R 
5,328.00
+0.28%
Close of 6 Nov 2026, in ZAc
At a glance
Figures in ZAR, from our data supplier.
Revenue
ZAR 13.88bn
FY2016FY2025
Net income
ZAR 926.0m
FY2016FY2025
Free cash flow
ZAR 454.0m
FY2016FY2025
Shareholders' equity
ZAR 8.04bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ZAR 13.88bn | ZAR 14.45bn | ZAR 13.78bn | ZAR 11.13bn | ZAR 9.57bn | ZAR 7.59bn | ZAR 10.27bn | ZAR 9.73bn | ZAR 9.40bn | ZAR 8.15bn |
| Research and development | — | ZAR 241.0m | ZAR 156.0m | ZAR 137.0m | ZAR 150.0m | ZAR 172.0m | ZAR 152.0m | ZAR 166.0m | ZAR 163.0m | ZAR 147.0m |
| Operating income | ZAR 1.51bn | ZAR 1.53bn | ZAR 1.43bn | ZAR 1.23bn | ZAR 1.05bn | ZAR 307.0m | ZAR 1.36bn | ZAR 1.54bn | ZAR 1.50bn | ZAR 1.31bn |
| Net income | ZAR 926.0m | ZAR 1.04bn | ZAR 919.0m | ZAR 827.0m | ZAR 777.0m | ZAR 84.0m | ZAR 790.0m | ZAR 1.16bn | ZAR 1.11bn | ZAR 954.0m |
| Diluted earnings per share | 5.60 | 5.96 | 5.54 | 5.17 | 4.80 | 0.52 | 4.91 | 7.06 | 6.74 | 5.75 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ZAR 12.76bn | ZAR 13.53bn | ZAR 12.63bn | ZAR 10.93bn | ZAR 10.34bn | ZAR 9.73bn | ZAR 10.30bn | ZAR 10.45bn | ZAR 10.09bn | ZAR 9.91bn |
| Cash and short-term investments | ZAR 1.75bn | ZAR 1.83bn | ZAR 1.30bn | ZAR 957.0m | ZAR 1.07bn | ZAR 1.03bn | ZAR 939.0m | ZAR 765.0m | ZAR 1.65bn | ZAR 2.38bn |
| Total liabilities | ZAR 4.55bn | ZAR 5.43bn | ZAR 5.00bn | ZAR 3.74bn | ZAR 3.56bn | ZAR 3.18bn | ZAR 2.87bn | ZAR 2.93bn | ZAR 2.85bn | ZAR 2.82bn |
| Debt | ZAR 1.82bn | ZAR 1.62bn | ZAR 1.60bn | ZAR 842.0m | ZAR 1.04bn | ZAR 940.0m | ZAR 383.0m | ZAR 293.0m | ZAR 281.0m | ZAR 672.0m |
| Shareholders' equity | ZAR 8.04bn | ZAR 7.96bn | ZAR 7.46bn | ZAR 7.06bn | ZAR 6.70bn | ZAR 6.50bn | ZAR 7.31bn | ZAR 7.44bn | ZAR 7.14bn | ZAR 7.01bn |
| Shares outstanding | 165m | 174m | 166m | 160m | 162m | 162m | 161m | 164m | 165m | 166m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | ZAR 679.0m | ZAR 1.32bn | ZAR 1.37bn | ZAR 711.0m | ZAR 220.0m | ZAR 251.0m | ZAR 552.0m | −ZAR 84.0m | ZAR 420.0m | ZAR 103.0m |
| Capital spending | −ZAR 225.0m | −ZAR 223.0m | −ZAR 355.0m | −ZAR 232.0m | −ZAR 238.0m | −ZAR 170.0m | −ZAR 158.0m | −ZAR 162.0m | −ZAR 143.0m | −ZAR 222.0m |
| Free cash flow | ZAR 454.0m | ZAR 1.10bn | ZAR 1.02bn | ZAR 479.0m | −ZAR 18.0m | ZAR 81.0m | ZAR 394.0m | −ZAR 246.0m | ZAR 277.0m | −ZAR 119.0m |
| Dividends paid | −ZAR 586.0m | −ZAR 540.0m | −ZAR 489.0m | −ZAR 450.0m | −ZAR 26.0m | −ZAR 723.0m | −ZAR 803.0m | −ZAR 772.0m | −ZAR 730.0m | −ZAR 687.0m |
