4,250.00
-3.80%
Close of 9 Nov 2026, in ZAc
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At a glance
Figures in ZAR, from our data supplier.
Revenue
ZAR 4.19bn
FY2017FY2026
Net income
ZAR 173.5m
FY2017FY2026
Free cash flow
ZAR 81.8m
FY2017FY2026
Shareholders' equity
ZAR 785.1m
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ZAR 4.19bn | ZAR 3.86bn | ZAR 3.47bn | ZAR 3.05bn | ZAR 2.39bn | ZAR 681.4m | ZAR 761.6m | ZAR 944.8m | ZAR 667.2m | ZAR 648.0m |
| Operating income | ZAR 418.8m | ZAR 369.4m | ZAR 312.0m | ZAR 294.4m | ZAR 211.3m | ZAR 144.7m | ZAR 120.0m | ZAR 227.6m | ZAR 201.9m | ZAR 174.1m |
| Net income | ZAR 173.5m | ZAR 273.1m | ZAR 233.6m | ZAR 212.2m | ZAR 121.2m | ZAR 92.6m | ZAR 66.9m | ZAR 165.1m | ZAR 158.5m | ZAR 134.1m |
| Diluted earnings per share | 2.06 | 3.30 | 2.79 | 2.57 | 1.48 | 1.10 | 0.80 | 1.82 | 1.66 | 1.40 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ZAR 1.55bn | ZAR 1.53bn | ZAR 1.39bn | ZAR 1.17bn | ZAR 1.05bn | ZAR 909.3m | ZAR 794.9m | ZAR 1.04bn | ZAR 1.03bn | ZAR 991.2m |
| Cash and short-term investments | ZAR 493.8m | ZAR 477.1m | ZAR 365.7m | ZAR 374.8m | ZAR 290.7m | ZAR 260.9m | ZAR 167.3m | ZAR 284.0m | ZAR 259.9m | ZAR 266.0m |
| Total liabilities | ZAR 738.0m | ZAR 608.9m | ZAR 552.8m | ZAR 415.2m | ZAR 362.0m | ZAR 274.2m | ZAR 259.3m | ZAR 162.5m | ZAR 152.5m | ZAR 154.0m |
| Debt | ZAR 151.1m | ZAR 144.3m | ZAR 145.2m | ZAR 27.0m | ZAR 34.9m | ZAR 41.4m | ZAR 53.1m | ZAR 3.1m | ZAR 14.6m | ZAR 14.1m |
| Shareholders' equity | ZAR 785.1m | ZAR 903.4m | ZAR 820.9m | ZAR 738.1m | ZAR 673.3m | ZAR 621.9m | ZAR 527.2m | ZAR 865.7m | ZAR 867.0m | ZAR 825.2m |
| Shares outstanding | 84m | 83m | 84m | 83m | 82m | 84m | 84m | 91m | 96m | 96m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | ZAR 106.5m | ZAR 181.4m | ZAR 75.5m | ZAR 146.9m | ZAR 125.6m | ZAR 102.3m | ZAR 100.9m | ZAR 61.7m | ZAR 34.9m | ZAR 32.7m |
| Capital spending | −ZAR 24.7m | −ZAR 13.9m | −ZAR 14.6m | −ZAR 5.5m | −ZAR 8.0m | −ZAR 3.1m | −ZAR 17.4m | −ZAR 10.8m | −ZAR 12.2m | −ZAR 17.5m |
| Free cash flow | ZAR 81.8m | ZAR 167.5m | ZAR 60.9m | ZAR 141.5m | ZAR 117.6m | ZAR 99.2m | ZAR 83.5m | ZAR 50.8m | ZAR 22.7m | ZAR 15.3m |
| Dividends paid | — | −ZAR 188.8m | −ZAR 177.0m | −ZAR 136.8m | −ZAR 113.5m | −ZAR 1.8m | −ZAR 75.3m | −ZAR 123.8m | −ZAR 124.3m | −ZAR 141.8m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Sept 2023 | Jun 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ZAR 2.01bn | ZAR 2.18bn | ZAR 1.85bn | ZAR 2.01bn | ZAR 1.71bn | ZAR 1.77bn | ZAR 883.1m | ZAR 1.51bn |
| Operating income | ZAR 184.0m | ZAR 225.6m | ZAR 165.9m | ZAR 196.7m | ZAR 139.7m | ZAR 175.0m | ZAR 87.4m | ZAR 136.5m |
