | ZAR 227.8m | ZAR 388.6m | ZAR 541.9m | ZAR 508.1m | ZAR 443.3m | ZAR 423.7m |
| Shareholders' equity | ZAR 1.82bn | ZAR 1.63bn | ZAR 1.38bn | ZAR 1.55bn | ZAR 1.43bn | ZAR 1.29bn | ZAR 1.23bn | ZAR 1.12bn | ZAR 1.37bn | ZAR 794.4m |
| Shares outstanding | 297m | 300m | 307m | 302m | 293m | 293m | 290m | 290m | 290m | 290m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | ZAR 588.0m | ZAR 223.0m | ZAR 477.6m | ZAR 229.2m | ZAR 247.5m | ZAR 187.0m | ZAR 276.4m | ZAR 356.8m | ZAR 249.8m | ZAR 252.6m |
| Capital spending | −ZAR 77.2m | −ZAR 85.9m | −ZAR 58.3m | −ZAR 32.1m | −ZAR 12.4m | −ZAR 7.0m | −ZAR 38.6m | −ZAR 56.3m | −ZAR 104.1m | −ZAR 52.6m |
| Free cash flow | ZAR 510.8m | ZAR 137.1m | ZAR 419.3m | ZAR 197.1m | ZAR 235.1m | ZAR 180.0m | ZAR 237.8m | ZAR 300.4m | ZAR 145.7m | ZAR 200.0m |
| Dividends paid | −ZAR 189.4m | −ZAR 146.3m | −ZAR 571.8m | −ZAR 156.7m | −ZAR 133.4m | −ZAR 142.1m | −ZAR 121.8m | −ZAR 449.5m | −ZAR 649.8m | −ZAR 120.0m |
Latest quarters
By quarter end
| Mar 2026 | Sept 2025 | Mar 2025 | Sept 2024 | Mar 2024 | Dec 2023 | Sept 2023 | Jun 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ZAR 1.45bn | ZAR 1.39bn | ZAR 1.56bn | ZAR 1.50bn | ZAR 1.39bn | ZAR 693.1m | ZAR 1.25bn | ZAR 633.3m |
| Operating income | ZAR 317.9m | ZAR 215.2m | ZAR 287.1m | ZAR 296.1m | ZAR 575.5m | ZAR 127.8m | ZAR 214.2m | ZAR 107.3m |
| Net income | ZAR 231.0m | ZAR 151.3m | ZAR 205.2m | ZAR 175.4m | ZAR 219.5m | ZAR 109.7m | ZAR 170.5m | ZAR 85.2m |
| Diluted earnings per share | 0.78 | 0.50 | 0.68 | 0.57 | 0.71 | 0.36 | 0.56 | 0.28 |
| Cash from operations | ZAR 408.0m | ZAR 179.0m | ZAR 244.0m | ZAR 126.0m | ZAR 199.0m | ZAR 99.0m | ZAR 2.0m | ZAR 139.0m |
| Capital spending | −ZAR 11.0m | −ZAR 65.0m | −ZAR 60.0m | −ZAR 24.0m | −ZAR 31.0m | −ZAR 15.0m | — | −ZAR 13.0m |
| Free cash flow | ZAR 397.0m | ZAR 114.0m | ZAR 184.0m | ZAR 102.0m | ZAR 168.0m | ZAR 84.0m | — | ZAR 126.0m |
| Total assets | ZAR 3.33bn | ZAR 3.10bn | ZAR 2.78bn | ZAR 2.53bn | ZAR 2.33bn | ZAR 2.33bn | ZAR 2.58bn | ZAR 2.58bn |
| Cash and short-term investments | ZAR 725.0m | ZAR 504.5m | ZAR 537.7m | ZAR 458.5m | ZAR 462.2m | ZAR 462.2m | ZAR 791.3m | ZAR 791.3m |
| Debt | ZAR 763.8m | ZAR 651.8m | ZAR 426.8m | ZAR 302.8m | ZAR 77.1m | ZAR 76.6m | ZAR 216.6m | ZAR 79.0m |
| Shareholders' equity | ZAR 1.82bn | ZAR 1.67bn | ZAR 1.63bn | ZAR 1.49bn | ZAR 1.38bn | ZAR 1.38bn | ZAR 1.62bn | ZAR 1.62bn |
Financial ratios
Data as of 31 Oct 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating margin | 18.8% | 14.4% | 20.2% | 16.5% | 17.9% | 18.7% |
| Net margin | 13.5% | 12.5% | 15.0% | 11.6% | 12.6% | 12.5% |
| Return on equity | 21.1% | 23.4% | 28.2% | 17.9% | 18.3% | 15.8% |
| Return on assets | 11.5% | 13.7% | 16.8% | 11.5% | 11.2% | 8.9% |
| Free cash flow yield | 0.3% | 0.1% | 0.2% | 0.1% | 0.1% | 0.1% |
| Revenue growth | -6.5% | 16.5% | 8.9% | 15.1% | 26.8% | -19.9% |
| Earnings growth | 0.5% | -2.4% | 40.5% | 6.2% | 27.5% | -21.5% |
| Current ratio | 1.69x | 1.71x | 1.38x | 1.88x | 1.67x | 1.40x |
| Debt to equity | 0.42x | 0.26x | 0.06x | 0.00x | 0.01x | 0.13x |
| Equity ratio | 54.5% | 58.5% | 59.4% | 64.2% | 61.3% | 56.1% |
| Interest coverage | 8.38x | 12.63x | 22.06x | 23.93x | 18.70x | 10.18x |
| Buybacks as a share of market value | 1.1% | 2.4% | -1.8% | -3.1% | 0.1% | -1.0% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 5.9% | 11.6% | 6.5% |
| Operating income | 14.1% | 6.7% | 6.3% |
| Net income | 11.3% | 13.3% | 7.7% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | 19.9% | 19.4% | 19.5% | 21.1% |
| Net margin | 13.0% | 13.1% | 13.0% | 13.0% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 5.0 | 4.9 | 6.1 | 7.1 | 5.8 | 7.7 | 3.3 | 5.2 | 4.4 |
| Price to sales | 0.7 | 0.6 | 0.9 | 0.8 | 0.7 | 1.0 | 0.4 | 0.7 | 0.6 |
Dividends and splits
Per share, in the currency the company pays
Paid for 8 years. Last went ex-dividend on 17 Dec 2025.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.649 | 0.501 | 1.966 | 0.54 | 0.46 | 0.49 | 0.42 | 0.94 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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