880.00
+0.11%
Close of 6 Nov 2026, in ZAc
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At a glance
Figures in ZAR, from our data supplier.
Revenue
ZAR 6.64bn
FY2016FY2025
Net income
ZAR 276.0m
FY2016FY2025
Free cash flow
ZAR 586.7m
FY2016FY2025
Shareholders' equity
ZAR 4.12bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ZAR 6.64bn | ZAR 7.18bn | ZAR 6.20bn | ZAR 5.88bn | ZAR 4.62bn | ZAR 4.38bn | ZAR 3.97bn | ZAR 2.58bn | ZAR 2.13bn | ZAR 2.03bn |
| Gross profit | ZAR 2.26bn | ZAR 1.88bn | ZAR 1.51bn | ZAR 1.34bn | ZAR 1.42bn | ZAR 1.48bn | ZAR 1.27bn | ZAR 908.2m | ZAR 716.8m | ZAR 639.4m |
| Operating income | ZAR 846.1m | ZAR 580.4m | ZAR 462.4m | ZAR 471.7m | ZAR 691.2m | ZAR 629.3m | ZAR 599.6m | ZAR 482.0m | ZAR 355.5m | ZAR 308.9m |
| Net income | ZAR 276.0m | ZAR 227.0m | ZAR 282.1m | ZAR 310.6m | ZAR 469.9m | ZAR 430.8m | ZAR 412.5m | ZAR 281.2m | ZAR 259.3m | ZAR 219.3m |
| Diluted earnings per share | 0.87 | 0.73 | 0.98 | 1.09 | 1.68 | 1.49 | 1.43 | 1.05 | 1.02 | 1.35 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ZAR 9.52bn | ZAR 9.85bn | ZAR 8.02bn | ZAR 7.64bn | ZAR 6.84bn | ZAR 5.79bn | ZAR 5.52bn | ZAR 4.85bn | ZAR 2.57bn | ZAR 1.95bn |
| Cash and short-term investments | ZAR 261.6m | ZAR 416.1m | ZAR 280.6m | ZAR 243.3m | ZAR 739.9m | ZAR 275.2m | ZAR 237.9m | ZAR 781.7m | ZAR 383.0m | ZAR 180.8m |
| Total liabilities | ZAR 5.41bn | ZAR 5.89bn | ZAR 4.65bn | ZAR 4.40bn | ZAR 3.67bn | ZAR 3.00bn | ZAR 3.00bn | ZAR 2.78bn | ZAR 1.00bn | ZAR 730.5m |
| Debt | ZAR 3.09bn | ZAR 3.61bn | ZAR 2.89bn | ZAR 2.64bn | ZAR 2.06bn | ZAR 1.59bn | ZAR 1.72bn | ZAR 1.52bn | ZAR 347.1m | ZAR 129.3m |
| Shareholders' equity | ZAR 4.12bn | ZAR 3.97bn | ZAR 3.35bn | ZAR 3.19bn | ZAR 3.11bn | ZAR 2.75bn | ZAR 2.44bn | ZAR 1.81bn | ZAR 1.40bn | ZAR 1.08bn |
| Shares outstanding | 318m | 309m | 287m | 286m | 280m | 289m | 288m | 269m | 254m | 162m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | ZAR 1.42bn | ZAR 773.9m | ZAR 450.2m | ZAR 481.0m | ZAR 636.9m | ZAR 810.7m | ZAR 560.4m | ZAR 476.5m | ZAR 252.6m | ZAR 249.2m |
| Capital spending | −ZAR 829.5m | −ZAR 724.4m | −ZAR 540.1m | −ZAR 333.1m | −ZAR 344.4m | −ZAR 384.1m | −ZAR 333.7m | −ZAR 395.3m | −ZAR 371.4m | −ZAR 110.6m |
| Free cash flow | ZAR 586.7m | ZAR 49.5m | −ZAR 89.9m | ZAR 148.0m | ZAR 292.6m | ZAR 426.6m | ZAR 226.7m | ZAR 81.1m | −ZAR 118.8m | ZAR 138.6m |
| Dividends paid | −ZAR 93.2m | −ZAR 123.8m | −ZAR 111.0m | −ZAR 170.0m | −ZAR 133.0m | −ZAR 147.1m | −ZAR 117.2m | −ZAR 78.5m | −ZAR 144.3m | −ZAR 144.3m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Mar 2024 | Dec 2023 | Sept 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ZAR 3.29bn | ZAR 2.22bn | ZAR 4.42bn | ZAR 3.87bn | ZAR 3.30bn | ZAR 1.65bn | ZAR 3.00bn | ZAR 1.50bn |
| Gross profit | ZAR 1.05bn | ZAR 1.01bn | ZAR 1.25bn | ZAR 937.2m | ZAR 944.0m | ZAR 472.0m | ZAR 733.6m | ZAR 366.8m |
| Operating income | ZAR 873.4m | ZAR 871.1m | ZAR 589.7m | ZAR 765.8m | ZAR 684.4m | ZAR 342.2m | ZAR 592.4m | ZAR 122.0m |
