Q 
884.00
-0.67%
Close of 9 Nov 2026, in ZAc
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At a glance
Figures in ZAR, from our data supplier.
Revenue
ZAR 7.15bn
FY2016FY2025
Net income
ZAR 278.6m
FY2016FY2025
Free cash flow
ZAR 39.9m
FY2016FY2025
Shareholders' equity
ZAR 2.40bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ZAR 7.15bn | ZAR 6.33bn | ZAR 6.95bn | ZAR 6.02bn | ZAR 5.40bn | ZAR 5.10bn | ZAR 4.42bn | ZAR 4.12bn | ZAR 4.05bn | ZAR 3.91bn |
| Gross profit | ZAR 1.46bn | ZAR 1.22bn | ZAR 1.18bn | ZAR 1.11bn | ZAR 1.06bn | ZAR 1.07bn | ZAR 1.02bn | ZAR 934.0m | ZAR 794.1m | ZAR 688.9m |
| Operating income | ZAR 176.6m | ZAR 45.7m | ZAR 30.5m | ZAR 38.4m | ZAR 75.3m | ZAR 126.0m | ZAR 95.7m | ZAR 53.2m | −ZAR 35.1m | −ZAR 47.4m |
| Net income | ZAR 278.6m | ZAR 160.4m | −ZAR 35.6m | ZAR 23.8m | ZAR 105.8m | ZAR 154.9m | ZAR 189.2m | ZAR 362.2m | ZAR 127.6m | ZAR 91.4m |
| Diluted earnings per share | 1.38 | 0.79 | -0.18 | 0.12 | 0.53 | 0.78 | 0.91 | 1.63 | 0.56 | 0.39 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ZAR 3.48bn | ZAR 3.22bn | ZAR 2.93bn | ZAR 3.13bn | ZAR 2.78bn | ZAR 2.64bn | ZAR 2.51bn | ZAR 2.51bn | ZAR 2.25bn | ZAR 2.27bn |
| Cash and short-term investments | ZAR 275.9m | ZAR 244.5m | ZAR 71.4m | ZAR 63.8m | ZAR 73.3m | ZAR 251.8m | ZAR 219.6m | ZAR 422.5m | ZAR 261.5m | ZAR 79.5m |
| Total liabilities | ZAR 1.08bn | ZAR 1.12bn | ZAR 917.7m | ZAR 1.03bn | ZAR 784.7m | ZAR 759.1m | ZAR 676.9m | ZAR 660.3m | ZAR 563.0m | ZAR 669.9m |
| Debt | ZAR 134.4m | ZAR 142.5m | ZAR 43.2m | ZAR 156.5m | ZAR 109.0m | ZAR 71.9m | ZAR 6.1m | ZAR 6.2m | ZAR 6.3m | ZAR 6.4m |
| Shareholders' equity | ZAR 2.40bn | ZAR 2.09bn | ZAR 2.02bn | ZAR 2.10bn | ZAR 2.00bn | ZAR 1.89bn | ZAR 1.84bn | ZAR 1.85bn | ZAR 1.69bn | ZAR 1.60bn |
| Shares outstanding | 202m | 204m | 200m | 200m | 200m | 200m | 207m | 223m | 229m | 233m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | ZAR 301.8m | ZAR 264.3m | ZAR 276.4m | ZAR 77.8m | ZAR 24.3m | ZAR 216.3m | ZAR 162.7m | ZAR 431.6m | ZAR 257.7m | −ZAR 42.1m |
| Capital spending | −ZAR 261.9m | −ZAR 153.4m | −ZAR 142.5m | −ZAR 125.2m | −ZAR 108.6m | −ZAR 91.2m | −ZAR 152.6m | −ZAR 116.0m | −ZAR 73.0m | −ZAR 98.8m |
| Free cash flow | ZAR 39.9m | ZAR 110.9m | ZAR 133.9m | −ZAR 47.4m | −ZAR 84.3m | ZAR 125.2m | ZAR 10.1m | ZAR 315.5m | ZAR 184.6m | −ZAR 140.8m |
| Dividends paid | −ZAR 9,000 | −ZAR 9,000 | −ZAR 56,000 | −ZAR 16.0m | −ZAR 19.4m | −ZAR 59.8m | −ZAR 162.6m | −ZAR 119.7m | −ZAR 13.8m | −ZAR 23.3m |
Latest quarters
By quarter end
| Sept 2025 | Mar 2025 | Sept 2024 | Mar 2024 | Sept 2023 | Mar 2023 | Sept 2022 | Mar 2022 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ZAR 3.55bn | ZAR 3.60bn | ZAR 3.32bn | ZAR 3.01bn | ZAR 3.50bn | ZAR 3.45bn | ZAR 3.19bn | ZAR 2.83bn |
