I 
2,994.00
+2.36%
Close of 9 Nov 2026, in ZAc
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At a glance
Figures in ZAR, from our data supplier.
Revenue
ZAR 8.44bn
FY2017FY2026
Net income
ZAR 491.1m
FY2017FY2026
Free cash flow
ZAR 139.0m
FY2017FY2026
Shareholders' equity
ZAR 5.38bn
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ZAR 8.44bn | ZAR 8.11bn | ZAR 8.28bn | ZAR 7.77bn | ZAR 7.19bn | ZAR 6.25bn | ZAR 10.04bn | ZAR 10.45bn | ZAR 9.64bn | ZAR 9.63bn |
| Gross profit | ZAR 2.61bn | ZAR 2.65bn | ZAR 2.74bn | ZAR 2.52bn | ZAR 2.21bn | ZAR 1.99bn | ZAR 2.70bn | ZAR 2.99bn | ZAR 2.98bn | ZAR 3.07bn |
| Operating income | ZAR 662.9m | ZAR 761.2m | ZAR 650.1m | ZAR 649.3m | ZAR 659.0m | ZAR 592.5m | −ZAR 349.5m | ZAR 689.9m | ZAR 868.9m | ZAR 1.01bn |
| Net income | ZAR 491.1m | ZAR 769.0m | ZAR 567.0m | ZAR 562.7m | ZAR 882.9m | ZAR 366.5m | −ZAR 680.0m | ZAR 217.4m | ZAR 210.3m | ZAR 615.7m |
| Diluted earnings per share | 5.61 | 8.60 | 5.84 | 5.82 | 8.83 | 3.34 | -248.97 | 2.03 | 1.97 | 5.76 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ZAR 9.60bn | ZAR 9.21bn | ZAR 9.31bn | ZAR 8.78bn | ZAR 7.90bn | ZAR 8.67bn | ZAR 10.42bn | ZAR 11.27bn | ZAR 10.31bn | ZAR 16.26bn |
| Cash and short-term investments | ZAR 756.5m | ZAR 799.8m | ZAR 998.7m | ZAR 800.0m | ZAR 582.4m | ZAR 896.9m | ZAR 1.13bn | ZAR 1.53bn | ZAR 1.61bn | ZAR 1.76bn |
| Total liabilities | ZAR 4.09bn | ZAR 3.75bn | ZAR 3.54bn | ZAR 3.44bn | ZAR 3.21bn | ZAR 3.95bn | ZAR 5.79bn | ZAR 6.09bn | ZAR 5.23bn | ZAR 11.00bn |
| Debt | ZAR 2.18bn | ZAR 1.76bn | ZAR 1.75bn | ZAR 1.74bn | ZAR 1.53bn | ZAR 1.97bn | ZAR 3.50bn | ZAR 3.51bn | ZAR 2.57bn | ZAR 7.86bn |
| Shareholders' equity | ZAR 5.38bn | ZAR 5.37bn | ZAR 5.69bn | ZAR 5.25bn | ZAR 4.63bn | ZAR 4.60bn | ZAR 4.51bn | ZAR 5.06bn | ZAR 4.99bn | ZAR 5.12bn |
| Shares outstanding | 87m | 89m | 97m | 97m | 100m | 110m | 3m | 107m | 107m | 107m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | ZAR 253.2m | ZAR 267.0m | ZAR 658.0m | ZAR 227.2m | ZAR 585.0m | ZAR 1.22bn | ZAR 381.4m | −ZAR 370.7m | −ZAR 134.9m | ZAR 772.0m |
| Capital spending | −ZAR 114.2m | −ZAR 105.2m | −ZAR 93.6m | −ZAR 79.7m | −ZAR 130.8m | −ZAR 125.6m | −ZAR 206.4m | −ZAR 232.9m | −ZAR 285.6m | −ZAR 452.0m |
| Free cash flow | ZAR 139.0m | ZAR 161.7m | ZAR 564.4m | ZAR 147.5m | ZAR 454.2m | ZAR 1.09bn | ZAR 174.9m | −ZAR 603.6m | −ZAR 420.5m | ZAR 320.0m |
| Dividends paid | −ZAR 106.0m | −ZAR 166.0m | −ZAR 182.2m | −ZAR 163.8m | −ZAR 131.0m | −ZAR 68.4m | −ZAR 84.4m | −ZAR 194.1m | −ZAR 262.9m | −ZAR 235.2m |
Latest quarters
By quarter end
| Mar 2026 | Sept 2025 | Mar 2025 | Sept 2024 | Mar 2024 | Dec 2023 | Sept 2023 | Jun 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ZAR 4.20bn | ZAR 4.24bn | ZAR 4.11bn | ZAR 4.00bn | ZAR 3.99bn | ZAR 1.99bn | ZAR 4.29bn | ZAR 2.15bn |
| Gross profit | ZAR 1.43bn | ZAR 1.36bn | ZAR 1.36bn | ZAR 1.28bn | ZAR 1.34bn | ZAR 667.7m | ZAR 1.40bn | ZAR 700.1m |
