P 
182.00
-1.09%
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, before interest expense
ZAR 486.7m
FY2016FY2025
Net income
ZAR 61.0m
FY2016FY2025
Total assets
ZAR 1.26bn
FY2016FY2025
Shareholders' equity
ZAR 671.5m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue, before interest expense | ZAR 486.7m | ZAR 400.4m | ZAR 276.1m | ZAR 274.0m | ZAR 204.8m | ZAR 162.7m | ZAR 98.5m | ZAR 70.2m | ZAR 74.5m | ZAR 105.8m |
| Research and development | ZAR 101,000 | ZAR 61,000 | ZAR 605,000 | ZAR 530,000 | ZAR 492,000 | ZAR 10.6m | ZAR 6.9m | ZAR 1 | ZAR 1 | ZAR 0 |
| Operating income | ZAR 86.9m | ZAR 42.0m | −ZAR 2.0m | ZAR 42.5m | ZAR 33.8m | ZAR 30.4m | −ZAR 8.1m | −ZAR 36.3m | −ZAR 28.4m | −ZAR 3.7m |
| Net income | ZAR 61.0m | ZAR 24.8m | −ZAR 24.9m | ZAR 71.0m | ZAR 72.6m | ZAR 14.4m | −ZAR 12.0m | −ZAR 26.7m | −ZAR 57.9m | −ZAR 3.2m |
| Diluted earnings per share | 0.04 | 0.02 | -0.02 | 0.06 | 0.06 | 0.01 | -0.01 | -0.03 | -0.06 | -0.00 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ZAR 1.26bn | ZAR 1.09bn | ZAR 1.06bn | ZAR 841.0m | ZAR 755.5m | ZAR 625.5m | ZAR 441.4m | ZAR 465.0m | ZAR 453.0m | ZAR 471.7m |
| Cash and short-term investments | ZAR 521.7m | ZAR 334.5m | ZAR 187.3m | ZAR 252.3m | ZAR 259.9m | ZAR 231.5m | ZAR 73.7m | ZAR 111.3m | ZAR 148.5m | ZAR 151.5m |
| Total liabilities | ZAR 457.6m | ZAR 368.6m | ZAR 382.5m | ZAR 289.6m | ZAR 307.4m | ZAR 300.0m | ZAR 144.5m | ZAR 170.5m | ZAR 214.7m | ZAR 208.3m |
| Debt | ZAR 4.4m | ZAR 14.6m | ZAR 3.0m | ZAR 19.5m | ZAR 49.9m | ZAR 83.7m | ZAR 67.1m | ZAR 68.8m | ZAR 33.6m | ZAR 12.2m |
| Shareholders' equity | ZAR 671.5m | ZAR 602.9m | ZAR 571.2m | ZAR 479.1m | ZAR 389.1m | ZAR 298.0m | ZAR 273.3m | ZAR 268.4m | ZAR 238.3m | ZAR 263.4m |
| Shares outstanding | 1,424m | 1,407m | 1,421m | 1,272m | 1,137m | 1,007m | 919m | 898m | 891m | 873m |
Latest quarters
By quarter end
| Feb 2026 | Aug 2025 | Feb 2025 | Aug 2024 | Feb 2024 | Nov 2023 | Aug 2023 | May 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue, before interest expense | ZAR 280.9m | ZAR 265.7m | ZAR 253.0m | ZAR 208.4m | ZAR 188.8m | ZAR 94.1m | ZAR 136.9m | ZAR 64.9m |
| Operating income | ZAR 78.9m | ZAR 27.5m | ZAR 59.5m | ZAR 152.6m | ZAR 15.5m | ZAR 7.5m | −ZAR 28.7m | −ZAR 18.0m |
| Net income | ZAR 40.6m | ZAR 27.5m | ZAR 33.5m | ZAR 13.9m | ZAR 10.9m | ZAR 5.4m | −ZAR 14.2m | −ZAR 7.1m |
| Diluted earnings per share | 0.03 | 0.02 | 0.02 | 0.01 | 0.01 | 0.00 | -0.01 | -0.01 |
| Total assets | ZAR 1.29bn | ZAR 1.26bn | ZAR 1.28bn | ZAR 1.09bn | ZAR 1.03bn | ZAR 1.03bn | ZAR 1.06bn | ZAR 1.06bn |
| Cash and short-term investments | ZAR 468.5m | ZAR 521.7m | ZAR 549.9m | ZAR 334.5m | ZAR 336.3m | ZAR 139.3m | ZAR 190.3m | ZAR 187.3m |
| Debt | ZAR 1.9m | ZAR 2.2m | ZAR 2.8m | ZAR 10.4m | ZAR 1.2m | — | ZAR 3.0m | — |
| Shareholders' equity | ZAR 716.6m | ZAR 671.5m | ZAR 644.0m | ZAR 602.9m | ZAR 582.4m | ZAR 582.4m | ZAR 571.2m | ZAR 571.2m |
Financial ratios
Data as of 25 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Operating margin | 22.9% | 11.7% | -16.5% | 15.5% | 16.5% | 18.7% |
| Net margin | 12.5% | 6.2% | -9.0% | 25.9% | 35.5% | 8.9% |
| Return on equity | 9.1% | 4.1% | -4.4% | 14.8% | 18.7% | 4.8% |
| Return on assets | 4.8% | 2.3% | -2.3% | 8.4% | 9.6% | 2.3% |
| Revenue growth | 21.5% | 45.1% | 0.8% | 33.8% | 25.9% | 65.2% |
| Earnings growth | 146.2% | -199.7% | -135.1% | -2.3% | 403.0% | -220.2% |
| Current ratio | 1.46x | 1.32x | 0.51x | 1.13x | 1.07x | 1.00x |
| Debt to equity | 0.00x | 0.02x | 0.01x | 0.04x | 0.12x | 0.27x |
| Equity ratio | 53.1% | 55.3% | 53.8% | 57.0% | 51.5% | 47.6% |
| Interest coverage | 93.04x | 12.50x | -34.62x | 19.60x | 4.31x | 3.37x |
| R&D as a share of sales | 0.0% | 0.0% | 0.2% | 0.2% | 0.2% | 6.5% |
| Buybacks as a share of market value | -1.2% | 0.9% | -11.7% | -11.9% | -12.9% | -9.6% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 21.1% | 24.5% | 14.0% |
| Operating income | 26.9% | 23.4% | 7.5% |
| Net income | -4.9% | 33.4% | 7.6% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | 14.5% | 11.8% | 12.9% | 8.7% |
| Net margin | 9.7% | 9.2% | 12.1% | 6.5% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 52.3 | 61.3 | -40.6 | 30.4 | 43.1 | 60.1 | -27.0 | -9.9 | -5.3 | -150.2 |
| Price to sales | 6.6 | 3.8 | 3.6 | 7.9 | 15.3 | 5.3 | 3.3 | 3.8 | 4.1 | 4.5 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 18 Apr 2016.
| FY2016 | FY2015 | FY2014 | |
|---|---|---|---|
| Paid in the year | 0.019 | 0.02 | 0.02 |
- 10-to-1 reverse split · 10 Oct 2005
- 1-to-1 reverse split · 14 Oct 2002
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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