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MultiChoice reports resilient performance while expanding its platform

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2 years ago

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MultiChoice

Clear strategic milestones were reached, with the group successfully launching Showmax 2.0, SuperSportBet and Moment, all of which are now revenue-generating

JOHANNESBURG, South Africa, June 12, 2024/APO Group/ — 

MultiChoice Group (www.MultiChoice.com/) demonstrated resilient operational 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 macro-economic conditions. Clear strategic milestones were reached, with the group successfully launching Showmax 2.0, SuperSportBet and Moment, all of which are now revenue-generating and supporting the group’s future growth prospects.

Download document: https://apo-opa.co/4cj3eXQ

“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.

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,” said Calvo Mawela, MultiChoice Group CEO.

Some key points for the past financial year:

  • Subscriber base: Given the challenging consumer environment, overall active subscribers declined by 9%. This was mainly due to a 13% decline in the Rest of Africa business, with Nigeria, Angola and Zambia most affected, while the South African business was more resilient, declining by only 5%.   
  • Group revenue: increased by 3% on an organic basis. However, due to weaker local currencies and consumer pressure, reported Group revenue declined by 5% to ZAR56.0bn.
  • Subscription revenues: grew by 2% on an organic basis. However, on a reported basis, subscription revenues declined by 7% due to a weaker Naira.
  • Group trading profit: increased 24% on an organic basis, despite the additional ZAR1.4bn investment in Showmax to drive future growth. After factoring in the ZAR4.5bn impact related to foreign exchange weakness, reported trading profit declined by 21% to ZAR7.9bn.
  • Positive operating leverage: Given the positive impact of the lower expenditure (including ZAR1.9bn in cost savings and ZAR1.5bn in reduced decoder subsidies), the group achieved positive operating leverage of 4.3% (i.e. a 3.3% organic revenue increase against a 1% organic reduction in operating expenses).
  • Adjusted core headline earnings: Higher realised hedging gains and benefits from a narrower gap between official and parallel Naira rate, was more than offset by the weaker trading profitability, resulting in adjusted core headline earnings (which now includes losses on cash remittances after tax and minorities) decreasing by 20% to ZAR1.3bn.
  • Free cash flow: amounted to ZAR589m, impacted by lower profitability and the  ZAR1.7bn in Showmax platform payments.
  • Retained cash and cash equivalents: ZAR7.3bn in cash (before short-term commitments) and access to ZAR4.1bn in undrawn borrowing facilities provides significant headroom and flexibility to fund opportunities.

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.

The highlight for the year was Shaka Ilembe, which launched on Mzansi Magic in June to become Africa’s biggest TV series. Filmed entirely on location in South Africa, it was created through the skills and contributions of over 8 000 people. The premiere episode attracted over four million viewers and was the top-performing show with an audience share of over 45% in its time slot.

Other content highlights of the year was Reyka (season 2), Devil’s Peak and White Lies on linear (co-produced with Fremantle, Canal +, Abacus Distribution and BBC Studios-owned Lookout Point) and Spinners, Original Sin: My Son The Killer, and Catch Me a Killer, on streaming. Across Africa, the group launched 3 new proprietary channels – in Ethiopia (Maaddii Abol), Uganda (Pearl Magic Loko) and Mozambique (Maningue Magic Kool) while also producing content in Africa’s 4th most spoken language, Oromo.

SuperSport broadcast 34 490 live events during the year – arguably more live sport than any other broadcaster in the world. Highlights included the Rugby World Cup in France, the Cricket World Cup in India, a second  SA20 season in South Africa, AFCON, FIFA Women’s World Cup in New Zealand and Australia, as well as the Netball World Cup in Cape Town.

SuperSport Schools more than doubled its registered user base during the year. The fast-growing platform displayed more than 49 000 hours of live programming across 43 different sports codes, covering 900 school sport festivals and events, featuring more than 1 100 schools, and over 14 500 teams.

SEGMENTAL REVIEW

South Africa Pay-TV (MultiChoice South Africa)

Due to a strong focus on retention initiatives, the decline in active subscribers in South Africa was limited to 5%, despite the challenging environment. The base now stands at 7.6 million households.  Power outages experienced on 275 days of the year further discouraged potential subscribers without backup power.

Although the Premium bouquet is trending toward a stable base given the targeted retention efforts, the premium customer tier (which includes the Premium and Compact Plus bouquets) declined by 8%. The mid-market Compact base, which is most exposed to the macro-economic challenges, was down 9%, while the mass-market tier was 2% lower due to pressure in the Family base, the impact of loadshedding, and reduced decoder subsidies.

