for the six months ended 31 December 2023


R57 167 million(2022: R51 414 million)1


R4 203 million(2022: R3 706 million)

Operating profit3

R2 647 million(2022: R2 617 million)

Profit before tax

R1 507 million(2022: R2 014 million)

Attributable profit

R1 112 million(2022: R1 520 million)

Net asset value per share

9 957 cents per share(2022: 8 716 cents per share)

Earnings per share

666 cents per share(2022: 916 cents per share)

Headline earnings per share

662 cents per share(2022: 902 cents per share)

Interim dividend per share

235 cents per share(2022: 300 cents per share)

Diluted earnings per share

643 cents per share(2022: 874 cents per share)

Diluted headline earnings per share

639 cents per share(2022: 860 cents per share)

Free cash flows generated from operations

R2 831 million(2022: R425 million)

Return on invested capital4

11,8%(2022: 17,4%)

Weighted average cost of capital4

10,2%(2022: 11,0%)

Equity to net debt structure

52% equity:
48% net debt(2022: 57% equity: 43% net debt)

Net debt to EBITDA5
(debt covenant)

2,1 times(2022: 1,6 times)Required: to be less than 3 times

EBITDA to net interest5
(debt covenant)

4,4 times(2022: 12,3 times)Required: to be greater than 3 times

1 Revenue in the comparative period has been restated due to the adoption of IFRS 17.
2 Earnings before interest, taxation, depreciation and amortisation.
3 Operating profit before capital items and net foreign exchange (losses)/gains.
4 The return on invested capital and weighted average cost of capital is prepared on a 12-month rolling basis.
5 Calculated by applying the funders’ covenant methodology.
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