Full Year 2024 MultiChoice Group Ltd Earnings Call Transcript
Key Points
- MultiChoice Group Ltd (JSE:MCG) achieved a trading profit margin of 26% in its South African business, despite challenging macroeconomic conditions.
- The company delivered close to ZAR2 billion in cost savings and reduced decoder subsidies by more than ZAR1.5 billion.
- Showmax experienced record-breaking subscriber growth in March, with 88% of migrated customers reactivating their accounts.
- MultiChoice Group Ltd (JSE:MCG) produced over 6,500 hours of local content, accounting for more than half of its general entertainment spend.
- The company successfully launched SuperSportBet in South Africa, becoming the official betting partner of local soccer clubs Kaizer Chiefs and Orlando Pirates.
- The company faced a significant ForEx impact of over ZAR4 billion, more than the last four years combined.
- Load shedding in South Africa negatively impacted subscriber activity and revenue.
- The Rest of Africa segment experienced a 15% drop in subscriber growth, with a closing base of 8.1 million active customers.
- Showmax incurred additional investment costs of ZAR1.4 billion, contributing to a trading loss of ZAR2.6 billion.
- MultiChoice Group Ltd (JSE:MCG) experienced unprecedented currency depreciation, resulting in ZAR4.5 billion in foreign exchange losses.
Everybody, and welcome to the MultiChoice FY24 Results Call. This is Meloy Horn. And on behalf of the Group, I'd like to welcome you and also introduce the representatives of MultiChoice with me on the call today is our CEO, Calvo Mavela; and our CFO, Tim Jacobs.
I also would like to before we proceed, just acknowledge [Chris Estereza], who has walked the journey with us for many, many years as moderator of our results calls. Chris sadly, passed away recently and may his soul rest in peace. We're sorry to his colleagues and family for your deep loss.
So, to start today's proceedings, we'd like to play you a video to remind you what we're all about and thereafter Carlos will start his presentation. Thank you very much.
(music playing)
Good afternoon, everyone, and welcome to our results presentation. To start, let's turn to slide 5. I want to begin by thanking all our teams at MultiChoice
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