South Africa earnings: platinum and gold deliver multiple-fold profit growth

South African coverage runs to 48 issuers, the broadest in our international review. There is no single reporting season here: many companies close their financial year in June, others in February or March, so each line carries its own period. Median growth for the market: revenue up 6%, net profit up 10%.

- The platinum group delivered the best reports: Northam Platinum grew profit 33-fold, Valterra 20-fold, Impala five-fold.

- Gold followed: Harmony Gold tripled profit, Gold Fields added 81% on 71% revenue growth.

- Real estate rose on revaluations: Growthpoint grew profit 15-fold, Redefine 141%.

- The worst result is Sappi: the pulp and paper business swung to a deep loss on flat revenue.

- Sasol lost 95% of profit, Telkom SA 70%, The Foschini Group 81%.

Banks and finance

Old Mutual - revenue 218135 mn rand (+46%), net profit 4306 (+77%). Net margin 2%; 7.0x earnings.

Remgro - revenue 27134 mn rand (+3%), EBITDA 2728 (+4%), net profit 5168 (+41%). Net margin 19%, +5pp; 23.3x ebitda; net cash.

Discovery - revenue 40311 mn rand (+9%), net profit 5760 (+28%). Net margin 14%, +2pp; 16.1x earnings.

Capitec Bank - revenue 31650 mn rand (+18%), net profit 8841 (+21%). Net margin 28%, +1pp; 32.1x earnings.

OUTsurance Group - revenue 21438 mn rand (+14%), net profit 2327 (+14%). Net margin 11%; 27.1x earnings.

Nedbank Group - revenue 33772 mn rand (+4%), net profit 8354 (+14%). Net margin 25%, +2pp; 14.4x earnings.

Absa Group - revenue 51692 mn rand (+5%), net profit 12579 (+12%). Net margin 24%, +2pp; 8.2x earnings.

FirstRand - revenue 71940 mn rand (+10%), net profit 24040 (+10%). Net margin 33%; 12.3x earnings.

Standard Bank Group - revenue 91950 mn rand (+6%), net profit 27247 (+10%). Net margin 30%, +1pp; 10.0x earnings.

Investec - revenue 25103 mn rand (+8%), net profit 8917 (+6%). Net margin 36%, -1pp; 4.0x earnings.

Momentum Group - revenue 32769 mn rand (+5%), net profit 3376 (+2%). Net margin 10%; 8.3x earnings.

Sanlam - revenue 165610 mn rand (+16%), net profit 5714 (-54%). Net margin 4%, -5pp; 10.7x earnings.

Consumer

AVI Limited - revenue 8883 mn rand (+5%), EBITDA 2498 (+11%), net profit 1516 (+11%). Net margin 17%, +1pp; 7.0x ebitda; net debt 0.5x.

Pepkor - revenue 54846 mn rand (+13%), EBITDA 9130 (+12%), net profit 3356 (+10%). Net margin 6%; 5.1x ebitda; net debt 0.8x.

Clicks Group - revenue 24872 mn rand (+7%), EBITDA 3256 (+8%), net profit 1530 (+7%). Net margin 6%; 8.9x ebitda; net debt 0.6x.

Bidvest / Bidcorp - revenue 66748 mn rand (+4%), EBITDA 8680 (+7%), net profit 3467 (+0%). Net margin 5%; 6.9x ebitda; net debt 1.9x.

Mr Price Group - revenue 23941 mn rand (+3%), EBITDA 7160 (+5%), net profit 2410 (+0%). Net margin 10%; 3.9x ebitda; net cash.

Tiger Brands - revenue 17906 mn rand (+1%), EBITDA 2489 (+20%), net profit 1660 (-22%). Net margin 9%, -3pp; 7.7x ebitda; net cash.

The Foschini Group - revenue 33271 mn rand (+3%), EBITDA -711 (to a loss), net profit 372 (-81%). Net margin 1%, -5pp; 5.2x ebitda; net debt 1.7x.

Pick n Pay Stores - revenue 59983 mn rand (-3%), EBITDA 483 (-37%), net profit -232 (to a loss). Net margin -0%, -0pp; 6.4x ebitda; net cash.

Shoprite Holdings - revenue 136796 mn rand, EBITDA 12305, net profit 3703. Net margin 3%; 6.5x ebitda; net cash.

The SPAR Group - revenue 67482 mn rand, EBITDA 1290, net profit 147. Net margin 0%; 4.2x ebitda; net debt 1.8x.

Truworths International - revenue 12114 mn rand, EBITDA 2812, net profit 1832. Net margin 15%; 3.7x ebitda; net debt 0.8x.

Woolworths Holdings - revenue 41636 mn rand, EBITDA 3332, net profit 1475. Net margin 4%; 5.3x ebitda; net debt 0.6x.

Metals and mining

Northam Platinum - revenue 23250 mn rand (+60%), EBITDA 6616 (+275%), net profit 7898 (33x). Net margin 34%, +32pp; 11.6x ebitda; net debt 0.1x.

