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Multichoice Delivers Steady Margins Despite Content Cost Normalisation

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MultiChoice Group

The group’s linear pay-TV subscriber base (measured on a 90-day active basis) increased by 0.9m to reach 21.8m households

JOHANNESBURG, South Africa, June 9, 2022/APO Group/ — MultiChoice Group (MCG, or the group) (www.MultiChoice.com), Africa’s leading entertainment company, delivered steady margins for the year ended 31 March 2022 (FY22).

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“Reduced losses in the Rest of Africa (RoA), a rebound in advertising revenues and a continued focus on cost containment enabled us to absorb the R1.1bn impact of a normalisation in content costs as live sport returned and we resumed our local content production post the COVID-19 lockdowns,” says Calvo Mawela, Chief Executive Officer.

“We continued to enhance our video entertainment offering and expanded the variety of services offered to our customers as we grow our entertainment ecosystem,” he added.

The group’s linear pay-TV subscriber base (measured on a 90-day active basis) increased by 0.9m to reach 21.8m households, comprising 9m in South Africa and 12.8m in the RoA. The 5% growth year-on-year (YoY) is subdued due to the tough economic environment and elevated subscriber growth during  COVID-19 related lockdowns in the previous year.

Here are a few highlights:

  • Revenue: ZAR55.1bn up 3% (up 7% organic)
  • Trading profit: stable at R10.3bn (up 1% organic, due to absorbing cost normalisation)
  • Core headline earnings: R3.5bn (up 6% as Forex impact was less negative))
  • Free cash flow: R5.5bn (down 3%, due to one-off prepayments)
  • Dividend: R2.5bn 565 ZARc per share (±4% yield)

MCG continued to pursue its differentiation strategy through local content, stepping up its local content production by 32% YoY to 6 028 hours and bringing its local content library close to 70 000 hours. Local content accounted for 47% of total general entertainment content spend and the group remains on track to achieve a target of 50% by 2024.

Seven major new channels launched, including two Portuguese-focused channels in Angola and Mozambique. In South Africa, the group’s co-productions such as Reyka and Recipes for Love and Murder were broadcast to critical acclaim and international interest.

SuperSport delivered world class productions given a bumper calendar of major sporting events. A record number of viewers tuned into Euro 2020, the British and Irish Lions rugby tour and the Tokyo Olympics. SuperPicks, a free-to-play predictor game and the group’s first product collaboration with KingMakers, was launched in Nigeria in August 2021 and already has 0.5m registered users. SuperSport Schools, now 100% owned by the group, continues to grow rapidly and broadcasted 5 249 live games of schools sport during FY22.

Growth in Connected Video users on the DStv app and Showmax service is outpacing the market. Paying Showmax subscribers were up 68% YoY, whilst overall monthly online users of the group’s connected video services increased 28% YoY. A major driver has been the focus to localise by expanding local payment channels and enabling local billing in various markets. In addition, local content was stronger than ever with titles like DevilsDorp, the Real Housewives franchise and The Wife. Showmax Pro delivered an enhanced customer experience, which included the Tokyo Olympics, Euro 2020 and every English Premier League game.  

We continued to enhance our video entertainment offering and expanded the variety of services offered to our customers as we grow our entertainment ecosystem

On the product side, the announcement of DStv as official launch partner of Disney+ in South Africa is a further extension of the group’s aggregation strategy, which aims to bring customers more content, and convenient access in one central place via DStv’s connected devices.

DStv Internet, which was launched in September 2021, is growing strongly. The DStv Rewards program, which supports customer retention and has been successful in reducing dormancy, continues to gain traction with close to a million customers. Digital adoption continues to track well with around 75% of customer touch-points now being managed through the group’s self-service channels. Due to the ongoing global silicon chip shortage the DStv Streama launch has been delayed and is now expected to launch in the first half of the next financial year.

SEGMENTAL REVIEW

South Africa

The South African business faced an increasingly difficult consumer climate, with FY22 growth rates impacted by rising unemployment levels, intermittent loadshedding and a disruption caused by the July riots in Durban and Johannesburg.

Revenue increased 4% to ZAR35.6bn, supported by the rebound in advertising revenue and a 1% increase in subscription revenues, driven by subscriber growth in the mass market and the uplift from annual price increases. The return of live sport and other value adding initiatives contributed to reducing churn in the Premium base relative to the prior year. Trading profit declined 1% to ZAR11.0bn as the ongoing cost-optimisation programme only partially offset consumer pressure in the middle market and the normalisation of content costs and sales and marketing expenses.

