S 
76.00
—
Close of 27 Oct 2026, in ZAc
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At a glance
Figures in ZAR, from our data supplier.
Revenue
ZAR 2.50bn
FY2016FY2025
Net income
−ZAR 15.3m
FY2016FY2025
Free cash flow
−ZAR 122.0m
FY2016FY2025
Shareholders' equity
ZAR 712.3m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ZAR 2.50bn | ZAR 2.57bn | ZAR 2.36bn | ZAR 1.87bn | ZAR 2.00bn | ZAR 1.74bn | ZAR 1.56bn | ZAR 1.73bn | ZAR 1.43bn | ZAR 1.78bn |
| Gross profit | ZAR 47.7m | ZAR 148.0m | ZAR 228.3m | ZAR 132.7m | ZAR 175.5m | ZAR 84.3m | ZAR 63.1m | ZAR 143.5m | ZAR 66.6m | ZAR 153.7m |
| Operating income | −ZAR 12.2m | ZAR 80.0m | ZAR 142.9m | ZAR 60.9m | ZAR 112.2m | ZAR 38.1m | −ZAR 7.7m | ZAR 61.0m | ZAR 19.3m | −ZAR 31.8m |
| Net income | −ZAR 15.3m | ZAR 33.9m | ZAR 88.6m | ZAR 45.0m | ZAR 75.1m | ZAR 26.9m | −ZAR 17.2m | −ZAR 3.7m | −ZAR 57.4m | −ZAR 39.1m |
| Diluted earnings per share | -0.08 | 0.17 | 0.44 | 0.22 | 0.37 | 0.13 | -0.08 | -0.02 | -0.37 | -0.25 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ZAR 1.43bn | ZAR 1.23bn | ZAR 10.9m | ZAR 885.5m | ZAR 755.5m | ZAR 694.3m | ZAR 705.8m | ZAR 858.9m | ZAR 884.9m | ZAR 943.1m |
| Cash and short-term investments | ZAR 12.1m | ZAR 121.5m | ZAR 842,610 | ZAR 133.9m | ZAR 140.0m | ZAR 20.7m | ZAR 15.8m | ZAR 15.6m | ZAR 11.5m | ZAR 22.3m |
| Total liabilities | ZAR 778.0m | ZAR 551.9m | ZAR 4.2m | ZAR 291.5m | ZAR 188.2m | ZAR 196.1m | ZAR 234.5m | ZAR 370.0m | ZAR 412.9m | ZAR 413.3m |
| Debt | ZAR 242.6m | ZAR 218.9m | ZAR 1.6m | ZAR 44.2m | ZAR 53.9m | ZAR 53.1m | ZAR 87.1m | ZAR 105.5m | ZAR 105.7m | ZAR 249.0m |
| Shareholders' equity | ZAR 712.3m | ZAR 709.6m | ZAR 6.7m | ZAR 595.4m | ZAR 567.3m | ZAR 498.3m | ZAR 471.3m | ZAR 488.8m | ZAR 472.0m | ZAR 529.9m |
| Shares outstanding | 203m | 203m | 203m | 203m | 203m | 203m | 203m | 204m | 156m | 156m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −ZAR 92.9m | ZAR 53.9m | −ZAR 45.9m | ZAR 85.9m | ZAR 126.3m | −ZAR 15.0m | −ZAR 30.9m | ZAR 7.9m | ZAR 120.9m | −ZAR 55.7m |
| Capital spending | −ZAR 29.1m | −ZAR 46.5m | −ZAR 16.7m | −ZAR 67.0m | −ZAR 2.3m | −ZAR 33.3m | −ZAR 27.1m | −ZAR 9.4m | −ZAR 7.8m | −ZAR 13.3m |
| Free cash flow | −ZAR 122.0m | ZAR 7.4m | −ZAR 62.5m | ZAR 18.8m | ZAR 124.1m | −ZAR 48.3m | −ZAR 57.9m | −ZAR 1.5m | ZAR 113.1m | −ZAR 69.1m |
| Dividends paid | −ZAR 11.2m | −ZAR 22.4m | −ZAR 12.2m | −ZAR 18.3m | −ZAR 6.1m | −ZAR 6.1m | −ZAR 6.1m | −ZAR 6.1m | — | — |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Mar 2024 | Dec 2023 | Sept 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ZAR 1.53bn | ZAR 1.33bn | ZAR 1.18bn | ZAR 1.26bn | ZAR 1.31bn | ZAR 654.2m | ZAR 1.13bn | ZAR 562.6m |
| Gross profit | ZAR 75.9m | ZAR 55.8m | ZAR 24.6m | ZAR 32.7m | ZAR 115.4m | ZAR 57.7m | ZAR 124.0m | ZAR 61.5m |
| Operating income | ZAR 38.7m | ZAR 50.6m | −ZAR 17.1m | ZAR 18.1m | ZAR 76.7m | ZAR 34.1m | ZAR 87.0m | ZAR 26.3m |
| Net income | ZAR 10.4m | ZAR 15.5m | −ZAR 30.8m | −ZAR 9.8m | ZAR 43.7m | ZAR 21.9m | ZAR 40.0m | ZAR 20.0m |
| Diluted earnings per share | 0.05 | 0.08 | -0.15 | -0.05 | 0.22 | 0.11 | 0.20 | 0.10 |
| Cash from operations | −ZAR 225.0m | ZAR 192.0m | −ZAR 284.0m | ZAR 260.0m | −ZAR 206.0m | −ZAR 103.0m | ZAR 1.0m | ZAR 77.0m |
| Capital spending | −ZAR 2.0m | −ZAR 27.0m | −ZAR 1.0m | −ZAR 34.0m | −ZAR 11.0m | −ZAR 5.0m | — | — |
| Free cash flow | −ZAR 227.0m | ZAR 165.0m | −ZAR 285.0m | ZAR 226.0m | −ZAR 217.0m | −ZAR 108.0m | — | — |
| Total assets | ZAR 1.63bn | ZAR 1.43bn | ZAR 1.36bn | ZAR 1.23bn | ZAR 1.50bn | ZAR 1.50bn | ZAR 1.09bn | ZAR 1.09bn |
| Cash and short-term investments | — | ZAR 12.1m | — | ZAR 121.5m | −ZAR 3.9m | — | ZAR 84.3m | ZAR 84.5m |
| Debt | ZAR 403.2m | ZAR 196.1m | ZAR 331.8m | ZAR 153.5m | ZAR 258.0m | ZAR 194.5m | ZAR 96.8m | ZAR 30.6m |
| Shareholders' equity | ZAR 728.5m | ZAR 712.3m | ZAR 679.5m | ZAR 709.6m | ZAR 691.9m | ZAR 691.9m | ZAR 670.4m | ZAR 670.4m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 10.1% | 7.5% | 4.2% |
| Net income | — | — | 0.9% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 3.9% | 6.0% | 6.3% | 6.6% |
| Operating margin | 1.3% | 2.9% | 3.2% | 2.2% |
| Net margin | 0.4% | 1.6% | 1.9% | 0.6% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -16.5 | 11.8 | 2.5 | 5.5 | 3.4 | 2.9 | -4.7 | -44.4 | -0.5 | -1.1 |
| Price to sales | 0.1 | 0.2 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.0 | 0.0 |
Dividends and splits
Per share, in the currency the company pays
Paid for 5 years. Last went ex-dividend on 15 Apr 2025.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2011 | FY2010 | FY2008 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.001 | 0.001 | 0.001 | 0.001 | 0.00 | 0.00 | 0.00 | 0.003 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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