N 
2,800.00
—
Close of 9 Nov 2026, in ZAc
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At a glance
Figures in ZAR, from our data supplier.
Revenue
ZAR 2.29bn
FY2016FY2025
Net income
ZAR 80.9m
FY2016FY2025
Free cash flow
ZAR 4.4m
FY2016FY2025
Shareholders' equity
ZAR 1.59bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ZAR 2.29bn | ZAR 2.06bn | ZAR 1.90bn | ZAR 2.15bn | ZAR 2.36bn | ZAR 2.63bn | ZAR 3.03bn | ZAR 3.00bn | ZAR 2.95bn | ZAR 2.59bn |
| Gross profit | ZAR 449.4m | ZAR 405.4m | ZAR 334.7m | ZAR 453.0m | ZAR 450.1m | ZAR 598.1m | ZAR 633.6m | ZAR 677.1m | ZAR 673.6m | ZAR 534.8m |
| Operating income | ZAR 146.6m | ZAR 93.5m | ZAR 78.4m | ZAR 110.9m | ZAR 102.4m | ZAR 187.4m | ZAR 223.1m | ZAR 269.4m | ZAR 237.1m | ZAR 113.1m |
| Net income | ZAR 80.9m | ZAR 73.9m | ZAR 70.6m | ZAR 84.8m | ZAR 141.0m | ZAR 132.7m | ZAR 163.3m | ZAR 185.4m | ZAR 165.7m | ZAR 102.1m |
| Diluted earnings per share | 3.92 | 3.58 | 3.30 | 3.94 | 6.55 | 6.17 | 7.57 | 8.58 | 7.76 | 4.55 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ZAR 1.80bn | ZAR 1.77bn | ZAR 1.79bn | ZAR 1.67bn | ZAR 1.68bn | ZAR 1.68bn | ZAR 1.73bn | ZAR 1.59bn | ZAR 1.37bn | ZAR 1.28bn |
| Cash and short-term investments | ZAR 396.0m | ZAR 451.8m | ZAR 524.3m | ZAR 344.5m | ZAR 514.5m | ZAR 187.1m | ZAR 196.8m | ZAR 125.7m | ZAR 114.3m | ZAR 80.4m |
| Total liabilities | ZAR 197.7m | ZAR 230.5m | ZAR 242.2m | ZAR 211.4m | ZAR 316.5m | ZAR 356.8m | ZAR 491.8m | ZAR 443.7m | ZAR 356.1m | ZAR 358.6m |
| Debt | ZAR 8.2m | ZAR 35.9m | ZAR 58.0m | ZAR 75.2m | ZAR 73.9m | ZAR 80.2m | ZAR 192.6m | ZAR 133.1m | ZAR 59.3m | ZAR 71.0m |
| Shareholders' equity | ZAR 1.59bn | ZAR 1.53bn | ZAR 1.54bn | ZAR 1.45bn | ZAR 1.35bn | ZAR 1.32bn | ZAR 1.23bn | ZAR 1.13bn | ZAR 997.6m | ZAR 911.7m |
| Shares outstanding | 21m | 21m | 21m | 22m | 22m | 22m | 22m | 22m | 21m | 22m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | ZAR 5.6m | ZAR 14.5m | ZAR 198.6m | −ZAR 183.0m | ZAR 374.1m | ZAR 191.2m | ZAR 7.7m | −ZAR 88.5m | ZAR 74.3m | ZAR 8.7m |
| Capital spending | −ZAR 1.2m | −ZAR 2.3m | −ZAR 2.8m | −ZAR 981,000 | −ZAR 4.0m | −ZAR 2.3m | −ZAR 3.2m | −ZAR 2.2m | −ZAR 3.7m | −ZAR 4.7m |
| Free cash flow | ZAR 4.4m | ZAR 12.2m | ZAR 195.8m | −ZAR 184.0m | ZAR 370.1m | ZAR 188.9m | ZAR 4.5m | −ZAR 90.7m | ZAR 70.6m | ZAR 4.0m |
| Dividends paid | −ZAR 29.6m | −ZAR 28.2m | −ZAR 33.9m | −ZAR 56.4m | −ZAR 44.3m | −ZAR 65.3m | −ZAR 74.2m | −ZAR 66.3m | −ZAR 40.9m | −ZAR 37.0m |
