for the six months ended 31 December 2022


R51 215 million(2021: R44 823 million)


R3 706 million(2021: R2 959 million)

Operating profit1

R2 617 million(2021: R2 148 million)

Profit before tax

R2 014 million(2021: R1 879 million)

Attributable profit

R1 520 million(2021: R1 390 million)

Earnings per share

916 cents per share(2021: 785 cents per share)

Headline earnings per share

902 cents per share(2021: 795 cents per share)

Net asset value per share

8 716 cents per share(2021: 7 776 cents per share)

Interim dividend per share

300 cents per share(2021: 275 cents per share)

Free cash flow generated from operations

R425 million(2021: R2 900 million)

Net debt to equity

75%(2021: 30%)

Return on invested capital2

17,4%(2021: 15,9%)

Weighted average cost of capital2

11,0%(2021: 10,4%)

Net debt to EBITDA3 (debt covenant)

1,6 times(2021: 0,9 times) Required: to be less than 3 times

EBITDA to net interest3 (debt covenant)

12,3 times(2021: 16,5 times) Required: to be greater than 3 times

1 Operating profit before capital items and net foreign exchange losses.
2 The return on invested capital and weighted average cost of capital is prepared on a 12-month rolling basis.
3 Calculated by applying the funders’ covenant methodology.
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