A consequent 3% decline in subscription revenues and softer advertising income weighed on the segment’s total revenues (-2% to ZAR33.6bn), but was partially offset by strong traction from new revenue streams, especially the insurance business (NMSIS) which reported a 35% increase in premium revenue to almost ZAR1bn. Several interventions to reduce costs enabled the SA business to achieve a trading margin of over 26%.  

Rest of Africa Pay-TV (MultiChoice Africa)

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

The business in the Rest of Africa faced the toughest macro-economic conditions in its core markets with high, double-digit inflation and extreme depreciation of local currencies, (especially in Nigeria, Angola, Kenya and Zambia) which impacted USD revenues by 32%.

The active subscriber base declined to 8.1m, but effective retention efforts contributed to an improved subscriber mix.

Due to the challenging market dynamics, the short-term focus of this business shifted from subscriber growth to safeguard profitability and cash flows. Several cost-saving initiatives were implemented, including scaling back significantly on decoder subsidies (-46% YoY or ZAR1.3bn), and reducing SG&A costs by ZAR500m. These interventions enabled the Rest of Africa business to increase trading profit by 48% YoY to ZAR1.3bn.

Sub-Saharan Africa SVOD (Showmax)

FY24 was a pivotal year for Showmax as it relaunched across 44 markets in sub-Saharan Africa on Peacock’s world-class platform, which is 4K/HDR and ATMOS ready. Almost 100% of the eligible customer base was migrated to the new Showmax platform, and 88% of those migrated had reactivated their accounts in the seven weeks to year-end.

Alongside local content from M-Net, Mzansi Magic, Africa Magic and Maisha Magic, Showmax ramped up its local content, releasing 59 original movies and series in SA, Nigeria, Kenya and Ghana (FY23: 48). Popular shows that drove viewership included Tracking Thabo Bester, Koek, The Mommy Club, Youngins, Red Ink, Adulting, Outlaws and Real Housewives of Durban in South Africa, Cheta’m, Real Housewives of Lagos, Dead Serious, Wura and Flawsome in Nigeria, and Single Kiasi and Second Family in Kenya.

Showmax revenues for the year grew by 22% (+22% organic) to ZAR1.0bn, while trading losses increased to ZAR2.6bn. These losses came in below the expected range of ZAR3-4.0bn. As noted before, due to the partnership agreement signed in 2023, 30% of Showmax’s funding requirements is contributed by Comcast.

Technology (Irdeto)

Irdeto’s strong execution, enabled it to become the market leader in managed security services for video with a 22% market share. It also saw significant success in combatting piracy, taking down some 30 000 streaming piracy services during the year. Revenue increased by 17% (7% organic) driven by external customers across video entertainment, gaming and connected transport, with some additional uplift from a weaker ZAR against the USD. Disciplined cost management supported a 23% trading margin.

Irdeto shipped its first keyless solutions to leading customers, including one of the largest fleet operators in the US market. This resulted in a revenue increase of 119% YoY in the connected transport division, with revenue from new services now representing a combined 35.7% of total revenues. 

Sports betting and interactive entertainment (KingMakers)

KingMakers reported strong growth in the online business in Nigeria, with monthly active users up 37% YoY and online gross gaming revenues up 26% YoY in constant currency. New products were also launched, including BetKing Casino and BetKing FootballGO, a virtual football sportsbook service.

Revenue of USD147m was affected by the weak Naira, while the business reported a positive EBITDA of USD2m. At the end of its December year-end the business had a retained cash balance USD113m to fully fund its growth initiatives.

KingMakers launched the SuperSportBet business in South Africa in January 2024. Its pre-game shows and live feed integration with SuperPicks, as well as the Playbook preview show were key drivers of uptake, further supported by SuperSportBet becoming the official betting partner of local soccer clubs, Kaizer Chiefs and Orlando Pirates.

Fin-tech (Moment)

After being founded during FY23, Moment officially launched in FY24. The business played a vital role in the Showmax relaunch stepping up to fill a critical payments gap. In January this year, Moment also began processing MultiChoice’s payments for DStv, reaching a milestone of processing USD85m in payments in early March 2024.

To-date, Moment has processed local and cross-border card payments in 44 Showmax markets and is already accounting for more than 20% of Group’s payment volumes. It also joined real-time payment networks in 18 countries, including South Africa, and is currently piloting instant payment and account activation for DStv.

The business raised an additional USD22m of funding, with MultiChoice contributing USD8m. As a result, Moment is now valued at USD82m and MultiChoice owns a 26% stake.

