Notes to the consolidated and separate annual financial statements | Note 26

26. Earnings per share
 
26.1 Basic earnings per share
 

Basic earnings per share is determined by dividing earnings attributable to the ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the year.

  Group
Basic earnings per share 2025 2024
From operations (cents per share) 5.7 26.7

The calculation of basic earnings per share is based on earnings attributable to ordinary shareholders of R143 million (2024: R667 million) and a weighted average number of ordinary shares outstanding during the year of 2 499 126 870 (2024: 2 499 126 870).
26.2 Diluted earnings per share
 

In determining diluted earnings per share, the earnings attributable to the equity holders of the parent and the weighted average number of ordinary shares are adjusted for the effects of all potentially dilutive ordinary shares.

  Group
Diluted earnings per share 2025 2024
From operations (cents per share) 5.7 26.7
  Group
  2025 2024
Weighted average number of ordinary shares ('000)    
Total number of shares in issue at the beginning and end of the year 2 499 127 2 499 127
Weighted average number of shares used for basic earnings and diluted earnings per share ('000) 2 499 127 2 499 127

The calculation of diluted earnings per share is based on earnings attributable to ordinary shareholders of R143 million (2024: R667 million) and a weighted average number of shares outstanding during the year of 2 499 126 870 (2024: 2 499 126 870).
26.3 Headline earnings and diluted headline earnings per share
 

Headline earnings per share and diluted headline earnings per share are determined by dividing headline earnings and diluted headline earnings by the weighted average number of ordinary shares outstanding during a period.

The calculation of headline earnings per share is based on earnings attributable to ordinary shareholders of R305 million (2024: R1 073 million) and a weighted average number of shares outstanding during the year of 2 499 126 870 (2024: 2 499 126 870).

  Group
  2025 2024
Headline earnings per share (cents per share) 12.2 42.9
Diluted headline earnings per share (cents per share) 12.2 42.9
 
  Group Group
  2025 2024
R'000 Gross  Net of taxation  Gross  Net of taxation
Earnings for the year attributable to equity holders of the parent   142 588    667 207 
IAS 33 earnings   161 974    405 678 
IAS 16 impairment of property, plant and equipment 222 285  162 268  575 429  420 063 
IAS 16 profit on sale of land and mineral rights   –  (19 061) (13 915)
IAS 16 profit on sale of property, plant and equipment (406) (296) (644) (470)
Headline earnings   304 560    1 072 885 
  Group
  2025 2024
Weighted average number of ordinary shares ('000)    
Weighted average number of shares used for the headline and diluted headline earnings per share 2 499 127 2 499 127