MultiChoice reports $38m PBT loss in financial year ended March 31 2024

Date:

June 13, 2024.

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Azonuchechi Chukwu.

MultiChoice Group, has reported a $38 million loss before tax in its financial year ended March 31, 2024, attributing the loss to currency volatility and weak consumer spending.

According to Reuters, “Growing debt woes in many African nations and risk aversion by investors buying African exports have put pressure on foreign currency reserves, creating volatility.

“Volatile and weaker local currencies, power challenges in markets like South Africa, and a weak consumer environment due to rising inflation and high interest rates have created an extremely challenging environment for the group’s customers and operating segments,” MultiChoice said.

Reported group revenue fell 5% to 56 billion rand, but grew 3% when currency swings were stripped out, the owner of Dstv and Showmax video streaming businesses said.

MultiChoice said it will accelerate its cost-saving programme, with a target of 2 billion rand in the new financial year. The company, which operates across 50 countries in sub-Saharan Africa, also plans to cut capital expenditure and prioritise customer retention.

Its active subscribers fell 9% to 15.68 million, mainly due to a 13% decline in the Rest of Africa business as mass-market customers in countries like Nigeria had to prioritise basic necessities over entertainment.

The South African business recorded a 5% decline in subscribers, as many would-be customers could not afford to consistently pay for its product or chose not to subscribe due to rolling power cuts last year.(www.naija247news.com).

Chukwu Azochukwu, The Naija247news
Chukwu Azochukwu, The Naija247newshttps://gravatar.com/azonuchechivchukwu
Azonuchechi Chukwu - Business Journalist at Naija247news.com Azonuchechi Chukwu is a seasoned business journalist contributing to the insightful coverage of economic and financial news at Naija247news.com. With a passion for unraveling the complexities of the business world, Azonuchechi brings a wealth of expertise and dedication to his role. As a Business Journalist, Azonuchechi specializes in providing comprehensive analyses of market trends, corporate developments, and economic indicators. His in-depth reports offer Naija247news.com readers a nuanced understanding of the forces shaping the Nigerian and global business landscapes. Azonuchechi Chukwu's commitment to journalistic excellence is evident in his ability to translate complex financial information into accessible and engaging narratives. Whether exploring stock market fluctuations, corporate strategies, or economic policies, he strives to deliver content that empowers readers with valuable insights. With an educational background in business and a keen interest in the intersection of finance and technology, Azonuchechi stays at the forefront of industry dynamics. His coverage extends beyond traditional financial reporting, encompassing the dynamic realms of fintech, entrepreneurship, and sustainable business practices. Azonuchechi Chukwu's work goes beyond the surface, aiming to foster financial literacy and awareness among Naija247news.com's audience. By demystifying economic complexities and shedding light on emerging opportunities, he plays a pivotal role in keeping readers well-informed in the fast-paced world of business. As Naija247news.com's Business Journalist, Azonuchechi Chukwu continues to make meaningful contributions to the platform's mission of delivering timely, accurate, and relevant business news to its diverse audience. His dedication to journalistic integrity and his ability to navigate the intricacies of the business realm make him an invaluable asset to the Naija247news.com team.

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