L 
397.00
+0.76%
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 12.33bn
FY2016FY2025
Net income
ZAR 61.1m
FY2016FY2025
Free cash flow
ZAR 555.3m
FY2016FY2025
Shareholders' equity
ZAR 4.80bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ZAR 12.33bn | ZAR 11.77bn | ZAR 12.38bn | ZAR 11.77bn | ZAR 10.63bn | ZAR 9.34bn | ZAR 9.89bn | ZAR 9.89bn | ZAR 8.83bn | ZAR 8.02bn |
| Gross profit | ZAR 2.53bn | ZAR 2.47bn | ZAR 2.57bn | ZAR 2.47bn | ZAR 2.36bn | ZAR 2.28bn | ZAR 2.38bn | ZAR 2.20bn | ZAR 2.01bn | ZAR 1.81bn |
| Research and development | ZAR 8.3m | ZAR 9.0m | ZAR 8.7m | ZAR 535,000 | ZAR 443,000 | ZAR 1.4m | ZAR 1.8m | ZAR 430,000 | ZAR 832,000 | ZAR 1.6m |
| Operating income | ZAR 549.5m | −ZAR 41.4m | ZAR 529.3m | ZAR 246.9m | ZAR 437.0m | ZAR 349.8m | ZAR 701.8m | ZAR 575.0m | ZAR 485.2m | ZAR 544.0m |
| Net income | ZAR 61.1m | −ZAR 321.6m | ZAR 226.5m | −ZAR 5.2m | ZAR 157.9m | ZAR 73.7m | ZAR 278.4m | ZAR 222.2m | ZAR 136.5m | ZAR 200.7m |
| Diluted earnings per share | 0.10 | -0.54 | 0.38 | -0.01 | 0.26 | 0.12 | 0.47 | 0.36 | 0.29 | 0.34 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ZAR 8.82bn | ZAR 9.27bn | ZAR 9.84bn | ZAR 9.92bn | ZAR 9.99bn | ZAR 10.53bn | ZAR 10.83bn | ZAR 9.79bn | ZAR 9.49bn | ZAR 8.55bn |
| Cash and short-term investments | ZAR 488.0m | ZAR 505.1m | ZAR 397.3m | ZAR 449.2m | ZAR 592.6m | ZAR 974.2m | ZAR 1.13bn | ZAR 1.01bn | ZAR 666.4m | ZAR 316.6m |
| Total liabilities | ZAR 4.02bn | ZAR 4.40bn | ZAR 4.55bn | ZAR 4.72bn | ZAR 4.64bn | ZAR 5.17bn | ZAR 5.39bn | ZAR 4.38bn | ZAR 4.93bn | ZAR 4.47bn |
| Debt | ZAR 1.98bn | ZAR 2.21bn | ZAR 2.33bn | ZAR 2.50bn | ZAR 659.8m | ZAR 783.2m | ZAR 999.0m | ZAR 171.2m | ZAR 205.4m | ZAR 168.0m |
| Shareholders' equity | ZAR 4.80bn | ZAR 4.88bn | ZAR 5.30bn | ZAR 5.20bn | ZAR 5.34bn | ZAR 5.36bn | ZAR 5.42bn | ZAR 5.41bn | ZAR 4.56bn | ZAR 4.08bn |
| Shares outstanding | 596m | 596m | 596m | 596m | 597m | 596m | 598m | 610m | 467m | 594m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | ZAR 748.0m | ZAR 485.0m | ZAR 414.8m | ZAR 528.7m | ZAR 786.1m | ZAR 637.2m | ZAR 579.8m | ZAR 505.0m | ZAR 572.6m | ZAR 149.2m |
| Capital spending | −ZAR 192.7m | −ZAR 129.6m | −ZAR 174.9m | −ZAR 298.8m | −ZAR 226.4m | −ZAR 328.0m | −ZAR 400.9m | −ZAR 348.7m | −ZAR 322.0m | −ZAR 216.5m |
| Free cash flow | ZAR 555.3m | ZAR 355.4m | ZAR 239.9m | ZAR 229.9m | ZAR 559.7m | ZAR 309.2m | ZAR 178.9m | ZAR 156.3m | ZAR 250.6m | −ZAR 67.3m |
| Dividends paid | −ZAR 89.4m | −ZAR 89.4m | −ZAR 131.7m | −ZAR 149.6m | −ZAR 149.6m | −ZAR 149.6m | −ZAR 131.7m | −ZAR 131.7m | −ZAR 319.7m | −ZAR 71.4m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Mar 2024 | Dec 2023 | Sept 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ZAR 5.80bn | ZAR 6.37bn | ZAR 5.96bn | ZAR 5.96bn | ZAR 5.81bn | ZAR 2.91bn | ZAR 6.61bn | ZAR 3.30bn |
| Gross profit | ZAR 1.14bn | ZAR 1.34bn | ZAR 1.29bn | ZAR 1.12bn | ZAR 1.25bn | ZAR 625.8m | ZAR 1.41bn | ZAR 706.7m |