| Operating income | ZAR 336.8m | ZAR 326.1m | ZAR 397.9m | ZAR 355.7m | ZAR 289.7m | ZAR 161.3m | ZAR 333.0m | ZAR 179.7m |
| Net income | ZAR 252.4m | ZAR 238.7m | ZAR 502.7m | ZAR 266.3m | ZAR 223.6m | ZAR 90.3m | ZAR 343.5m | ZAR 150.0m |
| Diluted earnings per share | 2.89 | 2.67 | 5.62 | 2.74 | 2.30 | 0.93 | 3.55 | 1.55 |
| Cash from operations | −ZAR 25.0m | ZAR 278.0m | ZAR 529.0m | ZAR 195.0m | ZAR 383.0m | ZAR 176.0m | ZAR 274.0m | ZAR 85.0m |
| Capital spending | −ZAR 58.0m | −ZAR 55.0m | −ZAR 29.0m | −ZAR 64.0m | −ZAR 67.0m | −ZAR 33.0m | −ZAR 29.0m | −ZAR 12.0m |
| Free cash flow | −ZAR 83.0m | ZAR 223.0m | ZAR 500.0m | ZAR 131.0m | ZAR 316.0m | ZAR 143.0m | ZAR 245.0m | ZAR 73.0m |
| Total assets | ZAR 9.60bn | ZAR 9.55bn | ZAR 9.21bn | ZAR 8.80bn | ZAR 9.31bn | ZAR 9.31bn | ZAR 8.96bn | ZAR 8.96bn |
| Cash and short-term investments | ZAR 756.5m | ZAR 931.0m | ZAR 799.8m | ZAR 733.7m | ZAR 998.7m | ZAR 998.7m | ZAR 746.8m | ZAR 746.8m |
| Debt | ZAR 1.82bn | ZAR 1.82bn | ZAR 1.40bn | ZAR 1.72bn | ZAR 1.47bn | ZAR 363.5m | ZAR 1.51bn | ZAR 358.7m |
| Shareholders' equity | ZAR 5.38bn | ZAR 5.27bn | ZAR 5.37bn | ZAR 4.96bn | ZAR 5.69bn | ZAR 5.69bn | ZAR 5.50bn | ZAR 5.50bn |
Financial ratios
Data as of 23 Oct 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Gross margin | 30.9% | 32.6% | 33.0% | 32.5% | 30.7% | 31.9% |
| Operating margin | 7.9% | 14.6% | 8.9% | 8.9% | 9.6% | 10.5% |
| Net margin | 5.8% | 9.5% | 6.8% | 7.2% | 12.3% | 5.9% |
| Return on equity | 9.1% | 14.3% | 10.0% | 10.7% | 19.1% | 8.0% |
| Return on assets | 5.1% | 8.4% | 6.1% | 6.4% | 11.2% | 4.2% |
| Free cash flow yield | 0.1% | 0.1% | 0.2% | 0.1% | 0.2% | 0.4% |
| Revenue growth | 4.1% | -2.0% | 6.6% | 8.1% | 15.0% | -37.7% |
| Earnings growth | -36.1% | 35.6% | 0.8% | -36.3% | 140.9% | -153.9% |
| Current ratio | 2.57x | 2.48x | 2.60x | 2.68x | 2.38x | 2.41x |
| Debt to equity | 0.34x | 0.26x | 0.26x | 0.28x | 0.28x | 0.37x |
| Equity ratio | 56.0% | 58.3% | 61.1% | 59.9% | 58.6% | 53.0% |
| Interest coverage | 3.34x | 6.20x | 3.88x | 5.16x | 6.10x | 3.24x |
| Buybacks as a share of market value | 2.2% | 7.9% | -0.4% | 3.3% | 9.0% | -3923.3% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 2.8% | 6.2% | -2.3% |
| Operating income | 0.7% | 2.3% | -2.4% |
| Net income | -4.4% | 6.0% | -0.0% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 31.7% | 32.2% | 31.9% | 30.6% |
| Operating margin | 8.6% | 8.4% | 8.6% | 7.3% |
| Net margin | 7.6% | 7.3% | 7.9% | 4.7% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 5.3 | 4.3 | 5.7 | 4.9 | 3.1 | 8.0 | -0.1 | 8.7 | 17.7 | 8.9 |
| Price to sales | 0.3 | 0.4 | 0.4 | 0.3 | 0.4 | 0.5 | — | 0.2 | 0.4 | 0.6 |
Dividends and splits
Per share, in the currency the company pays
Paid for 5 years. Last went ex-dividend on 26 Aug 2026.
| FY2027 | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 1.25 | 1.15 | 1.11 | 1.00 | 0.90 | 0.60 | 1.00 | 1.632 |
- 5-to-1 reverse split · 25 Mar 1991
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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