Z 
1,568.00
-0.13%
Close of 9 Nov 2026, in ZAc
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At a glance
Figures in ZAR, from our data supplier.
Revenue
ZAR 10.65bn
FY2019FY2025
Net income
ZAR 672.5m
FY2019FY2025
Free cash flow
−ZAR 435.6m
FY2019FY2025
Shareholders' equity
ZAR 3.30bn
FY2019FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Revenue | ZAR 10.65bn | ZAR 10.47bn | ZAR 9.14bn | ZAR 8.13bn | ZAR 7.67bn | ZAR 8.69bn | ZAR 10.16bn |
| Gross profit | ZAR 4.35bn | ZAR 4.19bn | ZAR 4.12bn | ZAR 3.54bn | ZAR 2.62bn | ZAR 2.48bn | ZAR 3.63bn |
| Operating income | ZAR 1.62bn | ZAR 1.45bn | ZAR 1.55bn | ZAR 1.26bn | ZAR 826.5m | ZAR 297.8m | ZAR 1.14bn |
| Net income | ZAR 672.5m | ZAR 599.0m | ZAR 731.9m | ZAR 561.4m | ZAR 360.2m | −ZAR 142.3m | ZAR 451.8m |
| Diluted earnings per share | 3.62 | 3.21 | 3.91 | 2.96 | 1.93 | -0.76 | 2.43 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Total assets | ZAR 14.16bn | ZAR 13.41bn | ZAR 12.81bn | ZAR 10.56bn | ZAR 10.97bn | ZAR 9.38bn | ZAR 11.13bn |
| Cash and short-term investments | ZAR 1.11bn | ZAR 2.0m | ZAR 842.3m | ZAR 159.0m | ZAR 83.0m | ZAR 834,000 | ZAR 60.0m |
| Total liabilities | ZAR 10.80bn | ZAR 10.51bn | ZAR 10.41bn | ZAR 8.89bn | ZAR 8.75bn | ZAR 7.43bn | ZAR 9.09bn |
| Debt | ZAR 6.71bn | ZAR 6.32bn | ZAR 6.17bn | ZAR 4.98bn | ZAR 5.39bn | ZAR 5.07bn | ZAR 5.34bn |
| Shareholders' equity | ZAR 3.30bn | ZAR 2.84bn | ZAR 2.35bn | ZAR 1.63bn | ZAR 2.19bn | ZAR 1.92bn | ZAR 2.00bn |
| Shares outstanding | 186m | 187m | 187m | 190m | 186m | 186m | 186m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Cash from operations | −ZAR 417.9m | ZAR 235.6m | −ZAR 555.0m | ZAR 2.04bn | ZAR 70.9m | ZAR 570.8m | ZAR 263.8m |
| Capital spending | −ZAR 17.6m | −ZAR 14.8m | −ZAR 14.0m | −ZAR 11.3m | −ZAR 19.4m | −ZAR 53.1m | −ZAR 15.3m |
| Free cash flow | −ZAR 435.6m | ZAR 220.9m | −ZAR 569.0m | ZAR 2.03bn | ZAR 51.5m | ZAR 517.6m | ZAR 248.4m |
| Dividends paid | −ZAR 195.3m | −ZAR 99.3m | −ZAR 3.9m | −ZAR 1.16bn | −ZAR 129.5m | −ZAR 53.0m | −ZAR 224.7m |
Latest quarters
By quarter end
| Mar 2026 | Sept 2025 | Mar 2025 | Sept 2024 | Mar 2024 | Dec 2023 | Sept 2023 | Jun 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ZAR 5.54bn | ZAR 5.46bn | ZAR 5.19bn | ZAR 5.20bn | ZAR 5.27bn | ZAR 2.63bn | ZAR 4.69bn | ZAR 2.35bn |
| Gross profit | ZAR 1.37bn | ZAR 2.12bn | ZAR 2.24bn | ZAR 2.04bn | ZAR 2.14bn | ZAR 1.07bn | ZAR 2.07bn | ZAR 1.03bn |
| Operating income | ZAR 837.6m | ZAR 792.0m | ZAR 831.6m | ZAR 676.0m | ZAR 789.4m | ZAR 404.0m | ZAR 836.5m | ZAR 418.3m |
| Net income | ZAR 374.7m | ZAR 329.8m | ZAR 342.7m | ZAR 289.3m | ZAR 309.7m | ZAR 154.9m | ZAR 359.2m | ZAR 179.6m |
