K 
4,450.00
-0.43%
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 20.31bn
FY2016FY2025
Net income
ZAR 402.7m
FY2016FY2025
Free cash flow
ZAR 899.4m
FY2016FY2025
Shareholders' equity
ZAR 3.44bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ZAR 20.31bn | ZAR 21.73bn | ZAR 22.40bn | ZAR 15.70bn | ZAR 10.58bn | ZAR 8.57bn | ZAR 8.45bn | ZAR 6.55bn | ZAR 6.42bn | ZAR 5.65bn |
| Gross profit | ZAR 3.09bn | ZAR 2.97bn | ZAR 2.92bn | ZAR 2.00bn | ZAR 1.58bn | ZAR 1.31bn | ZAR 1.31bn | ZAR 1.10bn | ZAR 1.09bn | ZAR 921.9m |
| Operating income | ZAR 671.3m | ZAR 667.0m | ZAR 683.7m | ZAR 535.7m | ZAR 459.4m | ZAR 377.3m | ZAR 343.3m | ZAR 314.4m | ZAR 291.1m | ZAR 241.0m |
| Net income | ZAR 402.7m | ZAR 395.3m | ZAR 426.9m | ZAR 396.4m | ZAR 321.1m | ZAR 275.1m | ZAR 277.3m | ZAR 246.2m | ZAR 241.1m | ZAR 210.4m |
| Diluted earnings per share | 5.70 | 5.62 | 6.03 | 5.53 | 4.52 | 3.91 | 3.93 | 3.47 | 3.39 | 2.99 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ZAR 8.23bn | ZAR 8.21bn | ZAR 8.29bn | ZAR 8.34bn | ZAR 5.81bn | ZAR 5.27bn | ZAR 4.79bn | ZAR 3.93bn | ZAR 3.41bn | ZAR 3.15bn |
| Cash and short-term investments | ZAR 299.6m | ZAR 313.6m | ZAR 285.9m | ZAR 359.5m | ZAR 51.5m | ZAR 34.8m | ZAR 46.4m | ZAR 40.2m | ZAR 35.1m | ZAR 17.0m |
| Total liabilities | ZAR 4.79bn | ZAR 5.02bn | ZAR 5.36bn | ZAR 5.65bn | ZAR 3.52bn | ZAR 3.25bn | ZAR 2.96bn | ZAR 2.19bn | ZAR 1.83bn | ZAR 1.75bn |
| Debt | ZAR 2.19bn | ZAR 2.68bn | ZAR 2.59bn | ZAR 2.85bn | ZAR 1.52bn | ZAR 1.60bn | ZAR 1.44bn | ZAR 1.03bn | ZAR 789.5m | ZAR 889.6m |
| Shareholders' equity | ZAR 3.44bn | ZAR 3.20bn | ZAR 2.93bn | ZAR 2.69bn | ZAR 2.29bn | ZAR 2.03bn | ZAR 1.83bn | ZAR 1.74bn | ZAR 1.58bn | ZAR 1.41bn |
| Shares outstanding | 71m | 70m | 71m | 72m | 71m | 70m | 70m | 71m | 71m | 70m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | ZAR 1.03bn | ZAR 889.6m | ZAR 809.9m | ZAR 213.1m | ZAR 425.7m | ZAR 494.5m | ZAR 354.0m | ZAR 237.0m | ZAR 489.7m | ZAR 100.5m |
| Capital spending | −ZAR 132.1m | −ZAR 154.0m | −ZAR 173.1m | −ZAR 856.9m | −ZAR 64.8m | −ZAR 138.8m | −ZAR 241.5m | −ZAR 130.6m | −ZAR 201.6m | −ZAR 177.3m |
| Free cash flow | ZAR 899.4m | ZAR 735.7m | ZAR 636.7m | −ZAR 643.8m | ZAR 361.0m | ZAR 355.6m | ZAR 112.5m | ZAR 106.4m | ZAR 288.1m | −ZAR 76.8m |
| Dividends paid | −ZAR 152.9m | −ZAR 154.4m | −ZAR 146.7m | −ZAR 127.8m | −ZAR 63.3m | −ZAR 63.2m | −ZAR 83.0m | −ZAR 80.7m | −ZAR 68.6m | −ZAR 59.5m |
Latest quarters
By quarter end
| Sept 2025 | Mar 2025 | Sept 2024 | Mar 2024 | Sept 2023 | Mar 2023 | Dec 2022 | Sept 2022 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ZAR 9.49bn | ZAR 10.82bn | ZAR 9.68bn | ZAR 12.06bn | ZAR 10.31bn | ZAR 12.09bn | ZAR 6.04bn | ZAR 8.52bn |
| Gross profit | ZAR 1.43bn | ZAR 1.66bn | ZAR 1.32bn | ZAR 1.65bn | ZAR 1.40bn | ZAR 1.52bn | ZAR 759.5m | ZAR 1.02bn |