Latest quarters
By quarter end
| Feb 2026 | Aug 2025 | Feb 2025 | Aug 2024 | Feb 2024 | Nov 2023 | Aug 2023 | May 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ZAR 1.28bn | ZAR 1.04bn | ZAR 1.25bn | ZAR 1.09bn | ZAR 969.5m | ZAR 484.8m | ZAR 904.1m | ZAR 452.0m |
| Gross profit | ZAR 1.28bn | — | ZAR 1.25bn | −ZAR 564.1m | ZAR 969.5m | ZAR 484.8m | ZAR 120.5m | −ZAR 331.6m |
| Operating income | ZAR 57.5m | ZAR 92.9m | ZAR 53.7m | ZAR 51.1m | ZAR 969.5m | ZAR 21.2m | ZAR 51.4m | −ZAR 26.2m |
| Net income | ZAR 47.0m | ZAR 44.6m | ZAR 36.4m | ZAR 42.4m | ZAR 31.5m | ZAR 15.7m | ZAR 37.3m | ZAR 18.7m |
| Diluted earnings per share | 2.28 | 2.16 | 1.76 | 2.05 | 1.52 | 0.74 | 1.75 | 0.87 |
| Cash from operations | −ZAR 76.0m | ZAR 26.0m | −ZAR 20.0m | ZAR 54.0m | −ZAR 39.0m | −ZAR 19.0m | ZAR 33.0m | ZAR 16.0m |
| Capital spending | — | — | — | — | −ZAR 1.0m | — | −ZAR 2.0m | −ZAR 1.0m |
| Free cash flow | — | — | — | — | −ZAR 40.0m | — | ZAR 31.0m | ZAR 15.0m |
| Total assets | ZAR 1.72bn | ZAR 1.80bn | ZAR 1.94bn | ZAR 1.77bn | ZAR 1.74bn | ZAR 1.74bn | ZAR 1.79bn | ZAR 1.79bn |
| Cash and short-term investments | ZAR 257.1m | ZAR 396.0m | ZAR 410.9m | ZAR 451.8m | ZAR 455.1m | ZAR 455.1m | ZAR 524.3m | ZAR 524.3m |
| Debt | ZAR 20.6m | ZAR 8.2m | ZAR 17.4m | ZAR 28.1m | ZAR 25.9m | ZAR 25.9m | ZAR 23.8m | ZAR 23.8m |
| Shareholders' equity | ZAR 1.55bn | ZAR 1.59bn | ZAR 1.56bn | ZAR 1.53bn | ZAR 1.55bn | ZAR 1.55bn | ZAR 1.54bn | ZAR 1.54bn |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 2.1% | -2.7% | 0.6% |
| Operating income | 9.7% | -4.8% | 1.1% |
| Net income | -1.6% | -9.4% | -1.3% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 19.7% | 19.6% | 20.1% | 20.7% |
| Operating margin | 5.5% | 5.1% | 5.4% | 6.2% |
| Net margin | 3.6% | 3.7% | 4.4% | 4.8% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 7.0 | 7.7 | 8.0 | 6.3 | 4.8 | 4.5 | 4.5 | 5.2 | 5.0 | 6.6 |
| Price to sales | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.2 | 0.2 | 0.3 | 0.3 | 0.3 |
Dividends and splits
Per share, in the currency the company pays
Paid for 8 years. Last went ex-dividend on 10 Dec 2025.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 1.485 | 1.357 | 2.506 | 1.498 | 2.49 | 1.954 | 2.884 | 3.275 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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