| Diluted earnings per share | 2.01 | 1.78 | 1.85 | 1.55 | 1.66 | 0.83 | 1.92 | 0.96 |
| Cash from operations | −ZAR 730.0m | ZAR 1.15bn | −ZAR 1.56bn | ZAR 544.0m | −ZAR 308.0m | −ZAR 152.0m | ZAR 181.0m | ZAR 181.0m |
| Capital spending | −ZAR 3.0m | −ZAR 8.0m | −ZAR 8.0m | — | −ZAR 14.0m | −ZAR 2.0m | — | — |
| Free cash flow | −ZAR 733.0m | ZAR 1.14bn | −ZAR 1.57bn | — | −ZAR 322.0m | −ZAR 154.0m | — | — |
| Total assets | ZAR 14.85bn | ZAR 14.16bn | ZAR 14.79bn | ZAR 13.41bn | ZAR 12.97bn | ZAR 12.97bn | ZAR 12.81bn | ZAR 12.81bn |
| Cash and short-term investments | ZAR 957.7m | ZAR 1.11bn | ZAR 1.14bn | ZAR 2.0m | ZAR 958.1m | ZAR 958.1m | ZAR 632.0m | ZAR 842.3m |
| Debt | ZAR 7.32bn | ZAR 6.40bn | ZAR 7.61bn | ZAR 5.94bn | ZAR 6.22bn | ZAR 3.42bn | ZAR 3.47bn | ZAR 3.80bn |
| Shareholders' equity | ZAR 3.40bn | ZAR 3.30bn | ZAR 3.12bn | ZAR 2.84bn | ZAR 2.68bn | ZAR 2.68bn | ZAR 2.35bn | ZAR 2.35bn |
Financial ratios
Data as of 26 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 40.9% | 40.0% | 45.1% | 43.5% | 34.2% | 28.5% |
| Operating margin | 15.9% | 14.9% | 17.4% | 15.6% | 11.5% | 3.4% |
| Net margin | 6.3% | 5.7% | 8.0% | 6.9% | 4.7% | -1.6% |
| Return on equity | 20.4% | 21.1% | 31.1% | 34.4% | 16.5% | -7.4% |
| Return on assets | 4.7% | 4.5% | 5.7% | 5.3% | 3.3% | -1.5% |
| Free cash flow yield | -0.1% | 0.1% | -0.2% | 0.7% | — | — |
| Revenue growth | 1.7% | 14.5% | 12.4% | 6.0% | -11.7% | -14.5% |
| Earnings growth | 12.3% | -18.2% | 30.4% | 55.9% | -353.1% | -131.5% |
| Current ratio | 1.40x | 1.08x | 1.08x | 1.09x | 2.08x | 2.17x |
| Debt to equity | 1.94x | 2.09x | 2.44x | 2.79x | 2.23x | 0.27x |
| Equity ratio | 23.3% | 21.2% | 18.4% | 15.4% | 19.9% | 20.4% |
| Interest coverage | 2.23x | 2.14x | 2.44x | 3.27x | 2.75x | 0.57x |
| Buybacks as a share of market value | 0.6% | 0.2% | 1.3% | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 9.4% | 4.2% | — |
| Operating income | 8.7% | 40.4% | — |
| Net income | 6.2% | — | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 40.4% | 42.2% | 38.9% | — |
| Operating margin | 14.6% | 15.3% | 12.8% | — |
| Net margin | 6.0% | 6.7% | 5.1% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|
| Price to earnings | 3.9 | 4.2 | 3.3 | 4.6 |
| Price to sales | 0.3 | 0.2 | 0.3 | 0.3 |
Dividends and splits
Per share, in the currency the company pays
Paid for 2 years. Last went ex-dividend on 4 Feb 2026.
| FY2026 | FY2025 | FY2024 | |
|---|---|---|---|
| Paid in the year | 1.26 | 1.05 | 0.50 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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