| Operating income | ZAR 299.6m | ZAR 552.5m | ZAR 197.5m | ZAR 473.8m | ZAR 248.4m | ZAR 438.4m | ZAR 143.6m | ZAR 181.3m |
| Net income | ZAR 124.3m | ZAR 278.4m | ZAR 107.8m | ZAR 287.5m | ZAR 157.4m | ZAR 269.5m | ZAR 150.5m | ZAR 137.7m |
| Diluted earnings per share | 1.76 | 3.94 | 1.53 | 4.06 | 2.22 | 3.82 | 2.09 | 1.91 |
| Cash from operations | ZAR 963.0m | ZAR 68.0m | ZAR 628.0m | ZAR 261.0m | ZAR 990.0m | −ZAR 180.0m | — | ZAR 452.0m |
| Capital spending | −ZAR 55.0m | −ZAR 76.0m | −ZAR 83.0m | −ZAR 70.0m | −ZAR 98.0m | −ZAR 74.0m | — | −ZAR 751.0m |
| Free cash flow | ZAR 908.0m | −ZAR 8.0m | ZAR 545.0m | ZAR 191.0m | ZAR 892.0m | −ZAR 254.0m | — | −ZAR 299.0m |
| Total assets | ZAR 8.23bn | ZAR 8.05bn | ZAR 8.21bn | ZAR 8.37bn | ZAR 8.29bn | ZAR 8.01bn | ZAR 8.01bn | ZAR 8.34bn |
| Cash and short-term investments | ZAR 299.6m | ZAR 190.0m | ZAR 313.6m | ZAR 578.9m | ZAR 285.9m | ZAR 285.8m | ZAR 285.8m | ZAR 359.5m |
| Debt | ZAR 2.12bn | ZAR 2.76bn | ZAR 2.61bn | ZAR 3.07bn | ZAR 2.50bn | ZAR 3.23bn | ZAR 2.99bn | ZAR 2.77bn |
| Shareholders' equity | ZAR 3.44bn | ZAR 3.40bn | ZAR 3.20bn | ZAR 3.13bn | ZAR 2.93bn | ZAR 2.88bn | ZAR 3.03bn | ZAR 2.69bn |
Financial ratios
Data as of 24 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 15.2% | 13.7% | 13.0% | 12.8% | 14.9% | 15.3% |
| Operating margin | 4.4% | 3.1% | 4.3% | 4.4% | 5.3% | 5.9% |
| Net margin | 2.0% | 1.8% | 1.9% | 2.5% | 3.0% | 3.2% |
| Return on equity | 11.7% | 12.4% | 14.6% | 14.7% | 14.0% | 13.6% |
| Return on assets | 4.9% | 4.8% | 5.2% | 4.8% | 5.5% | 5.2% |
| Free cash flow yield | 0.3% | 0.3% | 0.3% | 0.1% | 0.1% | 0.2% |
| Revenue growth | -6.6% | -3.0% | 42.7% | 48.4% | 23.4% | 1.5% |
| Earnings growth | 1.9% | -7.4% | 7.7% | 23.4% | 16.7% | -0.8% |
| Current ratio | 1.16x | 1.20x | 1.06x | 1.21x | 1.30x | 1.32x |
| Debt to equity | 0.41x | 0.58x | 0.68x | 1.04x | 0.53x | 0.62x |
| Equity ratio | 41.8% | 38.9% | 35.3% | 32.3% | 39.4% | 38.5% |
| Interest coverage | 3.63x | 2.57x | 3.44x | 4.78x | 5.62x | 4.08x |
| Buybacks as a share of market value | -0.3% | 0.6% | 1.3% | -0.4% | -1.2% | 0.5% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 9.0% | 18.8% | 14.3% |
| Operating income | 7.8% | 12.2% | 12.8% |
| Net income | 0.5% | 7.9% | 7.8% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 14.4% | 13.7% | 14.0% | 14.5% |
| Operating margin | 3.2% | 3.2% | 3.4% | 3.6% |
| Net margin | 1.9% | 2.0% | 2.2% | 2.6% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 8.8 | 9.1 | 6.7 | 7.4 | 10.7 | 8.3 | 7.7 | 9.9 | 14.6 |
| Price to sales | 0.2 | 0.2 | 0.1 | 0.2 | 0.3 | 0.3 | 0.3 | 0.4 | 0.6 |
Dividends and splits
Per share, in the currency the company pays
Paid for 8 years. Last went ex-dividend on 11 Feb 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 1.54 | 1.82 | 1.84 | 1.22 | 1.57 | 0.90 | 0.90 | 1.182 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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