M 
21,317.00
-2.05%
Close of 6 Nov 2026, in ZAc
At a glance
Figures in ZAR, from our data supplier.
Revenue
ZAR 226.71bn
FY2016FY2025
Net income
ZAR 20.26bn
FY2016FY2025
Free cash flow
ZAR 45.07bn
FY2016FY2025
Shareholders' equity
ZAR 145.00bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ZAR 226.71bn | ZAR 188.00bn | ZAR 221.06bn | ZAR 207.00bn | ZAR 181.65bn | ZAR 179.36bn | ZAR 151.46bn | ZAR 134.56bn | ZAR 132.81bn | ZAR 147.92bn |
| Research and development | ZAR 4.0m | — | ZAR 52.0m | ZAR 2.0m | ZAR 2.0m | ZAR 15.0m | ZAR 19.0m | ZAR 18.0m | ZAR 8.0m | ZAR 34.0m |
| Operating income | ZAR 77.12bn | ZAR 47.59bn | ZAR 63.55bn | ZAR 69.35bn | ZAR 56.99bn | ZAR 50.55bn | ZAR 31.29bn | ZAR 23.58bn | ZAR 16.13bn | ZAR 14.39bn |
| Net income | ZAR 20.26bn | −ZAR 9.59bn | ZAR 4.09bn | ZAR 19.04bn | ZAR 13.75bn | ZAR 17.02bn | ZAR 8.96bn | ZAR 8.72bn | ZAR 4.41bn | −ZAR 2.61bn |
| Diluted earnings per share | 10.97 | -5.31 | 2.27 | 10.29 | 7.41 | 9.22 | 4.91 | 4.79 | 2.46 | -1.44 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ZAR 498.71bn | ZAR 430.96bn | ZAR 434.71bn | ZAR 391.88bn | ZAR 365.80bn | ZAR 348.94bn | ZAR 302.31bn | ZAR 244.61bn | ZAR 242.41bn | ZAR 268.70bn |
| Cash and short-term investments | ZAR 51.49bn | ZAR 99.32bn | ZAR 40.91bn | ZAR 87.67bn | ZAR 83.17bn | ZAR 68.19bn | ZAR 41.33bn | ZAR 20.29bn | ZAR 19.52bn | ZAR 34.61bn |
| Total liabilities | ZAR 328.98bn | ZAR 292.51bn | ZAR 284.53bn | ZAR 269.54bn | ZAR 250.82bn | ZAR 242.72bn | ZAR 216.21bn | ZAR 156.38bn | ZAR 148.15bn | ZAR 163.47bn |
| Debt | — | ZAR 155.74bn | ZAR 148.45bn | ZAR 137.84bn | ZAR 128.82bn | ZAR 145.73bn | ZAR 140.61bn | ZAR 130.36bn | ZAR 79.72bn | ZAR 86.95bn |
| Shareholders' equity | ZAR 145.00bn | ZAR 123.44bn | ZAR 139.21bn | ZAR 116.60bn | ZAR 111.05bn | ZAR 102.87bn | ZAR 83.90bn | ZAR 84.80bn | ZAR 92.77bn | ZAR 102.38bn |
| Shares outstanding | 1,848m | 1,807m | 1,806m | 1,850m | 1,855m | 1,846m | 1,826m | 1,820m | 1,797m | 1,817m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | ZAR 77.94bn | ZAR 46.82bn | ZAR 64.06bn | ZAR 68.12bn | ZAR 67.29bn | ZAR 58.51bn | ZAR 36.29bn | ZAR 32.39bn | ZAR 23.69bn | ZAR 20.72bn |
| Capital spending | −ZAR 32.87bn | −ZAR 31.68bn | −ZAR 46.80bn | −ZAR 45.81bn | −ZAR 35.23bn | −ZAR 30.18bn | −ZAR 27.04bn | −ZAR 28.20bn | −ZAR 26.66bn | −ZAR 35.25bn |
| Free cash flow | ZAR 45.07bn | ZAR 15.14bn | ZAR 17.26bn | ZAR 22.31bn | ZAR 32.06bn | ZAR 28.33bn | ZAR 9.25bn | ZAR 4.19bn | −ZAR 2.97bn | −ZAR 14.53bn |