Latest quarters
By quarter end
| Mar 2026 | Sept 2025 | Mar 2025 | Sept 2024 | Mar 2024 | Dec 2023 | Sept 2023 | Jun 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ZAR 6.31bn | ZAR 7.66bn | ZAR 6.22bn | ZAR 7.80bn | ZAR 6.64bn | ZAR 3.32bn | ZAR 7.58bn | ZAR 3.79bn |
| Operating income | ZAR 453.0m | ZAR 930.0m | ZAR 585.0m | ZAR 857.0m | ZAR 674.0m | ZAR 299.0m | ZAR 792.0m | ZAR 384.5m |
| Net income | ZAR 290.0m | ZAR 597.0m | ZAR 329.0m | ZAR 578.0m | ZAR 459.0m | ZAR 229.5m | ZAR 507.0m | ZAR 253.5m |
| Diluted earnings per share | 1.78 | 3.61 | 1.99 | 3.32 | 2.64 | 1.38 | 3.05 | 1.53 |
| Cash from operations | ZAR 243.0m | ZAR 860.0m | −ZAR 181.0m | ZAR 674.0m | ZAR 97.0m | ZAR 251.0m | ZAR 1.03bn | ZAR 517.0m |
| Capital spending | −ZAR 69.0m | −ZAR 122.0m | −ZAR 103.0m | −ZAR 139.0m | −ZAR 84.0m | −ZAR 42.0m | −ZAR 205.0m | −ZAR 102.0m |
| Free cash flow | ZAR 174.0m | ZAR 738.0m | −ZAR 284.0m | ZAR 535.0m | ZAR 13.0m | ZAR 209.0m | ZAR 829.0m | ZAR 415.0m |
| Total assets | ZAR 12.30bn | ZAR 12.76bn | ZAR 12.36bn | ZAR 13.53bn | ZAR 13.07bn | ZAR 13.07bn | ZAR 12.63bn | ZAR 12.63bn |
| Cash and short-term investments | ZAR 1.38bn | ZAR 1.75bn | ZAR 1.08bn | ZAR 1.83bn | ZAR 1.33bn | ZAR 1.33bn | ZAR 1.30bn | ZAR 1.30bn |
| Debt | ZAR 1.08bn | ZAR 1.64bn | ZAR 1.09bn | ZAR 1.41bn | ZAR 1.45bn | ZAR 153.0m | ZAR 1.40bn | ZAR 256.0m |
| Shareholders' equity | ZAR 7.90bn | ZAR 8.04bn | ZAR 7.57bn | ZAR 7.96bn | ZAR 7.50bn | ZAR 7.50bn | ZAR 7.46bn | ZAR 7.46bn |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 7.6% | 12.8% | 5.7% |
| Operating income | 7.2% | 37.6% | 2.6% |
| Net income | 3.8% | 61.6% | -0.7% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | 10.8% | 10.7% | 10.0% | 12.0% |
| Net margin | 6.9% | 7.0% | 6.5% | 8.3% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 11.1 | 12.6 | 10.8 | 10.1 | 11.1 | 69.8 | 14.8 | 10.0 | 10.7 | 11.8 |
| Price to sales | 0.7 | 0.9 | 0.7 | 0.8 | 0.9 | 0.8 | 1.1 | 1.2 | 1.3 | 1.4 |
Dividends and splits
Per share, in the currency the company pays
Paid for 37 years. Last went ex-dividend on 24 Jun 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 3.83 | 3.66 | 3.39 | 3.07 | 2.82 | 2.62 | 4.48 | 4.98 |
- 1-to-1 reverse split · 27 Sept 2004
- 5-for-1 split · 22 Nov 1993
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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