| Net income | ZAR 9.7m | ZAR 163.9m | ZAR 128.3m | ZAR 144.8m | ZAR 104.1m | ZAR 129.5m | ZAR 64.7m | ZAR 99.9m |
| Diluted earnings per share | 0.11 | 1.98 | 1.55 | 1.73 | 1.24 | 1.57 | 0.78 | 1.21 |
| Cash from operations | ZAR 215.0m | ZAR 153.0m | ZAR 237.0m | ZAR 132.0m | ZAR 190.0m | ZAR 61.0m | ZAR 30.0m | ZAR 88.0m |
| Capital spending | −ZAR 10.0m | −ZAR 13.0m | −ZAR 4.0m | −ZAR 9.0m | −ZAR 12.0m | −ZAR 2.0m | −ZAR 1.0m | −ZAR 2.0m |
| Free cash flow | ZAR 205.0m | ZAR 140.0m | ZAR 233.0m | ZAR 123.0m | ZAR 178.0m | ZAR 59.0m | ZAR 29.0m | ZAR 86.0m |
| Total assets | ZAR 1.55bn | ZAR 1.51bn | ZAR 1.53bn | ZAR 1.43bn | ZAR 1.39bn | ZAR 1.42bn | ZAR 1.42bn | ZAR 1.17bn |
| Cash and short-term investments | ZAR 554.0m | ZAR 454.7m | ZAR 477.1m | ZAR 415.6m | ZAR 365.7m | ZAR 339.6m | ZAR 288.0m | ZAR 374.8m |
| Debt | ZAR 32.2m | ZAR 93.5m | ZAR 91.4m | ZAR 42.3m | ZAR 92.2m | ZAR 22.0m | ZAR 70.8m | ZAR 8.7m |
| Shareholders' equity | ZAR 785.1m | ZAR 865.0m | ZAR 903.4m | ZAR 858.6m | ZAR 820.9m | ZAR 781.8m | ZAR 781.8m | ZAR 738.1m |
Financial ratios
Data as of 23 Oct 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating margin | 8.0% | 10.6% | 10.0% | 10.5% | 9.3% | 22.3% |
| Net margin | 4.1% | 7.1% | 6.7% | 7.0% | 5.1% | 13.6% |
| Return on equity | 22.1% | 30.2% | 28.5% | 28.7% | 18.0% | 14.9% |
| Return on assets | 11.2% | 17.8% | 16.8% | 18.2% | 11.6% | 10.2% |
| Free cash flow yield | 0.0% | 0.1% | 0.0% | 0.0% | 0.0% | 0.0% |
| Revenue growth | 8.5% | 11.2% | 14.1% | 27.4% | 250.9% | -10.5% |
| Earnings growth | -36.4% | 16.9% | 10.1% | 75.0% | 31.0% | 38.3% |
| Current ratio | 1.46x | 1.79x | 1.67x | 2.11x | 2.07x | 2.59x |
| Debt to equity | 0.12x | 0.10x | 0.11x | 0.01x | 0.01x | 0.01x |
| Equity ratio | 50.7% | 58.9% | 59.1% | 63.3% | 64.2% | 68.4% |
| Interest coverage | 30.56x | 44.13x | 56.64x | 119.20x | 17.67x | 31.95x |
| Buybacks as a share of market value | -1.8% | 1.4% | -1.6% | -0.6% | 2.6% | -0.2% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 11.2% | 43.8% | 20.8% |
| Operating income | 12.5% | 23.7% | 6.6% |
| Net income | -6.5% | 13.4% | 2.5% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | 9.8% | 9.6% | 9.9% | 12.7% |
| Net margin | 5.5% | 6.1% | 6.3% | 8.3% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 21.3 | 11.6 | 12.6 | 12.5 | 14.9 | 20.4 | 20.6 | 14.7 | 13.4 | 19.6 |
| Price to sales | 0.9 | 0.8 | 0.8 | 0.9 | 0.8 | 2.8 | 1.8 | 2.6 | 3.2 | 4.1 |
Dividends and splits
Per share, in the currency the company pays
Paid for 5 years. Last went ex-dividend on 9 Sept 2026.
| FY2027 | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 2.06 | 3.13 | 2.24 | 2.05 | 1.60 | 1.27 | 0.73 | 1.23 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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