I 
448.00
-0.22%
Close of 9 Nov 2026, in ZAc
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At a glance
Figures in ZAR, from our data supplier.
Revenue
ZAR 5.73bn
FY2017FY2026
Net income
ZAR 351.0m
FY2017FY2026
Free cash flow
ZAR 200.1m
FY2017FY2026
Shareholders' equity
ZAR 1.00bn
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ZAR 5.73bn | ZAR 5.58bn | ZAR 6.04bn | ZAR 6.23bn | ZAR 6.03bn | ZAR 6.47bn | ZAR 8.77bn | ZAR 10.75bn | ZAR 12.10bn | ZAR 15.49bn |
| Gross profit | ZAR 1.59bn | ZAR 1.60bn | ZAR 1.65bn | ZAR 1.75bn | ZAR 1.69bn | ZAR 1.68bn | ZAR 1.54bn | ZAR 2.37bn | ZAR 4.82bn | ZAR 5.08bn |
| Research and development | — | — | — | ZAR 6.5m | ZAR 5.4m | ZAR 11.4m | ZAR 50.3m | ZAR 90.3m | ZAR 92.0m | ZAR 19.9m |
| Operating income | ZAR 481.3m | ZAR 424.5m | ZAR 112.2m | ZAR 135.0m | ZAR 99.6m | ZAR 55.2m | −ZAR 936.5m | −ZAR 1.72bn | −ZAR 760.5m | ZAR 1.74bn |
| Net income | ZAR 351.0m | ZAR 250.8m | −ZAR 65.9m | −ZAR 57.6m | −ZAR 117.3m | −ZAR 279.7m | −ZAR 1.48bn | −ZAR 5.28bn | −ZAR 1.58bn | ZAR 1.16bn |
| Diluted earnings per share | 0.57 | 0.40 | -0.10 | -0.06 | -0.43 | -1.02 | -5.40 | -19.33 | -10.89 | 7.92 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ZAR 2.89bn | ZAR 2.80bn | ZAR 3.09bn | ZAR 3.43bn | ZAR 3.75bn | ZAR 5.42bn | ZAR 7.19bn | ZAR 9.84bn | ZAR 16.05bn | ZAR 16.72bn |
| Cash and short-term investments | ZAR 417.1m | ZAR 399.3m | ZAR 362.7m | ZAR 295.3m | ZAR 424.8m | ZAR 824.9m | ZAR 782.9m | ZAR 1.13bn | ZAR 1.62bn | ZAR 2.65bn |
| Total liabilities | ZAR 1.86bn | ZAR 2.04bn | ZAR 2.59bn | ZAR 2.84bn | ZAR 3.69bn | ZAR 5.24bn | ZAR 6.65bn | ZAR 7.88bn | ZAR 7.92bn | ZAR 8.16bn |
| Debt | ZAR 698.1m | ZAR 710.8m | ZAR 81.1m | ZAR 67.4m | ZAR 106.9m | ZAR 2.74bn | ZAR 276.4m | ZAR 57.4m | ZAR 4.20bn | ZAR 4.65bn |
| Shareholders' equity | ZAR 1.00bn | ZAR 716.6m | ZAR 467.2m | ZAR 560.8m | ZAR 33.7m | ZAR 157.6m | ZAR 443.6m | ZAR 1.92bn | ZAR 8.10bn | ZAR 8.51bn |
| Shares outstanding | 621m | 630m | 630m | 1,022m | 274m | 273m | 273m | 273m | 145m | 147m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | ZAR 238.9m | ZAR 423.1m | −ZAR 13.7m | −ZAR 89.9m | ZAR 119.9m | ZAR 80.3m | ZAR 155.4m | −ZAR 112.5m | ZAR 665.2m | ZAR 660.9m |
| Capital spending | −ZAR 38.9m | −ZAR 22.4m | −ZAR 73.4m | −ZAR 92.4m | −ZAR 95.1m | −ZAR 129.8m | −ZAR 362.8m | −ZAR 403.4m | −ZAR 598.1m | −ZAR 515.5m |
| Free cash flow | ZAR 200.1m | ZAR 400.7m | −ZAR 87.1m | −ZAR 182.3m | ZAR 24.8m | −ZAR 49.5m | −ZAR 207.4m | −ZAR 515.9m | ZAR 67.1m | ZAR 145.4m |
| Dividends paid | — | — | — | — | — | — | — | — | −ZAR 311.8m | −ZAR 253.0m |
Latest quarters
By quarter end
| Jul 2026 | Jan 2026 | Jul 2025 | Jan 2025 | Jul 2024 | Jan 2024 | Jul 2023 | Jan 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ZAR 2.90bn | ZAR 2.83bn | ZAR 2.85bn | ZAR 2.73bn | ZAR 2.89bn | ZAR 3.15bn | ZAR 3.01bn | ZAR 3.21bn |
| Gross profit | ZAR 799.3m | ZAR 787.4m | ZAR 777.0m | ZAR 823.1m | ZAR 811.1m | ZAR 838.5m | ZAR 812.6m | ZAR 933.9m |
| Operating income | ZAR 241.8m | ZAR 239.5m | ZAR 210.6m | ZAR 213.9m | ZAR 112.8m | ZAR 9.4m | ZAR 108.6m | ZAR 123.4m |