FUTURE PROSPECTS

The linear video-entertainment business remains the mainstay of the group’s operations and provides a valuable base from which to expand its service offerings. The new streaming, interactive entertainment, fintech and connectivity services are having a positive impact on the business, and more importantly, on the lives of its customers. Going forward, the group will focus its efforts on scaling Showmax, Moment, SuperSportBet, as well as on driving growth in insurance (NMSIS), DStv Internet and DStv Stream.

To counter the challenges around an uncertain economic recovery globally and across the group’s operating footprint, the group will continue to drive business efficiency and cost optimisation, with an increased cost savings target of ZAR2bn.

Not only should this mitigate the ongoing impact of currency volatility and consumer weakness on performance, but together with the company’s strategic plans to continue adapting its platforms to cater to customers’ evolving needs, it positions the group well to prosper once currencies stabilize and economies rebound.

Distributed by APO Group on behalf of MultiChoice Group.

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Democratic Republic of the Congo (DRC) Critical Minerals & Industrialisation Forum’s digital webinar series kicks off on 26 August

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3 hours ago

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August 13, 2026

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“Insights, market intelligence and strategic discussions”

CAPE TOWN, South Africa, August 13, 2026/APO Group/ –The organisers of the DRC Critical Minerals & Industrialisation Forum (DCMI), co‑located with the DRC‑Africa Battery Metals Forum, have announced the first dates of its exclusive, upcoming, high-impact digital webinar series.

While the event was meant to take place in Kinshasa from 7 to 8 October, the event organisers, VUKA Group, postponed the in-person Forum to 2027 to align directly with the DRC Government’s updated national policy frameworks and to allow the revised roadmaps for the $58 billion Master Plan for Industrialisation (Plan Directeur d’Industrialisation, PDI) to mature.

The digital webinar series will kick off on 26 August and run until 2027, providing convenient access to the insights, market intelligence and strategic discussions planned for the live event.

Expert speakers and moderators confirmed to participate in these webinars include:
– Edmond Cibamba Diata, Lawyer, Elite Law Firm, DRC 
– Shantha Bloemen, CEO, Mobility for Africa, Zimbabwe
– Bryan Mav, Sales Team Manager & Brand Manager, Moderne Construction, DRC
– Ghislain Kabumba Baderha, Doctoral Researcher, UOB, DRC
– Jem Kishabaga, Managing Director, Renewable Energy, DRC
– Prof. Hercule Kalele Mulonda, Technical Director, CCB and Representative of CAEB, DRC
– Marc Nyunzi Mutambala, Capital Markets Manager, FSD Africa, Kenya

The first four editions of the digital webinar series will focus on the following:

Webinar 1: 26 August 2026, 10h30–12h00

UNLOCKING THE DRC’S INDUSTRIAL POTENTIAL:  The A-to-Z masterclass strategy

The DRC masterclass examines how the nation can harness its mineral wealth for sustainable growth and industrialization. Experts will discuss policies to move beyond raw exports, enforce security and strengthen ESG standards. Priorities include local beneficiation, human capital development and tailored financing to balance global markets. By defining collaborative actions and investment pathways, the session seeks to accelerate value addition, enhance competitiveness and position the DRC as a responsible global leader in the minerals value chain.

Webinar 2: 23 September 2026, 10h30–12h00

FOCUS ON INFRASTRUCTURE & INDUSTRIALISATION DEVELOPMENT

The panel on infrastructure and industrialisation highlights the DRC’s need to move beyond raw material extraction by focusing on local transformation. Building resilient industries will drive job creation and strengthen the economy. Experts will examine how transport, energy and logistics projects accelerate industrialisation, with case studies such as ports, railways and cross‑border initiatives. By prioritising strategic development and leveraging mineral revenues, the DRC can unlock sustainable growth and position itself as a competitive hub within the African Continental Free Trade Area.

Webinar 3: 21 October 2026, 10h30–12h00

NEW TECHNOLOGIES DRIVING THE GLOBAL ENERGY TRANSITION

This session explores how technology and ESG‑aligned investment can transform the DRC’s critical minerals sector. With global demand for lithium, cobalt, nickel and copper rising, responsible sourcing and compliance are essential to build investor confidence. Discussions will focus on local processing, advanced metallurgical methods, renewable energy and automation to accelerate industrialisation. By shifting from raw exports to in‑country beneficiation, the DRC can strengthen sustainability, unlock long‑term value and position itself as a competitive player in the global energy transition.