Rest of Africa (RoA)

The Rest of Africa business benefited from the popularity of local content such as Big Brother Naija and live sporting events. Whilst revenue of ZAR17.9bn reflects a strong 14% organic increase, it is only 4% higher than the prior year due to the impact of translating Rest of Africa’s USD revenues at a stronger ZAR for reporting purposes. Trading losses amounted to ZAR1.2bn, which is a 24% improvement YoY on an organic basis. Local currencies held up better against the USD than prior years, resulting in an overall headwind on reported results of only ZAR0.1bn (FY21: ZAR1.2bn). Although liquidity challenges continued in Nigeria, the group successfully repatriated cash throughout the year, albeit at a premium to the official exchange rate.

Technology segment

Irdeto, was impacted by global silicon shortages affecting supply chains, as well as COVID-19 related disruptions in large markets such as India. Revenues of ZAR1.5bn, down 17% YoY (9% organic), were further depressed by the impact of a stronger ZAR upon translation from USD. The segment contributed ZAR0.5bn to group trading profit with margins strong at 33%. Irdeto gained additional market share in its core media security business by winning four new Tier-1 customer. It also grew its device security business, expanded its deployment of connected vehicles with Hyundai, and started new projects like providing security software to large logistics companies. 

KingMakers

On 29 October 2021, the group increased its shareholding in KingMakers from 20% to 49.23%. KingMakers delivered USD136m (ZAR2.0bn) in revenues, representing robust growth of 74% YoY. It recorded a loss after tax amounting to USD19m (ZAR0.3bn) as increased revenues were offset by investment in people, product and technology to further scale the business. Although revenues are still primarily generated in Nigeria, the group is now also active in Kenya, Ghana and Ethiopia.

Future Prospects

In the year ahead, the group will continue to drive penetration of its video entertainment services across the African continent by offering customers an array of unique and rich media content delivered in a convenient and cost effective way. Local content and select sporting events such as the English Premier league, UEFA Champions League and the 2022 FIFA World Cup will contribute to the growth in linear and streaming services.

Returning the Rest of Africa business to profitability in FY23, maintaining strong cash flows to support a healthy balance sheet and pursuing innovative products and services remain key pillars for long term value creation.

“As a platform of choice, our group will look to further expand our entertainment ecosystem by identifying growth opportunities that leverage our scale and local capabilities,” says Mawela. “We will continue to strive to be a trusted partner for our customers’ ever-evolving needs, enriching their lives by delivering entertainment and relevant consumer services underpinned by technology.” 

Distributed by APO Group on behalf of MultiChoice Group.

Business

Zambia–Lobito Railway Moves Towards Financial Close as President Hichilema Meets Africa Finance Corporation (AFC) Leadership

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Zambia

Project advances towards financing with preferred EPC bidders selected and letters of intent covering approximately 2 million tonnes a year signed

LUSAKA, Zambia, November 6, 2026/APO Group/ –His Excellency Hakainde Hichilema, President of the Republic of Zambia, has received a delegation from Africa Finance Corporation (AFC) (www.AfricaFC.org), led by its President and Chief Executive Officer, Samaila Zubairu, to review progress on the Zambia–Lobito Railway Project. AFC, the continent’s leading infrastructure solutions provider, is the lead sponsor and developer of the project.

The approximately 830-kilometre railway will connect Chingola in Zambia’s Copperbelt to Luacano in Angola, where it will link with the existing Benguela Railway and provide direct access to the Atlantic Ocean through the Port of Lobito.

 




 
 

A strategic component of the broader Lobito Corridor initiative, the project has reached several important development milestones. AFC last month announced preferred bidders for the engineering, procurement and construction (EPC) contracts for the Angolan and Zambian sections, following an international competitive tender. The project has also signed memoranda of understanding and letters of intent with prospective railway users covering approximately 2 million tonnes of freight a year.

Every tonne that leaves Zambia unprocessed takes jobs away with it

In addition to providing a direct Atlantic export route for Zambia’s copper and critical minerals, the project is being developed as an integrated economic corridor supporting agricultural exports, petroleum logistics, manufacturing and regional trade. Transit from the Copperbelt to the Port of Lobito is expected to take approximately seven days.

The project’s commercial strategy targets approximately 5 million tonnes of annual freight at steady state, comprising petroleum products, agricultural commodities, copper, cobalt, zinc and other industrial cargo. AFC is targeting financial close in 2027.

Discussions focused on continued collaboration between AFC and the Government of Zambia on the project’s next steps, including the railway’s right of way and land for associated agricultural, petroleum and freight-handling facilities. The meeting also considered rail sector policy measures to support the corridor’s long-term competitiveness, including integration with the Zambia Railways network and the Chingola–Ndola line.