Valterra Platinum - revenue 73993 mn rand (+30%), EBITDA 25108 (+164%), net profit 14835 (20x). Net margin 20%, +19pp; 11.0x ebitda; net cash.

Impala Platinum - revenue 60773 mn rand (+44%), EBITDA 17836 (+226%), net profit 9316 (+399%). Net margin 15%, +11pp; 8.4x ebitda; net cash.

Harmony Gold - revenue 54838 mn rand (+49%), EBITDA 29838 (+128%), net profit 19600 (+200%). Net margin 36%, +18pp; 4.1x ebitda; net debt 0.0x.

Gold Fields - revenue 5937 mn dollars (+71%), EBITDA 3894 (+96%), net profit 1855 (+81%). Net margin 31%, +2pp; 5.0x ebitda; net debt -0.0x.

African Rainbow Minerals - revenue 7857 mn rand (+38%), EBITDA 3050 (+279%), net profit 2353 (+69%). Net margin 30%, +6pp; 9.1x ebitda; net cash.

AngloGold Ashanti - revenue 3104 mn dollars (+27%), EBITDA 1698 (+56%), net profit 1002 (+50%). Net margin 32%, +5pp; 8.8x ebitda; net cash.

Exxaro Resources - revenue 22128 mn rand (+8%), EBITDA 5587 (+0%), net profit 3264 (-21%). Net margin 15%, -5pp; 4.6x ebitda; net debt 0.1x.

Anglo American - revenue 18546 mn dollars (+4%), EBITDA 6291 (+3%), net profit -3741 (-22%). Net margin -20%, -3pp; 11.3x ebitda; net debt 1.3x.

Kumba Iron Ore - revenue 30877 mn rand (-11%), EBITDA 11125 (-27%), net profit 4149 (-42%). Net margin 13%, -7pp; 2.2x ebitda; net cash.

Sibanye-Stillwater - revenue 74910 mn rand (+32%), EBITDA 30304 (+97%), net profit -1580 (to a loss). Net margin -2%, -2pp; 4.7x ebitda; net debt 0.8x.

Technology and telecom

Vodacom Group - revenue 86067 mn rand (+9%), EBITDA 39334 (+21%), net profit 11539 (+18%). Net margin 13%, +1pp; 4.7x ebitda; net debt 0.6x.

MTN Group - revenue 118895 mn rand (+9%), EBITDA 61809 (+22%), net profit 7410 (-24%). Net margin 6%, -3pp; 3.1x ebitda; net debt 0.3x.

Naspers - revenue 6731 mn dollars (+80%), EBITDA 764 (7x), net profit 1186 (-64%). Net margin 18%, -72pp; 45.3x ebitda; net debt 11.1x.

Telkom SA - revenue 21965 mn rand (-1%), EBITDA 7938 (+6%), net profit 1940 (-70%). Net margin 9%, -20pp; 2.0x ebitda; net cash.

Healthcare and pharma

Netcare - revenue 13281 mn rand (+5%), EBITDA 2238 (+8%), net profit 887 (+13%). Net margin 7%, +0pp; 5.1x ebitda; net debt 1.2x.

Aspen Pharmacare - revenue 17078 mn rand (-4%), EBITDA 2776 (-25%), net profit 1472 (-38%). Net margin 9%, -5pp; 10.0x ebitda; net debt 2.8x.

Life Healthcare - revenue 12565 mn rand (+2%), EBITDA 1956 (+6%), net profit 771 (back to profit). Net margin 6%, +24pp; 5.7x ebitda; net debt 1.0x.

Infrastructure and real estate

Growthpoint Properties - revenue 6766 mn rand (-2%), EBITDA 4752 (-2%), net profit 2410 (15x). Net margin 36%, +33pp; 12.2x ebitda; net debt 6.5x.

Redefine Properties - revenue 5594 mn rand (+4%), EBITDA 3044 (+5%), net profit 3603 (+141%). Net margin 64%, +37pp; 13.8x ebitda; net debt 6.9x.

Resilient REIT - revenue 2243 mn rand (+6%), net profit 931 (+57%). Net margin 42%, +14pp; 17.4x ebitda; net debt 6.3x.

Other sectors

Bidvest Group - revenue 115912 mn rand (-2%), EBITDA 8624 (-4%), net profit 4561 (+3%). Net margin 4%; 9.0x ebitda; net debt 0.2x.

Chemicals and materials

Sappi - revenue 1334 mn dollars (-1%), EBITDA -312 (to a loss), net profit -413 (almost wiped out). Net margin -31%, -30pp; 4.8x ebitda; net debt 3.7x.

Oil and gas

Sasol - revenue 122387 mn rand (+0%), EBITDA 18486 (-15%), net profit 241 (-95%). Net margin 0%, -4pp; 3.8x ebitda; net debt 1.2x.

An important note on periods

South African companies cannot be compared with each other directly: the platinum group reported for a period ended December 2025, while the gold miners and part of retail reported for June 2026. Those are different stretches of time and different price environments.