N 
600.00
+6.95%
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 4.22bn
FY2016FY2025
Net income
ZAR 348.0m
FY2016FY2025
Free cash flow
ZAR 434.2m
FY2016FY2025
Shareholders' equity
ZAR 2.41bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ZAR 4.22bn | ZAR 3.96bn | ZAR 3.20bn | ZAR 3.01bn | ZAR 2.84bn | ZAR 4.11bn | ZAR 4.33bn | ZAR 4.31bn | ZAR 4.31bn | ZAR 4.17bn |
| Gross profit | ZAR 1.33bn | ZAR 1.14bn | ZAR 600.4m | ZAR 734.0m | ZAR 540.3m | ZAR 767.7m | ZAR 944.0m | ZAR 1.13bn | ZAR 1.11bn | ZAR 1.26bn |
| Research and development | — | — | ZAR 7.8m | — | — | — | — | — | — | — |
| Operating income | ZAR 440.8m | ZAR 401.2m | ZAR 105.3m | ZAR 202.7m | −ZAR 30.2m | ZAR 131.3m | ZAR 293.5m | ZAR 502.8m | ZAR 528.8m | ZAR 651.7m |
| Net income | ZAR 348.0m | ZAR 241.9m | ZAR 60.6m | ZAR 92.8m | −ZAR 24.0m | −ZAR 344.0m | ZAR 171.6m | ZAR 70.4m | ZAR 256.8m | ZAR 445.8m |
| Diluted earnings per share | 1.11 | 0.76 | 0.19 | 0.30 | -0.08 | -1.20 | 0.56 | 0.22 | 0.80 | 1.40 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ZAR 4.00bn | ZAR 3.30bn | ZAR 3.40bn | ZAR 2.60bn | ZAR 2.74bn | ZAR 2.94bn | ZAR 3.72bn | ZAR 3.77bn | ZAR 3.60bn | ZAR 3.70bn |
| Cash and short-term investments | ZAR 832.6m | ZAR 886.6m | ZAR 396.6m | ZAR 568.4m | ZAR 442.9m | ZAR 254.5m | ZAR 129.6m | ZAR 244.7m | ZAR 231.4m | ZAR 283.8m |
| Total liabilities | ZAR 1.58bn | ZAR 1.09bn | ZAR 1.23bn | ZAR 506.7m | ZAR 536.2m | ZAR 661.5m | ZAR 1.05bn | ZAR 986.4m | ZAR 716.7m | ZAR 874.6m |
| Debt | ZAR 458.4m | ZAR 426.9m | ZAR 514.9m | ZAR 32.1m | ZAR 118.0m | ZAR 145.7m | ZAR 274.1m | ZAR 150.8m | ZAR 83.3m | ZAR 91.9m |
| Shareholders' equity | ZAR 2.41bn | ZAR 2.21bn | ZAR 2.17bn | ZAR 2.10bn | ZAR 2.21bn | ZAR 2.28bn | ZAR 2.67bn | ZAR 2.79bn | ZAR 2.88bn | ZAR 2.82bn |
| Shares outstanding | 314m | 319m | 321m | 305m | 288m | 288m | 304m | 320m | 320m | 320m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | ZAR 496.3m | ZAR 873.3m | ZAR 81.6m | ZAR 238.2m | ZAR 335.4m | ZAR 377.1m | ZAR 149.5m | ZAR 509.1m | ZAR 475.0m | ZAR 544.4m |
| Capital spending | −ZAR 62.1m | −ZAR 108.6m | −ZAR 49.3m | −ZAR 25.5m | −ZAR 33.5m | −ZAR 80.7m | −ZAR 107.4m | −ZAR 140.0m | −ZAR 252.1m | −ZAR 251.3m |
| Free cash flow | ZAR 434.2m | ZAR 764.7m | ZAR 32.4m | ZAR 212.6m | ZAR 301.8m | ZAR 296.5m | ZAR 42.1m | ZAR 369.1m | ZAR 222.9m | ZAR 293.1m |
| Dividends paid | −ZAR 157.0m | −ZAR 155.6m | −ZAR 17.2m | −ZAR 203.5m | — | −ZAR 86.3m | −ZAR 160.8m | −ZAR 178.9m | −ZAR 223.7m | −ZAR 205.4m |
Latest quarters
By quarter end
| Sept 2025 | Mar 2025 | Sept 2024 | Mar 2024 | Sept 2023 | Jun 2023 | Mar 2023 | Sept 2022 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ZAR 2.11bn | ZAR 2.13bn | ZAR 2.09bn | ZAR 1.94bn | ZAR 2.02bn | ZAR 1.01bn | ZAR 3.20bn | ZAR 1.48bn |
