T 
11,833.00
-1.03%
Close of 9 Nov 2026, in ZAc
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Reference data, closing prices and charts across 45,000 companies, plus crypto, commodities and currencies.
At a glance
Figures in ZAR, from our data supplier.
Revenue
ZAR 29.60bn
FY2018FY2025
Net income
−ZAR 7.08bn
FY2018FY2025
Free cash flow
−ZAR 337.0m
FY2018FY2025
Shareholders' equity
ZAR 16.01bn
FY2018FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|
| Revenue | ZAR 29.60bn | ZAR 35.55bn | ZAR 30.63bn | ZAR 26.28bn | ZAR 3.75bn | ZAR 18.59bn | ZAR 24.55bn |
| Research and development | ZAR 287.0m | ZAR 278.0m | ZAR 268.0m | ZAR 169.0m | ZAR 26.0m | — | — |
| Operating income | −ZAR 2.31bn | ZAR 5.09bn | ZAR 6.02bn | ZAR 8.21bn | −ZAR 45.0m | −ZAR 7.58bn | ZAR 6.72bn |
| Net income | −ZAR 7.08bn | ZAR 3.59bn | ZAR 5.16bn | ZAR 6.43bn | −ZAR 330.0m | −ZAR 7.66bn | ZAR 4.46bn |
| Diluted earnings per share | -55.88 | 26.70 | 36.75 | 48.12 | -5.31 | -56.21 | 32.73 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|
| Total assets | ZAR 37.78bn | ZAR 48.08bn | ZAR 46.49bn | ZAR 31.29bn | ZAR 21.90bn | ZAR 18.41bn | ZAR 22.18bn |
| Cash and short-term investments | ZAR 6.14bn | ZAR 8.69bn | ZAR 10.98bn | ZAR 8.76bn | ZAR 2.69bn | ZAR 104.0m | ZAR 313.0m |
| Total liabilities | ZAR 21.61bn | ZAR 21.97bn | ZAR 21.89bn | ZAR 12.81bn | ZAR 13.57bn | ZAR 11.74bn | ZAR 11.46bn |
| Debt | ZAR 86.0m | ZAR 50.0m | ZAR 132.0m | ZAR 184.0m | ZAR 733.0m | ZAR 219.0m | — |
| Shareholders' equity | ZAR 16.01bn | ZAR 25.56bn | ZAR 24.61bn | ZAR 16.57bn | ZAR 6.79bn | ZAR 4.81bn | ZAR 8.92bn |
| Shares outstanding | 127m | 135m | 140m | 134m | 62m | 136m | 136m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|
| Cash from operations | ZAR 2.75bn | ZAR 5.29bn | ZAR 8.50bn | ZAR 6.12bn | ZAR 160.0m | ZAR 95.0m | ZAR 6.08bn |
| Capital spending | −ZAR 3.09bn | −ZAR 3.53bn | −ZAR 3.34bn | −ZAR 2.32bn | −ZAR 3.04bn | −ZAR 4.00bn | −ZAR 2.80bn |
| Free cash flow | −ZAR 337.0m | ZAR 1.76bn | ZAR 5.17bn | ZAR 3.79bn | −ZAR 2.88bn | −ZAR 3.90bn | ZAR 3.27bn |
| Dividends paid | −ZAR 1.67bn | −ZAR 1.63bn | −ZAR 6.92bn | −ZAR 2.15bn | — | −ZAR 10.10bn | −ZAR 6.50bn |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Sept 2023 | Jun 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ZAR 15.17bn | ZAR 14.79bn | ZAR 14.81bn | ZAR 18.80bn | ZAR 16.75bn | ZAR 16.27bn | ZAR 8.14bn | ZAR 14.36bn |
| Operating income | ZAR 229.0m | −ZAR 1.40bn | ZAR 1.13bn | ZAR 2.00bn | ZAR 668.0m | ZAR 2.72bn | ZAR 1.50bn | ZAR 3.29bn |
| Net income | ZAR 1.39bn | −ZAR 7.34bn | ZAR 254.0m | ZAR 2.30bn | ZAR 1.29bn | ZAR 2.08bn | ZAR 1.04bn | ZAR 3.08bn |
| Diluted earnings per share | 10.79 | -57.89 | 2.00 | 17.12 | 9.58 | 14.82 | 7.41 | 21.94 |
| Cash from operations | ZAR 2.71bn | ZAR 1.32bn | ZAR 1.43bn | ZAR 3.86bn | ZAR 2.04bn | ZAR 4.19bn | ZAR 1.88bn | ZAR 5.30bn |
| Capital spending | −ZAR 868.0m | −ZAR 1.86bn | −ZAR 1.21bn | −ZAR 1.85bn | −ZAR 1.65bn | −ZAR 2.44bn | −ZAR 1.15bn | −ZAR 893.0m |
| Free cash flow | ZAR 1.84bn | −ZAR 540.0m | ZAR 212.0m | ZAR 2.01bn | ZAR 386.0m | ZAR 1.74bn | ZAR 728.0m | ZAR 4.41bn |
| Total assets | ZAR 38.16bn | ZAR 37.78bn | ZAR 47.09bn | ZAR 48.08bn | ZAR 46.02bn | ZAR 46.49bn | ZAR 46.49bn | ZAR 38.83bn |
| Cash and short-term investments | ZAR 7.43bn | ZAR 6.14bn | ZAR 6.46bn | ZAR 8.69bn | ZAR 8.41bn | ZAR 10.98bn | ZAR 10.98bn | ZAR 13.66bn |
| Debt | ZAR 34.0m | ZAR 37.0m | ZAR 26.0m | ZAR 31.0m | ZAR 91.0m | ZAR 100.0m | ZAR 66.0m | ZAR 94.0m |
| Shareholders' equity | ZAR 17.20bn | ZAR 16.01bn | ZAR 23.80bn | ZAR 25.56bn | ZAR 23.90bn | ZAR 24.61bn | ZAR 24.61bn | ZAR 23.62bn |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 283.8% | 55.1% | — |
| Operating income | — | 119.7% | — |
| Net income | — | 84.7% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | 4.3% | 9.4% | 13.6% | — |
| Net margin | -5.4% | 1.9% | 6.3% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Price to earnings | -1.7 | 5.0 | 4.2 | 234.8 | 1.8 |
| Price to sales | 0.4 | 0.5 | 0.7 | 79.1 | 0.4 |
Dividends and splits
Per share, in the currency the company pays
Paid for 4 years. Last went ex-dividend on 16 Sept 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Paid in the year | 7.50 | 13.00 | 12.11 | 50.00 | 18.60 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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