K 
22,572.00
+1.42%
Close of 6 Nov 2026, in ZAc
At a glance
Figures in ZAR, from our data supplier.
Revenue
ZAR 72.11bn
FY2016FY2025
Net income
ZAR 14.61bn
FY2016FY2025
Free cash flow
ZAR 17.07bn
FY2016FY2025
Shareholders' equity
ZAR 54.94bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ZAR 72.11bn | ZAR 68.53bn | ZAR 86.23bn | ZAR 74.03bn | ZAR 102.09bn | ZAR 80.10bn | ZAR 64.28bn | ZAR 45.73bn | ZAR 46.38bn | ZAR 40.16bn |
| Research and development | — | — | — | — | — | — | ZAR 2.0m | — | — | ZAR 1.0m |
| Operating income | ZAR 27.10bn | ZAR 26.36bn | ZAR 40.70bn | ZAR 26.88bn | ZAR 59.51bn | ZAR 40.84bn | ZAR 28.81bn | ZAR 16.36bn | ZAR 21.39bn | ZAR 15.27bn |
| Net income | ZAR 14.61bn | ZAR 14.70bn | ZAR 22.73bn | ZAR 14.97bn | ZAR 33.27bn | ZAR 22.78bn | ZAR 16.26bn | ZAR 9.62bn | ZAR 12.34bn | ZAR 8.62bn |
| Diluted earnings per share | 45.42 | 45.68 | 70.62 | 46.56 | 103.23 | 70.77 | 50.68 | 29.87 | 38.34 | 26.80 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ZAR 103.70bn | ZAR 98.75bn | ZAR 98.72bn | ZAR 82.66bn | ZAR 81.88bn | ZAR 82.52bn | ZAR 66.94bn | ZAR 63.05bn | ZAR 62.47bn | ZAR 57.21bn |
| Cash and short-term investments | ZAR 15.12bn | ZAR 14.76bn | ZAR 17.72bn | ZAR 16.42bn | ZAR 14.71bn | ZAR 22.71bn | ZAR 12.87bn | ZAR 11.67bn | ZAR 13.87bn | ZAR 10.66bn |
| Total liabilities | ZAR 31.70bn | ZAR 29.45bn | ZAR 30.50bn | ZAR 28.84bn | ZAR 23.43bn | ZAR 20.33bn | ZAR 19.42bn | ZAR 16.86bn | ZAR 16.92bn | ZAR 20.68bn |
| Debt | ZAR 203.0m | ZAR 2.20bn | ZAR 4.50bn | ZAR 7.09bn | ZAR 421.0m | ZAR 514.0m | ZAR 542.0m | −ZAR 288.0m | — | ZAR 4.50bn |
| Shareholders' equity | ZAR 54.94bn | ZAR 52.81bn | ZAR 52.02bn | ZAR 41.05bn | ZAR 44.62bn | ZAR 47.45bn | ZAR 36.23bn | ZAR 35.26bn | ZAR 34.77bn | ZAR 27.85bn |
| Shares outstanding | 322m | 322m | 322m | 321m | 322m | 322m | 321m | 322m | 322m | 322m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | ZAR 27.10bn | ZAR 29.26bn | ZAR 29.30bn | ZAR 27.79bn | ZAR 48.94bn | ZAR 30.66bn | ZAR 27.39bn | ZAR 15.23bn | ZAR 17.01bn | ZAR 13.54bn |
| Capital spending | −ZAR 10.03bn | −ZAR 9.67bn | −ZAR 9.86bn | −ZAR 11.08bn | −ZAR 6.25bn | −ZAR 5.75bn | −ZAR 5.60bn | −ZAR 4.46bn | −ZAR 3.07bn | −ZAR 2.35bn |
| Free cash flow | ZAR 17.07bn | ZAR 19.59bn | ZAR 19.44bn | ZAR 16.71bn | ZAR 42.69bn | ZAR 24.91bn | ZAR 21.79bn | ZAR 10.77bn | ZAR 13.94bn | ZAR 11.19bn |