| Net income | ZAR 331.6m | −ZAR 54.0m | ZAR 330.0m | ZAR 50.7m | ZAR 176.3m | ZAR 88.1m | ZAR 69.6m | ZAR 34.8m |
| Diluted earnings per share | 0.97 | -0.17 | 1.04 | 0.16 | 0.57 | 0.29 | 0.24 | 0.12 |
| Cash from operations | ZAR 414.0m | ZAR 937.0m | ZAR 478.0m | ZAR 703.0m | ZAR 70.0m | ZAR 35.0m | ZAR 271.0m | ZAR 135.0m |
| Capital spending | −ZAR 376.0m | −ZAR 468.0m | −ZAR 360.0m | −ZAR 456.0m | −ZAR 253.0m | −ZAR 126.0m | −ZAR 196.0m | −ZAR 98.0m |
| Free cash flow | ZAR 38.0m | ZAR 469.0m | ZAR 118.0m | ZAR 247.0m | −ZAR 183.0m | −ZAR 91.0m | ZAR 75.0m | ZAR 37.0m |
| Total assets | ZAR 8.99bn | ZAR 9.52bn | ZAR 10.16bn | ZAR 9.85bn | ZAR 9.90bn | ZAR 9.90bn | ZAR 8.02bn | ZAR 8.02bn |
| Cash and short-term investments | ZAR 678.2m | ZAR 261.6m | ZAR 447.9m | ZAR 416.1m | ZAR 244.6m | ZAR 244.6m | ZAR 280.6m | ZAR 280.6m |
| Debt | ZAR 2.54bn | ZAR 2.82bn | ZAR 3.35bn | ZAR 3.32bn | ZAR 3.48bn | ZAR 514.6m | ZAR 2.68bn | ZAR 407.9m |
| Shareholders' equity | ZAR 4.23bn | ZAR 4.12bn | ZAR 4.17bn | ZAR 3.97bn | ZAR 3.94bn | ZAR 3.94bn | ZAR 3.35bn | ZAR 3.35bn |
Financial ratios
Data as of 23 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2013 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 34.1% | 26.2% | 24.3% | 22.8% | 30.8% | 33.8% | — |
| Operating margin | 28.7% | 9.1% | 9.5% | 8.8% | 14.9% | 14.9% | — |
| Net margin | 4.2% | 3.2% | 4.5% | 5.3% | 10.2% | 9.8% | — |
| Return on equity | 6.7% | 5.7% | 8.4% | 9.8% | 15.1% | 15.6% | — |
| Return on assets | 2.9% | 2.3% | 3.5% | 4.1% | 6.9% | 7.4% | — |
| Free cash flow yield | 0.8% | 0.6% | 0.4% | 0.3% | 0.4% | 0.5% | — |
| Revenue growth | -7.4% | 15.7% | 5.6% | 27.3% | 5.5% | 10.3% | — |
| Earnings growth | 21.6% | -19.6% | -9.2% | -33.9% | 9.1% | 4.4% | — |
| Current ratio | 1.51x | 1.88x | 1.89x | 1.96x | 2.35x | 2.03x | — |
| Debt to equity | 0.68x | 0.84x | 0.80x | 0.77x | 0.62x | 0.53x | — |
| Equity ratio | 43.3% | 40.3% | 41.8% | 41.7% | 45.5% | 47.5% | — |
| Interest coverage | 6.46x | 2.03x | 2.40x | 3.58x | 9.42x | 6.66x | — |
| R&D as a share of sales | — | — | — | — | — | — | 0.1% |
| Buybacks as a share of market value | -2.8% | -7.5% | -0.5% | -2.1% | 3.2% | -0.5% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 4.2% | 8.7% | 17.1% |
| Operating income | 21.5% | 6.1% | 22.2% |
| Net income | -3.9% | -8.5% | 20.4% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 30.0% | 27.0% | 28.4% | 29.3% |
| Operating margin | 10.3% | 9.1% | 10.6% | 11.8% |
| Net margin | 3.6% | 4.2% | 5.7% | 6.8% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 10.9 | 11.4 | 9.6 | 11.1 | 8.2 | 9.6 | 10.2 | 13.1 | 12.3 |
| Price to sales | 0.5 | 0.4 | 0.4 | 0.6 | 0.8 | 0.9 | 1.1 | 1.4 | 1.5 |
Dividends and splits
Per share, in the currency the company pays
Paid for 8 years. Last went ex-dividend on 8 Apr 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.76 | 0.22 | 0.40 | 0.38 | 0.56 | 0.45 | 0.05 | 0.40 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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