| Gross profit | ZAR 742.0m | ZAR 713.5m | ZAR 657.3m | ZAR 567.5m | ZAR 589.3m | ZAR 593.6m | ZAR 614.6m | ZAR 495.0m |
| Operating income | ZAR 64.7m | ZAR 111.9m | ZAR 21.8m | ZAR 23.9m | −ZAR 9.3m | ZAR 39.7m | ZAR 49.8m | −ZAR 16.8m |
| Net income | ZAR 128.6m | ZAR 150.1m | ZAR 116.2m | ZAR 44.2m | −ZAR 41.3m | ZAR 5.8m | −ZAR 8.8m | ZAR 32.7m |
| Diluted earnings per share | 0.63 | 0.75 | 0.57 | 0.22 | -0.21 | 0.03 | -0.04 | 0.16 |
| Total assets | ZAR 3.48bn | ZAR 3.41bn | ZAR 3.22bn | ZAR 3.00bn | ZAR 2.93bn | ZAR 3.04bn | ZAR 3.13bn | ZAR 2.80bn |
| Cash and short-term investments | ZAR 275.9m | ZAR 311.5m | ZAR 245.8m | ZAR 185.9m | ZAR 71.4m | ZAR 73.9m | ZAR 63.8m | ZAR 154.6m |
| Debt | ZAR 97.9m | ZAR 88.5m | ZAR 106.7m | ZAR 122.2m | ZAR 21.9m | ZAR 127.6m | ZAR 130.9m | ZAR 74.9m |
| Shareholders' equity | ZAR 2.40bn | ZAR 2.25bn | ZAR 2.09bn | ZAR 2.02bn | ZAR 2.02bn | ZAR 1.98bn | ZAR 2.10bn | ZAR 2.00bn |
Financial ratios
Data as of 30 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 20.4% | 22.2% | 17.0% | 18.4% | 19.7% | 22.6% | — |
| Operating margin | 5.4% | 3.7% | -0.6% | 0.6% | 2.7% | 4.4% | — |
| Net margin | 3.9% | 2.5% | -0.5% | 0.4% | 2.0% | 3.0% | — |
| Return on equity | 11.6% | 7.7% | -1.8% | 1.1% | 5.3% | 8.2% | — |
| Return on assets | 8.0% | 5.0% | -1.2% | 0.8% | 3.8% | 5.9% | — |
| Free cash flow yield | 0.4% | 0.3% | 0.3% | 0.1% | 0.1% | 0.2% | — |
| Revenue growth | 12.9% | -8.9% | 15.5% | 11.5% | 6.0% | 15.3% | — |
| Earnings growth | 73.7% | -550.9% | -249.3% | -77.5% | -31.7% | -18.1% | — |
| Current ratio | 2.84x | 2.42x | 2.32x | 2.42x | 3.35x | 2.99x | — |
| Debt to equity | 0.04x | 0.06x | 0.01x | 0.05x | 0.01x | 0.01x | — |
| Equity ratio | 68.9% | 65.1% | 68.7% | 67.1% | 71.8% | 71.3% | — |
| Interest coverage | 27.23x | 11.87x | -1.67x | 2.19x | 12.09x | 26.09x | — |
| R&D as a share of sales | — | 0.3% | 0.3% | 0.3% | 0.3% | 0.3% | 0.4% |
| Buybacks as a share of market value | -0.3% | -0.5% | -1.0% | -0.9% | -0.4% | -1.6% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 5.9% | 7.0% | 7.5% |
| Operating income | 66.3% | 7.0% | 0.8% |
| Net income | 127.0% | 12.5% | 8.2% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 19.9% | 18.8% | 19.2% | 19.6% |
| Operating margin | 1.6% | 1.1% | 1.3% | 1.3% |
| Net margin | 3.3% | 1.6% | 1.9% | 2.8% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 5.9 | 11.6 | -23.8 | 39.0 | 10.5 | 7.7 | 4.4 | 2.9 | 6.6 | 7.7 |
| Price to sales | 0.2 | 0.3 | 0.1 | 0.1 | 0.2 | 0.2 | 0.2 | 0.3 | 0.2 | 0.2 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 21 Jan 2026.
| FY2026 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.34 | 0.08 | 0.10 | 0.21 | 0.29 | 0.32 | 0.06 | 0.10 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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