President Hichilema reaffirmed the railway’s importance to Zambia’s economic development and regional integration. He said: “The Zambia–Lobito Railway is central to our vision of transforming Zambia into a competitive regional hub for trade, manufacturing, agriculture and mineral value addition. By connecting our productive sectors to international markets more efficiently, we can reduce logistics costs, attract investment and create jobs. We welcome AFC’s progress and will continue working closely together to advance this strategic project.”

Samaila Zubairu, President and Chief Executive Officer of AFC, said: “Every tonne that leaves Zambia unprocessed takes jobs away with it. This railway changes that. Starting in Chingola, it gives Zambia a seven-day route to the Atlantic and every reason to process, manufacture and add value at home. With preferred EPC bidders selected and strong interest from freight users, we are now working with the Governments of Zambia and Angola, the African Development Bank, the Government of Italy and our other partners to reach financial close. We are building a railway. Zambia will build an economy on it.”

AFC continues to work with the Governments of Angola and Zambia, the European Union, the United States Government, the Government of Italy and the African Development Bank, alongside Italian development finance institution CDP and Italian export credit agency SACE, to bring the Zambia–Lobito Railway into construction.

Distributed by APO Group on behalf of Africa Finance Corporation (AFC).

 




 

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Mukuru Partners with Flash to Add 170,000 Cash Pay-in Points Across South Africa

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Mukuru

New partnership brings remittance payments into township, peri-urban and rural spaza shops nationwide

JOHANNESBURG, South Africa, November 6, 2026/APO Group/ –Mukuru (www.Mukuru.com), a leading financial services provider, has partnered with Flash, a payments technology company with an extensive network of spaza shops across South Africa, adding 170,000 cash pay-in points where customers can now pay for their Mukuru remittance orders. The network includes Flash’s broader merchant footprint, giving Mukuru access to locations through Flash and its partner networks. These new locations are now operational, reducing the time and distance many customers currently travel to make a payment.

Previously, customers often had to travel to banks or dedicated payment outlets to pay for their Mukuru orders. Now, they can simply visit a spaza shop close to home, work or where they usually shop.

For people in townships, peri-urban and rural areas who rely on cash and have traditionally had limited access to formal pay-in points, particularly South Africa’s migrant communities, this change removes a real barrier and makes it easier to send money home. With these pay-in points inside spaza shops, Mukuru’s services become part of places people already go, meaning fewer extra trips and more timely payments.

Every additional pay-in point represents one less barrier for a customer trying to send money home

“Every additional pay-in point represents one less barrier for a customer trying to send money home,” said Erone Kyte, Commercial Manager: Cross-Border Remittances at Mukuru. “Our partnership with Flash gives us the scale to bring Mukuru’s services into the everyday spaces our customers already know and trust. It’s a meaningful step in making remittances simpler, more accessible and genuinely closer to the communities we serve.”

For Mukuru, working with Flash means reaching even more customers in underserved urban, township, and rural areas. By leveraging Flash’s established network, Mukuru can now offer cash pay-in options where they didn’t exist before. The expanded network is expected to help more people access Mukuru’s services, support growth in its South African customer base, and make cross-border payments more convenient.

Rens Rezelman, General Manager for Flash’s Merchant Division, commented, “Flash works to bridge the digital product and payments gap between businesses and consumers across the country. Launching Mukuru across our network presents another opportunity to bring a familiar brand closer to the people who need it most.”

The sector is now recognised as a R750 billion  industry. According to data tracked by Trade Intelligence, total turnover recently reached R197 billion, growing at roughly 15% annually. Research confirms that traditional trade and spaza shops are growing faster than large supermarket chains, with almost 80% of South African households shopping at these traditional trade outlets regularly. (https://apo-opa.co/4iDwZr8) Bringing Mukuru payments to these stores is a natural fit and helps shop owners draw in more customers and offer more services to their communities. Mukuru and Flash will build awareness of the new pay-in option through store, digital, and community promotions in the coming months.

This partnership is part of Mukuru’s ongoing drive to make cash pay-ins easier and improve access to remittance services for people living and working in areas with limited formal financial services. Over the past two years, the company has made similar moves to make its payment network bigger and more accessible across the region.

Mukuru customers looking to pay closer to home can easily find their nearest participating Flash pay-in point using the Mukuru app or website.

Distributed by APO Group on behalf of Mukuru.

 

 




 

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How CESI is helping shape Africa’s next-gen power grids

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CESI

CESI, a global engineering and consulting company specialising in power systems and energy transition, has supported utilities, transmission system operators and public institutions

CAPE TOWN, South Africa, November 6, 2026/APO Group/ –Across Africa, power systems are undergoing a profound transformation. Rapid population growth, urbanisation, industrial development and ambitious electrification goals are increasing pressure on networks that must improve reliability, integrate growing volumes of renewable energy and strengthen regional interconnections.