| Net income | ZAR 173.6m | ZAR 177.4m | ZAR 130.4m | ZAR 120.4m | ZAR 27.0m | −ZAR 93.0m | −ZAR 47.9m | −ZAR 49.0m |
| Diluted earnings per share | 0.28 | 0.29 | 0.21 | 0.19 | 0.04 | -0.15 | -0.05 | -0.05 |
| Cash from operations | ZAR 150.0m | ZAR 88.0m | ZAR 205.0m | ZAR 217.0m | −ZAR 118.0m | ZAR 104.0m | ZAR 48.0m | −ZAR 138.0m |
| Capital spending | −ZAR 23.0m | −ZAR 15.0m | −ZAR 14.0m | −ZAR 8.0m | −ZAR 23.0m | −ZAR 24.0m | −ZAR 47.0m | −ZAR 44.0m |
| Free cash flow | ZAR 127.0m | ZAR 73.0m | ZAR 191.0m | ZAR 209.0m | −ZAR 141.0m | ZAR 80.0m | ZAR 1.0m | −ZAR 182.0m |
| Total assets | ZAR 2.89bn | ZAR 2.82bn | ZAR 2.80bn | ZAR 2.99bn | ZAR 3.09bn | ZAR 3.60bn | ZAR 3.43bn | ZAR 3.60bn |
| Cash and short-term investments | ZAR 417.1m | ZAR 388.5m | ZAR 399.3m | ZAR 314.0m | ZAR 362.7m | ZAR 410.8m | ZAR 295.3m | ZAR 286.9m |
| Debt | ZAR 197.4m | ZAR 264.3m | ZAR 205.8m | ZAR 261.7m | ZAR 48.7m | ZAR 31.2m | ZAR 34.1m | ZAR 38.9m |
| Shareholders' equity | ZAR 1.00bn | ZAR 875.4m | ZAR 716.6m | ZAR 582.8m | ZAR 467.2m | ZAR 475.7m | ZAR 560.8m | −ZAR 1.4m |
Financial ratios
Data as of 26 Oct 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|---|
| Gross margin | 27.7% | 28.7% | 27.3% | 28.0% | 28.0% | 26.0% | — | — | — |
| Operating margin | 8.4% | 7.6% | 0.4% | -0.2% | 1.9% | 0.2% | — | — | — |
| Net margin | 6.1% | 4.5% | -1.1% | -0.9% | -1.9% | -4.3% | — | — | — |
| Return on equity | 34.9% | 35.0% | -14.1% | -10.3% | -348.2% | -177.4% | — | — | — |
| Return on assets | 12.1% | 9.0% | -2.1% | -1.7% | -3.1% | -5.2% | — | — | — |
| Free cash flow yield | 0.1% | 0.2% | -0.0% | -0.0% | 0.1% | 0.1% | — | — | — |
| Revenue growth | 2.7% | -7.5% | -3.1% | 3.3% | -6.8% | -26.2% | — | — | — |
| Earnings growth | 39.9% | -480.5% | 14.5% | -50.9% | -58.0% | -81.1% | — | — | — |
| Current ratio | 1.40x | 1.24x | 1.10x | 0.86x | 0.86x | 0.81x | — | — | — |
| Debt to equity | 0.20x | 0.29x | 0.10x | 1.60x | 1.65x | 16.81x | — | — | — |
| Equity ratio | 34.7% | 25.6% | 15.1% | 16.4% | 0.9% | 2.9% | — | — | — |
| Interest coverage | 7.30x | 4.49x | 0.17x | -0.10x | 0.56x | 0.06x | — | — | — |
| R&D as a share of sales | — | — | — | 0.1% | 0.1% | 0.2% | 0.6% | 0.8% | 0.8% |
| Buybacks as a share of market value | 1.5% | 0.0% | 38.3% | -273.5% | -0.0% | -0.0% | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -2.7% | -2.4% | -7.7% |
| Operating income | 52.8% | 54.2% | -9.9% |
| Net income | — | — | -9.3% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 28.2% | 27.9% | 27.6% | 29.0% |
| Operating margin | 8.0% | 4.9% | 3.6% | 1.0% |
| Net margin | 5.3% | 2.0% | 0.2% | -6.4% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 8.2 | 10.7 | -23.4 | -25.4 | -5.5 | -4.1 | -0.9 | -0.4 | -1.8 | 5.3 |
| Price to sales | 0.5 | 0.5 | 0.3 | 0.2 | 0.1 | 0.2 | 0.2 | 0.2 | 0.2 | 0.4 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 1 Nov 2017.
| FY2018 | FY2017 | FY2016 | FY2015 | FY2014 | FY2013 | FY2012 | FY2011 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.022 | 1.85 | 1.50 | 1.20 | 0.95 | 0.70 | 0.48 | 0.36 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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