MultiChoice Group has reported fiscal performance for the year ended March 2024 (FY24), delivering a 26% trading profit margin in South Africa, while increasing trading profit in the Rest of Africa by 48%, despite very challenging macroeconomic conditions.
Read the full financial report here
By The Numbers
- Multichoice’s overall subscriber base declined by 9% with Nigeria, Angola, and Zambia mostly affected.
- Subscription revenue grew by 2% on an organic basis. However, on a reported basis, subscription revenues declined by 7% due to a weaker Naira.
- For the African region, the active subscriber base declined to 8.1 million while in South Africa there was a 5% decline in active subscribers. Active subscribers in South Africa now stand at 7.6 million. Overall, subscribers for Multichoice stand at 15.7 million.
- MultiChoice is by far the largest producer of original content on the African continent. In FY24, the group again produced over 6,500 hours of local content and its local content library now has more than 84,000 hours of content, a 12% increase YoY.
What They're Saying
“Four years after setting out a clear strategy of building Africa’s entertainment platform of choice and investing in services to support a broader ecosystem, our three core segments are now fully operational: video entertainment, interactive entertainment and fintech. Our focus now shifts to building on these solid foundations to drive growth in these new areas, and on further enhancing business efficiency across our operations", said Calvo Mawela, MultiChoice Group CEO.
While we are not alone in feeling the challenges of a weak consumer environment, I am proud of the speed and effectiveness of the team in implementing strategic actions to retain customers, safeguard cash generation and drive costs savings which surpassed our targets. It is the strength of this team, the quality of the underlying business and the clarity of our strategy which underpins my confidence in delivering on our potential,” he added.
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