S 
96.00
—
Close of 5 Nov 2026, in ZAc
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At a glance
Figures in ZAR, from our data supplier.
Revenue
ZAR 4.47bn
FY2017FY2026
Net income
ZAR 208.8m
FY2017FY2026
Free cash flow
ZAR 375.9m
FY2017FY2026
Shareholders' equity
ZAR 223.7m
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ZAR 4.47bn | ZAR 4.37bn | ZAR 4.79bn | ZAR 4.79bn | ZAR 5.14bn | ZAR 3.90bn | ZAR 3.81bn | ZAR 3.96bn | ZAR 3.53bn | ZAR 2.12bn |
| Gross profit | ZAR 475.0m | ZAR 371.7m | ZAR 128.9m | ZAR 128.9m | ZAR 551.0m | ZAR 411.4m | ZAR 332.8m | ZAR 460.8m | ZAR 565.0m | ZAR 367.5m |
| Operating income | ZAR 236.7m | ZAR 188.6m | −ZAR 293.7m | −ZAR 744.6m | ZAR 138.1m | ZAR 135.1m | −ZAR 2.5m | ZAR 224.0m | ZAR 344.4m | ZAR 122.7m |
| Net income | ZAR 208.8m | ZAR 10.4m | −ZAR 691.6m | −ZAR 691.6m | −ZAR 37.2m | −ZAR 35.8m | −ZAR 136.6m | ZAR 87.7m | ZAR 201.4m | ZAR 30.2m |
| Diluted earnings per share | 0.51 | 0.03 | -1.69 | -1.69 | -0.09 | -0.09 | -0.33 | 0.20 | 461.19 | 76.98 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ZAR 3.44bn | ZAR 3.57bn | ZAR 4.57bn | ZAR 4.57bn | ZAR 4.43bn | ZAR 4.04bn | ZAR 3.96bn | ZAR 3.35bn | ZAR 3.00bn | ZAR 1.59bn |
| Cash and short-term investments | ZAR 67.1m | ZAR 62.0m | ZAR 24.1m | ZAR 24.1m | ZAR 270.9m | ZAR 238.6m | ZAR 44.8m | ZAR 266.3m | ZAR 93.1m | ZAR 84.4m |
| Total liabilities | ZAR 3.21bn | ZAR 3.56bn | ZAR 4.45bn | ZAR 4.45bn | ZAR 3.62bn | ZAR 3.19bn | ZAR 3.08bn | ZAR 2.26bn | ZAR 1.95bn | ZAR 907.2m |
| Debt | ZAR 259.2m | ZAR 573.7m | ZAR 714.7m | ZAR 593.9m | ZAR 975.6m | ZAR 1.26bn | ZAR 1.29bn | ZAR 581.4m | ZAR 515.2m | ZAR 334.7m |
| Shareholders' equity | ZAR 223.7m | ZAR 14.8m | ZAR 120.6m | ZAR 120.6m | ZAR 812.3m | ZAR 848.8m | ZAR 883.0m | ZAR 1.08bn | ZAR 1.04bn | ZAR 684.6m |
| Shares outstanding | 410m | 410m | 410m | 410m | 410m | 410m | 410m | 429m | 0m | 0m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | ZAR 489.5m | ZAR 238.4m | ZAR 194.0m | ZAR 194.0m | ZAR 516.2m | ZAR 633.6m | ZAR 36.2m | ZAR 323.0m | ZAR 213.4m | ZAR 187.0m |
| Capital spending | −ZAR 113.7m | −ZAR 59.0m | −ZAR 146.0m | −ZAR 147.8m | −ZAR 154.2m | −ZAR 421.8m | −ZAR 433.3m | −ZAR 218.3m | −ZAR 68.1m | −ZAR 98.9m |
| Free cash flow | ZAR 375.9m | ZAR 179.3m | ZAR 48.0m | ZAR 46.2m | ZAR 362.0m | ZAR 211.8m | −ZAR 397.1m | ZAR 104.6m | ZAR 145.3m | ZAR 88.1m |
| Dividends paid | — | — | — | — | — | — | −ZAR 602.1m | −ZAR 35.0m | −ZAR 26.0m | −ZAR 19.1m |
Latest quarters
By quarter end
