DRDGold (JSE:DRD) Operating Income : R2,164 Mil (TTM As of Dec. 2024)

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What is DRDGold Operating Income?

DRDGold's Operating Income for the six months ended in Dec. 2024 was R1,213 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Dec. 2024 was R2,164 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. DRDGold's Operating Income for the six months ended in Dec. 2024 was R1,213 Mil. DRDGold's Revenue for the six months ended in Dec. 2024 was R3,802 Mil. Therefore, DRDGold's Operating Margin % for the quarter that ended in Dec. 2024 was 31.89%.

Good Sign:

DRDGold Ltd operating margin is expanding. Margin expansion is usually a good sign.

DRDGold's 5-Year average Growth Rate for Operating Margin % was 29.60% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. DRDGold's annualized ROC % for the quarter that ended in Dec. 2024 was 21.03%. DRDGold's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2024 was 37.05%.

DRDGold Operating Income Historical Data

The historical data trend for DRDGold's Operating Income can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

DRDGold Operating Income Chart

DRDGold Annual Data

Trend

Jun15

Jun16

Jun17

Jun18

Jun19

Jun20

Jun21

Jun22

Jun23

Jun24

Operating Income

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937.20

1,816.80

1,215.80

1,412.40

1,610.50

DRDGold Semi-Annual Data
	Dec13	Jun14	Dec14	Jun15	Dec15	Jun16	Dec16	Jun17	Dec17	Jun18	Dec18	Jun19	Dec19	Jun20	Jun21	Jun22	Jun23	Dec23	Jun24	Dec24
Operating Income	Get a 7-Day Free Trial															-	-	659.00	951.50	1,212.60

DRDGold Operating Income Calculation

Operating Income, is the profit a company earned through operations. All expenses, including cash expenses such as cost of goods sold (COGS), research & development, wages, and non-cash expenses, such as depreciation, depletion and amortization, have been deducted from the sales.

Operating Income for the trailing twelve months (TTM) ended in Dec. 2024 adds up the semi-annually data reported by the company within the most recent 12 months, which was R2,164 Mil.

DRDGold (JSE:DRD) Operating Income Explanation

1. Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

DRDGold's annualized ROC % for the quarter that ended in Dec. 2024 is calculated as:

	ROC % (Q: Dec. 2024 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (Q: Jun. 2024 )	+	Invested Capital (Q: Dec. 2024 ))	/ count )
=	2425.2 * ( 1 - 25.79% )	/	( (8153.5	+	8959.7)	/ 2 )
=	1799.74092	/	8556.6
=	21.03 %

where

	Invested Capital		(Q: Jun. 2024 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	9450.4	-	787.7	-	( 509.2	-	max(0, 953.5	-	1493.6	+	509.2	))
=	8153.5

	Invested Capital		(Q: Dec. 2024 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	10318.3	-	697.4	-	( 661.2	-	max(0, 704.9	-	1652.8	+	661.2	))
=	8959.7

Note: The Operating Income data used here is two times the semi-annual (Dec. 2024) data.

2. Joel Greenblatt's definition of Return on Capital:

DRDGold's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2024 is calculated as:

	ROC (Joel Greenblatt) %		(Q: Dec. 2024 )
=	EBIT	/	Average of (Net fixed Assets	+	Net Working Capital)
=	EBIT	/	Average of (Property, Plant and Equipment	+	Net Working Capital)
			Q: Jun. 2024		Q: Dec. 2024
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	2690.8	/	( ( (6794.9 + max(-315.2, 0))	+	(7468.5 + max(261.1, 0)) )	/	2 )
=	2690.8	/	( ( 6794.9	+	7729.6 )	/	2 )
=	2690.8	/	7262.25
=	37.05 %

where Working Capital is:

	Working Capital		(Q: Jun. 2024 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(0	+	460	+	171.4)	-	(787.7	+	0	+	158.9)
=	-315.2

	Working Capital		(Q: Dec. 2024 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(458.1	+	500.4	+	0)	-	(697.4	+	0	+	0)
=	261.1

When net working capital is negative, 0 is used.

Note: The EBIT data used here is two times the semi-annual (Dec. 2024) EBIT data.

3. Operating Income is also linked to Operating Margin %:

DRDGold's Operating Margin % for the quarter that ended in Dec. 2024 is calculated as:

Operating Margin %	=	Operating Income (Q: Dec. 2024 )	/	Revenue (Q: Dec. 2024 )
	=	1212.6	/	3802.3
	=	31.89 %

4. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Operating Income growth rate using Operating Income per share data.

Be Aware

Compared with a company's EBITDA margin, Operating Margin can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).

If a company is facing competition, its Operating Margin may decline. Often the Operating Margin declines well before the company's revenue or even profit decline. Therefore, Operating Margin is a very important indicator of whether the company is facing problems.

For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokia's Operating Margin had already been in decline since 2002, although its earnings per share were still rising. Investors who paid attention to Operating Margin would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).

Therefore, Operating Margin is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.

DRDGold Operating Income Related Terms

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DRDGold Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Basic Materials » Metals & Mining » DRDGold Ltd (JSE:DRD) » Definitions » Operating Income

Comparable Companies

Traded in Other Exchanges

DRDGF:USA DRD:USA 0ICU:UK DUBA:Germany DUB1:Germany DUBA:Germany DUB1:Germany

Address

Cnr 14th Avenue and Hendrik Potgieter Road, Constantia Office Park, Cycad House, Building 17, Ground Floor, Weltevreden Park, Johannesburg, ZAF, 1709

Website

https://www.drdgold.com

DRDGold Ltd is a South African gold mining company engaged in surface gold tailings retreatment including exploration, extraction, processing, and smelting. Its reportable operating segments are; Ergo, FWGR, and Corporate office and other reconciling items. The Ergo is a surface gold retreatment operation that treats old slime dams and sand dumps to the south of Johannesburg's central business district as well as the East and Central Rand goldfields; and the FWGR which is a surface gold retreatment operation and treats old slime dams in the West Rand goldfields. The Ergo segment derives a vast majority of the company's revenue.