| Operating income | ZAR 158.9m | ZAR 326.1m | ZAR 230.8m | ZAR 258.4m | ZAR 208.0m | ZAR 104.0m | ZAR 344.5m | ZAR 192.0m |
| Net income | ZAR 52.0m | −ZAR 29.5m | ZAR 90.6m | −ZAR 345.9m | ZAR 83.6m | ZAR 41.8m | ZAR 162.9m | ZAR 81.4m |
| Diluted earnings per share | 0.09 | -0.05 | 0.15 | -0.58 | 0.14 | 0.07 | 0.27 | 0.14 |
| Cash from operations | ZAR 184.0m | ZAR 416.0m | ZAR 331.0m | ZAR 351.0m | ZAR 133.0m | ZAR 66.0m | ZAR 290.0m | ZAR 145.0m |
| Capital spending | −ZAR 136.0m | −ZAR 116.0m | −ZAR 76.0m | −ZAR 78.0m | −ZAR 50.0m | −ZAR 25.0m | −ZAR 65.0m | −ZAR 32.0m |
| Free cash flow | ZAR 48.0m | ZAR 300.0m | ZAR 255.0m | ZAR 273.0m | ZAR 83.0m | ZAR 41.0m | ZAR 225.0m | ZAR 113.0m |
| Total assets | ZAR 8.35bn | ZAR 8.82bn | ZAR 9.11bn | ZAR 9.27bn | ZAR 9.76bn | ZAR 9.76bn | ZAR 9.84bn | ZAR 9.84bn |
| Cash and short-term investments | ZAR 345.7m | ZAR 488.0m | ZAR 439.9m | ZAR 505.1m | ZAR 295.6m | ZAR 295.6m | ZAR 397.3m | ZAR 397.3m |
| Debt | ZAR 369.2m | ZAR 203.1m | ZAR 385.0m | ZAR 312.6m | ZAR 578.4m | ZAR 578.4m | ZAR 553.5m | ZAR 553.5m |
| Shareholders' equity | ZAR 4.62bn | ZAR 4.80bn | ZAR 4.89bn | ZAR 4.88bn | ZAR 5.29bn | ZAR 5.29bn | ZAR 5.30bn | ZAR 5.30bn |
Financial ratios
Data as of 26 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 20.5% | 21.0% | 20.8% | 21.0% | 22.2% | 24.4% |
| Operating margin | 4.5% | -0.1% | 4.4% | 2.1% | 4.4% | 4.2% |
| Net margin | 0.5% | -2.7% | 1.8% | -0.0% | 1.5% | 0.8% |
| Return on equity | 1.3% | -6.6% | 4.3% | -0.1% | 3.0% | 1.4% |
| Return on assets | 0.7% | -3.5% | 2.3% | -0.1% | 1.6% | 0.7% |
| Free cash flow yield | 0.3% | 0.2% | 0.2% | 0.2% | 0.4% | 0.3% |
| Revenue growth | 4.7% | -4.9% | 5.2% | 10.7% | 13.8% | -5.6% |
| Earnings growth | -119.0% | -242.0% | -4483.0% | -103.3% | 114.3% | -73.5% |
| Current ratio | 2.27x | 2.17x | 1.91x | 1.93x | 2.12x | 2.38x |
| Debt to equity | 0.04x | 0.06x | 0.10x | 0.08x | 0.04x | 0.02x |
| Equity ratio | 54.4% | 52.6% | 53.8% | 52.4% | 53.4% | 50.9% |
| Interest coverage | 2.63x | -0.06x | 2.28x | 1.40x | 2.43x | 1.80x |
| R&D as a share of sales | 0.1% | 0.1% | 0.1% | 0.0% | 0.0% | 0.0% |
| Buybacks as a share of market value | 0.0% | -0.0% | 0.0% | 0.2% | -0.2% | 0.4% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 1.6% | 5.7% | 7.2% |
| Operating income | 30.6% | 9.5% | 4.1% |
| Net income | — | -3.7% | -7.6% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 20.7% | 20.8% | 21.5% | 22.0% |
| Operating margin | 2.1% | 2.7% | 3.0% | 4.3% |
| Net margin | -1.1% | -0.1% | 0.3% | 1.0% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Price to earnings | 46.1 | -8.1 | 9.2 | -668.7 | 25.1 | 51.2 | 16.3 | 19.2 |
| Price to sales | 0.2 | 0.2 | 0.2 | 0.3 | 0.4 | 0.4 | 0.5 | 0.4 |
Dividends and splits
Per share, in the currency the company pays
Paid for 7 years. Last went ex-dividend on 9 Apr 2025.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Paid in the year | 0.15 | 0.15 | 0.22 | 0.25 | 0.25 | 0.25 | 0.22 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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