| Mar 2026 | Sept 2025 | Mar 2025 | Sept 2024 | Mar 2024 | Sept 2023 | Mar 2023 | Sept 2022 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ZAR 1.44bn | ZAR 3.03bn | ZAR 2.19bn | ZAR 2.18bn | ZAR 3.18bn | ZAR 1.61bn | ZAR 2.47bn | ZAR 2.32bn |
| Gross profit | ZAR 171.5m | ZAR 303.5m | ZAR 71.6m | ZAR 199.9m | ZAR 123.6m | ZAR 5.4m | ZAR 208.7m | ZAR 98.8m |
| Operating income | ZAR 25.7m | ZAR 211.0m | ZAR 5.3m | ZAR 183.3m | −ZAR 277.8m | −ZAR 15.9m | ZAR 3.5m | −ZAR 80.6m |
| Net income | ZAR 50.9m | ZAR 157.9m | −ZAR 77.8m | ZAR 88.2m | −ZAR 611.0m | −ZAR 80.6m | −ZAR 118.0m | −ZAR 80.6m |
| Diluted earnings per share | 0.12 | 0.38 | -0.19 | 0.21 | -1.49 | -0.20 | -0.29 | -0.20 |
| Cash from operations | ZAR 135.0m | ZAR 353.0m | ZAR 109.0m | ZAR 128.0m | −ZAR 98.0m | ZAR 292.0m | −ZAR 13.0m | ZAR 207.0m |
| Capital spending | −ZAR 79.0m | −ZAR 33.0m | −ZAR 19.0m | −ZAR 39.0m | −ZAR 146.0m | −ZAR 82.0m | −ZAR 76.0m | −ZAR 75.0m |
| Free cash flow | ZAR 56.0m | ZAR 320.0m | ZAR 90.0m | ZAR 89.0m | −ZAR 244.0m | ZAR 210.0m | −ZAR 89.0m | ZAR 132.0m |
| Total assets | ZAR 3.44bn | ZAR 3.67bn | ZAR 3.57bn | ZAR 3.88bn | ZAR 4.57bn | ZAR 3.83bn | ZAR 4.57bn | ZAR 4.64bn |
| Cash and short-term investments | ZAR 67.1m | ZAR 135.6m | ZAR 62.0m | ZAR 36.3m | ZAR 24.1m | ZAR 124.5m | ZAR 24.1m | ZAR 224.7m |
| Debt | ZAR 252.6m | ZAR 357.5m | ZAR 571.9m | ZAR 458.6m | ZAR 657.9m | ZAR 623.1m | ZAR 587.3m | ZAR 710.8m |
| Shareholders' equity | ZAR 223.7m | ZAR 172.7m | ZAR 14.8m | ZAR 92.6m | ZAR 120.6m | ZAR 154.2m | ZAR 120.6m | ZAR 731.7m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -2.3% | 2.7% | 10.9% |
| Operating income | — | 11.9% | 8.9% |
| Net income | — | — | 15.0% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 9.6% | 6.0% | 7.5% | 9.5% |
| Operating margin | 4.8% | -3.3% | -1.2% | 1.1% |
| Net margin | 2.5% | -6.3% | -4.5% | -2.4% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2022 | FY2021 | FY2020 | FY2019 | FY2011 | FY2010 | FY2009 | FY2008 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 1.9 | 0.2 | -0.1 | -0.2 | -0.0 | 0.1 | -0.0 | 0.3 | 0.2 | 0.3 |
| Price to sales | 0.1 | — | — | — | — | — | — | — | 0.0 | 0.0 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 15 Aug 2018.
| FY2019 | FY2018 | FY2017 | FY2015 | FY2014 | |
|---|---|---|---|---|---|
| Paid in the year | 0.078 | 0.058 | 0.084 | 0.039 | 0.031 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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