Y 
219.00
—
Close of 9 Nov 2026, in ZAc
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At a glance
Figures in ZAR, from our data supplier.
Revenue
ZAR 1.88bn
FY2017FY2026
Net income
ZAR 91.7m
FY2017FY2026
Free cash flow
ZAR 46.4m
FY2017FY2026
Shareholders' equity
ZAR 3.15bn
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ZAR 1.88bn | ZAR 1.99bn | ZAR 1.75bn | ZAR 1.67bn | ZAR 1.84bn | ZAR 1.93bn | ZAR 1.44bn | ZAR 1.60bn | ZAR 1.82bn | ZAR 1.83bn |
| Research and development | — | — | — | — | — | — | — | — | ZAR 64,000 | ZAR 166,000 |
| Operating income | ZAR 245.8m | ZAR 464.4m | ZAR 227.3m | −ZAR 379.2m | ZAR 248.9m | ZAR 203.8m | −ZAR 82.1m | ZAR 101.6m | ZAR 195.6m | ZAR 228.8m |
| Net income | ZAR 91.7m | ZAR 316.5m | ZAR 136.1m | −ZAR 312.9m | ZAR 182.8m | ZAR 137.1m | −ZAR 217.6m | −ZAR 36.3m | ZAR 139.7m | ZAR 367.3m |
| Diluted earnings per share | 0.20 | 0.68 | 0.29 | -0.67 | 0.53 | 0.39 | -0.60 | -0.11 | 0.44 | 1.16 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ZAR 5.12bn | ZAR 4.98bn | ZAR 4.49bn | ZAR 4.24bn | ZAR 4.67bn | ZAR 4.85bn | ZAR 4.65bn | ZAR 5.21bn | ZAR 5.17bn | ZAR 5.08bn |
| Cash and short-term investments | ZAR 58.0m | ZAR 79.5m | ZAR 108.3m | ZAR 200.6m | ZAR 16.4m | ZAR 108.0m | ZAR 48.4m | ZAR 89.0m | ZAR 152.0m | ZAR 159.3m |
| Total liabilities | ZAR 1.96bn | ZAR 1.92bn | ZAR 1.67bn | ZAR 1.56bn | ZAR 1.61bn | ZAR 1.83bn | ZAR 1.77bn | ZAR 2.11bn | ZAR 2.03bn | ZAR 2.09bn |
| Debt | ZAR 630.6m | ZAR 612.3m | ZAR 485.3m | ZAR 423.8m | ZAR 452.0m | ZAR 556.7m | ZAR 641.6m | ZAR 693.5m | ZAR 804.6m | ZAR 913.8m |
| Shareholders' equity | ZAR 3.15bn | ZAR 3.06bn | ZAR 2.82bn | ZAR 2.68bn | ZAR 3.06bn | ZAR 3.02bn | ZAR 2.88bn | ZAR 3.10bn | ZAR 3.13bn | ZAR 2.99bn |
| Shares outstanding | 464m | 464m | 464m | 465m | 345m | 349m | 361m | 345m | 317m | 316m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | ZAR 107.6m | ZAR 100.2m | −ZAR 9.1m | ZAR 87.9m | ZAR 146.7m | ZAR 362.2m | ZAR 50.7m | ZAR 146.3m | ZAR 198.7m | ZAR 88.8m |
| Capital spending | −ZAR 61.2m | −ZAR 164.7m | −ZAR 96.5m | −ZAR 67.8m | −ZAR 86.8m | −ZAR 85.7m | −ZAR 44.7m | −ZAR 84.6m | −ZAR 136.5m | −ZAR 213.5m |
| Free cash flow | ZAR 46.4m | −ZAR 64.5m | −ZAR 105.6m | ZAR 20.1m | ZAR 59.9m | ZAR 276.5m | ZAR 6.0m | ZAR 61.6m | ZAR 62.1m | −ZAR 124.7m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Mar 2024 | Dec 2023 | Sept 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ZAR 866.6m | ZAR 1.01bn | ZAR 956.6m | ZAR 1.04bn | ZAR 862.9m | ZAR 431.4m | ZAR 882.3m | ZAR 441.2m |
| Operating income | ZAR 121.4m | ZAR 124.2m | ZAR 358.7m | ZAR 132.6m | ZAR 171.1m | ZAR 85.6m | ZAR 56.2m | −ZAR 21.8m |
| Net income | ZAR 21.4m | ZAR 70.3m | ZAR 242.9m | ZAR 73.6m | ZAR 109.9m | ZAR 55.0m | ZAR 26.2m | ZAR 13.1m |
| Diluted earnings per share | 0.05 | 0.15 | 0.52 | 0.16 | 0.24 | 0.12 | 0.06 | 0.03 |
| Cash from operations | ZAR 34.0m | ZAR 73.0m | ZAR 76.0m | ZAR 23.0m | ZAR 13.0m | ZAR 6.0m | −ZAR 22.0m | −ZAR 11.0m |
| Capital spending | −ZAR 41.0m | −ZAR 19.0m | −ZAR 69.0m | −ZAR 94.0m | −ZAR 30.0m | −ZAR 15.0m | −ZAR 32.0m | −ZAR 16.0m |
| Free cash flow | −ZAR 7.0m | ZAR 54.0m | ZAR 7.0m | −ZAR 71.0m | −ZAR 17.0m | −ZAR 9.0m | −ZAR 54.0m | −ZAR 27.0m |
| Total assets | ZAR 5.12bn | ZAR 4.99bn | ZAR 4.98bn | ZAR 4.65bn | ZAR 4.49bn | ZAR 4.49bn | ZAR 4.27bn | ZAR 4.27bn |
| Cash and short-term investments | ZAR 58.0m | ZAR 32.7m | ZAR 79.5m | ZAR 63.4m | ZAR 108.3m | ZAR 67.3m | ZAR 96.0m | ZAR 96.0m |
| Debt | ZAR 162.5m | ZAR 580.5m | ZAR 146.0m | ZAR 567.8m | ZAR 472.4m | ZAR 127.3m | ZAR 397.3m | ZAR 251.4m |
| Shareholders' equity | ZAR 3.15bn | ZAR 3.13bn | ZAR 3.06bn | ZAR 2.89bn | ZAR 2.82bn | ZAR 2.82bn | ZAR 2.71bn | ZAR 2.71bn |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 4.0% | -0.6% | 0.6% |
| Operating income | — | 3.8% | 0.8% |
| Net income | — | -7.7% | -9.1% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | 18.3% | 7.7% | 9.1% | 8.6% |
| Net margin | 10.5% | 3.2% | 5.0% | 5.3% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 10.1 | 3.2 | 7.8 | -2.5 | 3.8 | 9.5 | -3.1 | -14.2 | 4.2 | 2.1 |
| Price to sales | 0.5 | 0.5 | 0.6 | 0.5 | 0.4 | 0.7 | 0.5 | 0.3 | 0.3 | 0.4 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 21 Nov 2005.
| FY2006 | FY2005 | FY1998 | |
|---|---|---|---|
| Paid in the year | 0.70 | 0.013 | 0.003 |
- 1-to-1 reverse split · 12 Mar 2007
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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