Webinar 4: 18 November 2026, 10h30–12h00

STRATEGIC PARTNERSHIPS: BUILDING A STRONGER AND MORE SUSTAINABLE CRITICAL MINERALS VALUE CHAIN

This discussion explores how strategic partnerships can strengthen the DRC’s critical minerals value chain. By fostering collaboration between governments, regional integration systems and investors, the focus is on building resilience and supporting sustainable growth. Key themes include industrialisation through global partnerships, prioritising sectors for development and aligning with international partners. With effective models of cooperation, the DRC can unlock socio‑economic benefits, enhance competitiveness and establish a stronger foundation for a sustainable and inclusive minerals sector.

DRC’s transition
DCMI unites government, industry and investors to accelerate the country’s transition from raw‑material extraction to high‑value manufacturing, underscoring the nation’s opportunity to convert mineral wealth into infrastructure, jobs and sustainable economic growth.

The DRC’s Ministries of Mines and of Industry and Federation of Enterprises of Congo (FEC) are official partners of the event.

Distributed by APO Group on behalf of VUKA Group.

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Nedbank and Africa Women Innovation and Entrepreneurship Forum (AWIEF) Partner to Launch Women Enterprise Growth and Export Programme in South Africa

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4 hours ago

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August 13, 2026

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AWIEF

It will support 75 women-owned SMMEs over three years, with 25 businesses selected for each annual cohort

CAPE TOWN, South Africa, August 13, 2026/APO Group/ –The Africa Women Innovation and Entrepreneurship Forum (AWIEF) (www.AWIEForum.org) has partnered with Nedbank to launch a new programme – Women Enterprise Growth and Export. This new initiative builds on Nedbank and AWIEF’s long-term relationship and partnership since 2018, implementing the AWIEF Growth Accelerator and investment readiness programme in South Africa.

The Nedbank – AWIEF Women Enterprise Growth and Export is a 12-month business and enterprise supplier development programme for established South African Exempted Micro Enterprises (EME) or Qualifying Small Enterprises (QSE) that are at least 51% owned by black women.

The programme is intended for product-based businesses and is designed to help participants strengthen their operations, improve their finance, market and export readiness, and access larger domestic, regional, African, and international markets.

It forms part of a three-year partnership between Nedbank and AWIEF that will support 75 women-owned SMMEs, with 25 businesses selected for each annual cohort.

The programme targets growth-stage businesses that are already operating, generating revenue, and looking to scale and expand. Participating businesses should have the potential to strengthen their systems, increase production, fulfilment or distribution capacity, supply larger buyers, enter new markets, and progress towards regional or international expansion.

It will support 75 women-owned SMMEs over three years, with 25 businesses selected for each annual cohort.

The official and in-person launch of the programme will take place at the AWIEF2026 Conference and Exhibition on 10 – 11 November 2026 at the Cape Town International Convention Centre (CTICC), Cape Town.

Call for Applications for 2026 Cohort of 25 Businesses

Applications are invited from qualifying businesses for the 2026 Cohort of 25 participants.

Eligibility & Who Can Apply

To qualify for the Nedbank – AWIEF Women Enterprise Growth and Export Programme, businesses must meet the following requirements:

  • Be legally registered and operating in South Africa
  • Be at least 51% owned by black women, as defined under the B-BBEE Act
  • Qualify as an Exempted Micro Enterprise (EME) or Qualifying Small Enterprise (QSE) under the B-BBEE code applicable to their main business activities
  • Be post-revenue, currently trading, and serving paying customers
  • Looking to expand their market access nationally, regionally, intra-Africa, and internationally
  • Be product-based and produce, manufacture, process, assemble, package, formulate, or distribute physical products
  • Operate in one of the priority sectors
  • Founder commits to a 12-month programme

Priority Sectors

The programme is open to businesses in the following sectors:

  • Agriculture and Agro-processing
  • Manufacturing
  • Building and Construction
  • Green Economy and Renewable Energy
  • Personal Protective Equipment (PPE)
  • Cleaning and Hygiene
  • Textile, Apparel and Accessories
  • Beauty, Wellness, and Personal Care
  • Hospitality and Tourism
  • Design and Craft
  • Circular Economy

Programme Timeline

7 September 2026
Applications Close

September – October 2026
Application screening and selection of 25 participating businesses

10 – 11 November 2026
Official Programme Launch and in-person 2-day bootcamp at AWIEF2026 Conference and Exhibition, CTICC, Cape Town

November 2026 – October 2027
Programme Implementation

Programme Benefits

Selected businesses will receive 12 months of tailored, practical support to strengthen their operations and products, prepare for larger markets and pursue sustainable growth.