| Gross profit | ZAR 658.3m | ZAR 695.1m | ZAR 631.8m | ZAR 555.9m | ZAR 581.3m | ZAR 290.6m | ZAR 600.4m | ZAR 249.9m |
| Operating income | ZAR 104.6m | ZAR 160.4m | ZAR 261.3m | ZAR 201.0m | ZAR 181.3m | ZAR 64.9m | ZAR 83.6m | ZAR 22.1m |
| Net income | ZAR 83.7m | ZAR 161.9m | ZAR 186.1m | ZAR 140.5m | ZAR 101.4m | ZAR 52.6m | ZAR 60.6m | ZAR 8.3m |
| Diluted earnings per share | 0.27 | 0.51 | 0.59 | 0.44 | 0.32 | 0.16 | 0.19 | 0.03 |
| Total assets | ZAR 3.96bn | ZAR 4.00bn | ZAR 3.82bn | ZAR 3.30bn | ZAR 3.69bn | ZAR 3.69bn | ZAR 3.40bn | ZAR 3.08bn |
| Cash and short-term investments | ZAR 774.8m | ZAR 832.6m | ZAR 335.4m | ZAR 886.6m | ZAR 621.1m | ZAR 621.1m | ZAR 396.6m | ZAR 248.3m |
| Debt | ZAR 177.8m | ZAR 275.7m | ZAR 67.6m | ZAR 326.8m | ZAR 375.9m | ZAR 375.9m | ZAR 189.4m | ZAR 24.7m |
| Shareholders' equity | ZAR 2.33bn | ZAR 2.41bn | ZAR 2.25bn | ZAR 2.21bn | ZAR 2.27bn | ZAR 2.31bn | ZAR 2.17bn | ZAR 2.13bn |
Financial ratios
Data as of 1 Nov 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Gross margin | 29.8% | 31.4% | 28.7% | 18.8% | 24.4% | 19.0% |
| Operating margin | 8.5% | 12.4% | 10.7% | 2.9% | 5.0% | -0.0% |
| Net margin | 6.3% | 8.2% | 6.1% | 1.9% | 3.1% | -0.8% |
| Return on equity | 10.6% | 14.4% | 10.9% | 2.8% | 4.4% | -1.1% |
| Return on assets | 6.8% | 8.7% | 7.3% | 1.8% | 3.6% | -0.9% |
| Free cash flow yield | 0.3% | 0.3% | 0.5% | 0.1% | 0.1% | 0.2% |
| Revenue growth | -0.7% | 6.6% | 24.0% | 6.0% | 6.2% | -31.0% |
| Earnings growth | -23.5% | 43.8% | 299.3% | -34.7% | -486.9% | -93.0% |
| Current ratio | 2.41x | 2.07x | 3.27x | 2.21x | 3.30x | 3.40x |
| Debt to equity | 0.15x | 0.18x | 0.19x | 0.23x | 0.00x | 0.01x |
| Equity ratio | 64.0% | 60.4% | 67.1% | 63.9% | 80.5% | 80.5% |
| Interest coverage | 5.97x | 8.94x | 6.31x | 2.53x | 20.19x | -0.09x |
| R&D as a share of sales | 0.0% | — | 0.8% | 0.2% | — | — |
| Buybacks as a share of market value | -16.9% | 5.6% | -5.5% | 1.1% | -0.3% | -11.1% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 11.9% | 0.5% | -0.1% |
| Operating income | 29.6% | 27.4% | -3.6% |
| Net income | 55.4% | — | 0.4% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 30.1% | 26.4% | 23.9% | 25.1% |
| Operating margin | 10.3% | 8.0% | 5.9% | 9.0% |
| Net margin | 7.2% | 5.2% | 1.8% | 3.9% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 5.3 | 9.7 | 23.9 | 12.0 | -28.1 | -0.7 | 4.5 | 18.6 | 7.3 | 7.1 |
| Price to sales | 0.4 | 0.6 | 0.5 | 0.4 | 0.2 | 0.1 | 0.2 | 0.3 | 0.4 | 0.8 |
Dividends and splits
Per share, in the currency the company pays
Paid for 2 years. Last went ex-dividend on 1 Jul 2026.
| FY2026 | FY2025 | FY2024 | FY2022 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.55 | 0.53 | 0.50 | 0.90 | 0.30 | 0.52 | 0.56 | 0.70 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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