| Dividends paid | −ZAR 6.24bn | −ZAR 5.96bn | −ZAR 5.96bn | −ZAR 5.41bn | −ZAR 15.72bn | −ZAR 6.46bn | −ZAR 9.35bn | −ZAR 11.24bn | −ZAR 12.56bn | −ZAR 19.79bn |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Sept 2023 | Jun 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ZAR 118.87bn | ZAR 117.45bn | ZAR 54.64bn | ZAR 97.16bn | ZAR 90.84bn | ZAR 107.85bn | ZAR 54.02bn | ZAR 113.20bn |
| Operating income | ZAR 43.44bn | ZAR 42.55bn | ZAR 29.63bn | ZAR 26.38bn | ZAR 20.71bn | ZAR 27.26bn | ZAR 11.20bn | ZAR 36.36bn |
| Net income | ZAR 7.41bn | ZAR 10.52bn | ZAR 4.87bn | −ZAR 2.20bn | −ZAR 7.39bn | −ZAR 5.14bn | −ZAR 2.57bn | ZAR 9.23bn |
| Diluted earnings per share | 4.02 | 5.69 | 2.64 | -1.22 | -4.09 | -2.85 | -1.42 | 5.11 |
| Cash from operations | ZAR 39.05bn | ZAR 43.23bn | ZAR 34.72bn | ZAR 30.85bn | ZAR 15.96bn | ZAR 32.83bn | ZAR 16.42bn | ZAR 31.23bn |
| Capital spending | −ZAR 20.10bn | −ZAR 12.87bn | −ZAR 9.43bn | −ZAR 13.19bn | −ZAR 14.48bn | −ZAR 26.43bn | −ZAR 8.85bn | −ZAR 14.75bn |
| Free cash flow | ZAR 18.95bn | ZAR 30.36bn | ZAR 25.29bn | ZAR 17.66bn | ZAR 1.48bn | ZAR 6.40bn | ZAR 7.57bn | ZAR 16.48bn |
| Total assets | ZAR 476.78bn | ZAR 498.71bn | ZAR 475.97bn | ZAR 430.96bn | ZAR 385.88bn | ZAR 434.71bn | ZAR 434.71bn | ZAR 404.18bn |
| Cash and short-term investments | ZAR 118.55bn | ZAR 51.49bn | ZAR 106.30bn | ZAR 99.32bn | ZAR 65.17bn | ZAR 90.33bn | ZAR 40.91bn | ZAR 81.23bn |
| Debt | ZAR 79.76bn | ZAR 80.91bn | ZAR 83.54bn | ZAR 89.94bn | ZAR 83.63bn | ZAR 94.07bn | ZAR 29.72bn | ZAR 89.76bn |
| Shareholders' equity | ZAR 130.58bn | ZAR 145.00bn | ZAR 145.34bn | ZAR 123.44bn | ZAR 114.21bn | ZAR 139.21bn | ZAR 139.21bn | ZAR 125.65bn |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 3.1% | 4.8% | 4.4% |
| Operating income | 3.6% | 8.8% | 8.1% |
| Net income | 2.1% | 3.5% | 0.0% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | 30.1% | 30.6% | 30.3% | 25.3% |
| Net margin | 2.6% | 4.0% | 5.4% | 5.4% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 15.5 | -17.3 | 51.0 | 12.4 | 23.0 | 6.5 | 16.8 | 18.6 | 55.6 | -87.7 |
| Price to sales | 1.4 | 0.9 | 0.9 | 1.1 | 1.7 | 0.6 | 1.0 | 1.2 | 1.9 | 1.6 |
Dividends and splits
Per share, in the currency the company pays
Paid for 4 years. Last went ex-dividend on 8 Apr 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 5.00 | 3.45 | 3.30 | 3.30 | 3.00 | 3.55 | 5.20 | 6.25 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
Nothing here is investment advice. Prices can be delayed or wrong, so check with the exchange before relying on them. Data for this page. How we cover markets.