  • Business growth support
  • Individual diagnostic and development plan
  • Coaching and technical mentoring
  • Product, supplier and retail readiness
  • Market access support
  • Finance and investment readiness
  • Export readiness support
  • Regional trade and partnership opportunities – support to explore AfCFTA-related opportunities, including B2B contracts, joint ventures, and co-production arrangements
  • Networking and buyer linkages – opportunities to connect with mentors, buyers, institutions, finance providers, and other women entrepreneurs.
  • AWIEF2026 Conference participation – free access to the AWIEF2026 Conference in Cape Town, including selected programme-related travel and accommodation support.
  • Ongoing progress tracking – regular reviews to monitor implementation, business growth, job creation, market access, and progress against the Individual Development Plan.

Application Submission

Applications are submitted online until 7 September 2026, 11:59 SAST, only through this official link: https://apo-opa.co/4woMRTe

Distributed by APO Group on behalf of Africa Women Innovation and Entrepreneurship Forum (AWIEF).

 

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Mercuria Deepens African Critical Minerals Play Ahead of African Energy Week (AEW) 2026 Bronze Partnership

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8 hours ago

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August 13, 2026

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African Energy Chamber

Mercuria joins AEW 2026 as a Bronze Partner, showcasing its expanding investment strategy across Africa’s critical minerals, mining finance and energy sectors

CAPE TOWN, South Africa, August 12, 2026/APO Group/ –As commodity markets enter a new era defined by a rising demand for critical minerals, Mercuria Energy Group is rapidly expanding its global footprint through major acquisitions, strategic joint ventures and infrastructure investments. Against this backdrop, the company will participate as a Bronze Partner at African Energy Week (AEW) 2026, taking place in Cape Town from October 12–16, where it will engage African governments, national oil companies and industry leaders on the next generation of energy investment opportunities.

Mercuria’s latest expansion reflects a strategy centered on controlling physical assets alongside its global trading operations. In June 2026, the company signed a marketing agreement and inventory prepayment facility with Lotus Resources. The agreement will support the commercialization of approximately 1.3 million kg of uranium from Malawi’s Kayelekera Mine over 30 months, strengthening the country’s role in global nuclear fuel supply while demonstrating growing investor confidence in African mining assets.

The company is also deepening its presence in the Democratic Republic of Congo (DRC), one of the world’s most strategic critical mineral producers. In February, Mercuria completed its first purchases of responsibly sourced copper and cobalt from Enterprise Générale du Cobalt following a strategic agreement to strengthen traceability across artisanal mining supply chains. The partnership supports greater transparency while expanding international market access for Congolese minerals.

Access to innovative financing and global commodity markets will be essential to unlocking Africa’s full energy and mining potential

Mercuria continues to increase its financial commitment to Africa’s mining sector through large-scale prepayment financing that provides producers with development capital in exchange for long-term supply agreements. This approach is helping miners secure financing outside traditional banking channels while supporting new production across minerals essential to electrification, battery manufacturing and advanced technologies.

The company has also been linked to discussions surrounding the proposed development of Western critical mineral supply chains anchored by the DRC’s Kipushi Mine. By supporting financing structures for copper, zinc and other strategic minerals, Mercuria is reinforcing Africa’s role as a long-term supplier of resources required for global industrial growth and the energy transition.

These investments are supported by a significantly strengthened financial position. Mercuria reported an 88% increase in first-half 2026 profit and subsequently retained earnings to expand its equity base rather than distribute dividends. In June 2026, the company further enhanced its capacity to finance large-scale investments by securing a $3.84 billion multicurrency revolving credit facility, providing additional liquidity to support future projects, including across African markets.

“Access to innovative financing and global commodity markets will be essential to unlocking Africa’s full energy and mining potential,” says NJ Ayuk, Executive Chairman, African Energy Chamber. “Mercuria’s growing investment across African critical minerals and resource value chains makes the company a valuable addition to AEW 2026, where industry leaders will shape the partnerships needed to drive the continent’s next phase of growth.”

Mercuria’s participation at AEW 2026 comes as African producers seek greater access to capital, trading expertise and commercial partnerships capable of accelerating resource development. As countries pursue new investment across hydrocarbons, critical minerals and associated infrastructure, the company’s integrated approach to financing, marketing and commodity trading offers a relevant model for unlocking large-scale projects across the continent.

Distributed by APO Group on behalf of African Energy Chamber.

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