 




 
 

For utilities, regulators and governments, this creates a dual challenge: planning future power systems while modernising the infrastructure required to operate them safely and efficiently.

Drawing on projects delivered across the continent CESI, a global engineering and consulting company specialising in power systems and energy transition, has supported utilities, transmission system operators and public institutions in addressing both long-term planning requirements and grid modernisation challenges. These experiences highlight how strategic planning and operational modernisation are becoming increasingly interconnected.

Planning for growth in a changing energy landscape

Many African countries are updating power sector strategies to reflect changing demand patterns, evolving technologies and new regional opportunities. National master plans in countries including Angola, Mozambique and Liberia are examining how generation, transmission and distribution systems can evolve over the coming decades while remaining technically feasible and financially sustainable.

A key trend is the growing emphasis on integrated planning. Rather than treating generation, transmission and distribution separately, stakeholders are increasingly assessing investments across the entire value chain to meet future demand efficiently and reliably. Demand forecasting methodologies are also evolving, considering industrial development, electric mobility and broader electrification trends.

Renewable energy integration is another central consideration. Africa possesses significant solar, wind and hydropower resources, but integrating these technologies requires careful assessment of transmission capacity, system flexibility, reserve requirements and grid stability. In this context, CESI has contributed to power sector master plans and network studies evaluating future development pathways while addressing reliability, economic and energy transition objectives.

Regional interconnections as strategic infrastructure

Regional integration continues to play an increasingly important role in Africa’s electricity sector. Future Interconnection projects linking countries such as Ethiopia and Somalia, Uganda and Tanzania, and Uganda and South Sudan demonstrate how cross-border infrastructure can enhance energy security and optimise the use of available generation resources.

Delivering these projects requires more than engineering analysis. Technical, economic, regulatory and operational considerations must be aligned among participating countries. Through its involvement in several interconnection initiatives at different stages across Africa, CESI has supported stakeholders in assessing feasibility, network performance and operational requirements for cross-border electricity exchanges.

As regional power markets continue to develop, interconnected systems are expected to contribute further to reliability, operational flexibility and efficient resource utilisation.

Modernising grid operations for greater reliability

Alongside long-term planning, utilities are investing in modern operational technologies to improve management of increasingly complex power systems. Control centres, SCADA systems, energy management systems (EMS) and telecommunications networks are becoming essential components of modern grid operations.

In countries including Mozambique and Angola, projects are supporting the development of advanced control centres capable of monitoring generation facilities, transmission networks and interconnections through integrated operational platforms. These systems provide operators with real-time visibility and decision-support capabilities that strengthen system reliability and operational efficiency.

Meanwhile, programmes in Tunisia and Nigeria illustrate how utilities are upgrading ageing SCADA and EMS infrastructures to meet evolving requirements. Modern solutions increasingly incorporate

  • cybersecurity,
  • wide-area monitoring capabilities and
  • renewable energy management functions.

CESI’s experience in control centres, SCADA/EMS systems and power system operations reflects the growing importance of digital technologies in enabling more resilient and responsive electricity networks.

Building resilience and technical capacity

Environmental and social considerations are becoming increasingly important across both planning and modernisation initiatives. Climate resilience now plays a central role in infrastructure development, particularly in countries exposed to extreme weather events or heavily dependent on hydropower resources. As a result, environmental and social assessments are increasingly integrated into project design and investment decision-making processes.

Capacity building is equally important. New technologies and analytical tools require utilities and public institutions to continually strengthen technical capabilities. Training and knowledge-transfer programmes have therefore become integral components of many planning, interconnection and grid modernisation projects, helping organisations develop the expertise needed to manage increasingly sophisticated power systems.

An integrated approach to Africa’s power future

Several common themes are emerging across Africa’s electricity sector. Utilities are adopting longer-term planning horizons, renewable energy is becoming a central driver of network development, regional interconnections are expanding opportunities for power exchange, and digitalisation is transforming power system operations.

Together, these trends point towards a broader evolution of African power systems. The challenge is no longer simply expanding infrastructure, but ensuring that future networks are planned, operated and modernised in a coordinated manner. Achieving this objective will require continued collaboration among utilities, governments, regulators, financiers and technical stakeholders.

Experience across the continent suggests that integrating sound planning with targeted grid modernisation can support the development of more reliable, resilient and adaptable power systems, helping meet Africa’s long-term economic and social development goals.

CESI is a partner of ESI Africa, the power, energy, water, transport and utility multimedia platform that forms part of VUKA Group.

Read the article and access more information: https://apo-opa.co/47Xr1g3

Distributed by APO Group on behalf of VUKA Group.

 

 




 

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