| Dividends paid | −ZAR 11.76bn | −ZAR 13.84bn | −ZAR 12.53bn | −ZAR 19.07bn | −ZAR 36.72bn | −ZAR 11.46bn | −ZAR 14.98bn | −ZAR 9.51bn | −ZAR 5.14bn | −ZAR 5.14bn |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Mar 2024 | Dec 2023 | Sept 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ZAR 31.41bn | ZAR 37.19bn | ZAR 34.53bn | ZAR 32.73bn | ZAR 35.80bn | ZAR 17.90bn | ZAR 53.64bn | ZAR 23.98bn |
| Operating income | ZAR 8.27bn | ZAR 14.76bn | ZAR 12.92bn | ZAR 13.43bn | ZAR 12.93bn | ZAR 6.44bn | ZAR 28.90bn | ZAR 11.61bn |
| Net income | ZAR 4.15bn | ZAR 7.50bn | ZAR 7.11bn | ZAR 7.55bn | ZAR 7.15bn | ZAR 3.57bn | ZAR 13.08bn | ZAR 6.54bn |
| Diluted earnings per share | 12.91 | 23.31 | 22.11 | 23.47 | 22.21 | 11.11 | 40.66 | 20.33 |
| Cash from operations | ZAR 9.88bn | ZAR 12.17bn | ZAR 14.93bn | ZAR 12.37bn | ZAR 16.89bn | ZAR 8.44bn | ZAR 14.47bn | ZAR 7.24bn |
| Capital spending | −ZAR 5.91bn | −ZAR 5.46bn | −ZAR 4.57bn | −ZAR 4.67bn | −ZAR 5.00bn | −ZAR 2.50bn | −ZAR 4.86bn | −ZAR 1.64bn |
| Free cash flow | ZAR 3.97bn | ZAR 6.72bn | ZAR 10.35bn | ZAR 7.70bn | ZAR 11.89bn | ZAR 5.94bn | ZAR 9.61bn | ZAR 5.60bn |
| Total assets | ZAR 102.98bn | ZAR 103.70bn | ZAR 98.14bn | ZAR 98.75bn | ZAR 93.20bn | ZAR 93.20bn | ZAR 98.72bn | ZAR 98.72bn |
| Cash and short-term investments | ZAR 12.27bn | ZAR 15.12bn | ZAR 14.20bn | ZAR 14.76bn | ZAR 15.85bn | ZAR 15.85bn | ZAR 17.72bn | ZAR 17.72bn |
| Debt | ZAR 79.0m | ZAR 94.0m | ZAR 117.0m | ZAR 2.13bn | ZAR 1.14bn | ZAR 1.14bn | ZAR 4.32bn | ZAR 4.32bn |
| Shareholders' equity | ZAR 54.01bn | ZAR 54.94bn | ZAR 53.26bn | ZAR 52.81bn | ZAR 51.16bn | ZAR 51.16bn | ZAR 52.02bn | ZAR 52.02bn |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -0.9% | -2.1% | 7.4% |
| Operating income | 0.3% | -7.9% | 26.0% |
| Net income | -0.8% | -8.5% | 41.0% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | 38.0% | 40.2% | 45.8% | 42.8% |
| Net margin | 20.8% | 22.3% | 25.5% | 23.8% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 7.7 | 7.1 | 8.7 | 10.6 | 4.5 | 8.8 | 8.2 | 9.5 | 9.9 | 5.9 |
| Price to sales | 1.6 | 1.5 | 2.3 | 2.1 | 1.4 | 2.5 | 2.1 | 2.0 | 2.6 | 1.3 |
Dividends and splits
Per share, in the currency the company pays
Paid for 9 years. Last went ex-dividend on 19 Aug 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 23.33 | 37.59 | 43.98 | 38.90 | 59.20 | 114.00 | 35.59 | 46.52 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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