5 of the 1,600 candidates from 17 countries won awards at the international ceremony

CASABLANCA, Morocco, November 12, 2024/APO Group/ — 

The winners of the 14^th edition of OSVP, which recognizes and supports startups whose technological solutions have a positive social impact in Africa and the Middle East, were announced at the international ceremony. The event took place at the Royal Mansour in Casablanca and was attended by many prominent guests, including Christel Heydemann, CEO of the Orange Group, Jérôme Hénique, CEO of Orange Africa and Middle East (www.Orange.com), as well as Younes Sekkouri, Minister of Economic Inclusion, Small Business, Employment and Skills.

Since 2011, OSVP has been at the heart of Orange’s strategy to contribute to the development of the entrepreneurial ecosystem and the inclusive growth of the countries where the Group operates in Africa and the Middle East. Most of the proposed solutions address issues critical to community development, such as education, health, agriculture, the environment, and e-commerce.

5 of the 1,600 candidates from 17 countries won awards at the international ceremony. This was the first time in OSVP’s history that the ceremony was held in Morocco.

For the International Grand Prize, which recognizes the top three technology-based projects with a social or environmental impact, the winners are:

• 1^st prize of €25,000: SAVEY (Morocco) – SAVEY is a digital and logistics solution to combat food waste. It is a real-time gateway between unsold inventory from manufacturers, big box stores, corner stores and consumer demand.
• 2^nd prize of €15,000: WeFix (Tunisia) – WeFix offers a digital solution to help individuals and businesses sustainably manage their electronics and appliances from start to finish.
• 3^rd prize of €10,000: Cocoa Shield (Côte d’Ivoire) – Cocoa Shield provides a solution that combines artificial intelligence with Internet of Things (IoT) devices to monitor and track cocoa crops and combat the diseases that affect them.

For the special prizes, the winners are:

• For the €20,000 International Women’s Prize, which is awarded to a startup whose high-impact project is led by a woman: MyTindy (Morocco) – MyTindy is an online platform that connects artisans with customers around the world, enabling them to sell their products directly and autonomously.

• For the €10,000 Coup de Cœur prize, which is awarded to a project that stands out for its originality: Intella (Egypt) – Intella offers a solution that bridges the gap between global advances in artificial intelligence and the Arabic-speaking world through one of the world’s most accurate multi-dialect Arabic speech-to-text transcription engines.

Since the program’s inception, nearly 15,000 applications have been received and more than 500 entrepreneurs have been supported and rewarded, including about a hundred internationally.

With a focus on high-impact, sustainable innovation, the 14^th edition certainly delivered on its promises and highlighted the growing contribution of women to the entrepreneurial ecosystem in Africa and the Middle East. OSVP winners in the 17 countries will receive support from Orange Digital Centers in Africa, the Middle East and Europe, with hopes of taking their business beyond the borders of their respective countries.

Distributed by APO Group on behalf of Orange Middle East and Africa.

Despite external pressures, MultiChoice’s strategy leverages a solid financial foundation, targeted investments, and disciplined cost management to drive future growth and deliver the best video entertainment to customers

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

• Unprecedented foreign exchange pressures and economic challenges in key African markets impacted earnings and dampens subscriber growth
• On track to right-size cost base and grow new revenue streams to drive future growth as streaming gains traction at the expense of traditional pay-tv
• Cost-cutting measures delivered R1.3bn in permanent savings, on track to reach increased full-year target of R2.5 billion
• Showmax customer base grew 50% YoY as a leading streaming service in sub-Saharan Africa
• Strong revenue growth in new products: DStv Steam +71%, DStv Internet +85%, DStv Insurance +31%, KingMakers +53%
• Strong liquidity of R10 billion provides solid financial base to support growth
• Negative equity position on track to be resolved in November 2024.

MultiChoice Group (MCG or The Group) (www.MultiChoice.com) continued to deliver exceptional video entertainment and execute on core strategic initiatives during the first six months ended 30 September 2024 (1H FY25). However, unprecedented foreign exchange volatility severely impacted the Group’s interim financial results, while ongoing macroeconomic challenges weighed on customer growth and moderated overall performance.

Facing the most challenging operating conditions in almost 40 years and to generate desired returns, the Group has been proactive in its focus to ”right-size” the business for the current economic realities and industry changes. Although operating across Africa typically subjects the group to currency moves, abnormal currency weakness over the past 18 months have reduced the group’s profits by close to R7 billion. Combined with the impact of a weak macro environment on consumers’ disposable income and therefore on subscriber growth, it required the Group to fundamentally adjust its cost base – which is exactly what has been done. The normal cost savings program was accelerated, resulting in permanent savings of R1.3bn in over the past six months and an increased target of ZAR2.5bn for the full year.

“We are making good progress in addressing the technical insolvency that resulted from non-cash accounting entries at the end of the last financial year. We expect to return to a positive net equity position by the end of November this year, supported by a number of developments and initiatives. The Group’s liquidity position remains strong, with over ZAR10bn in total available funds,” says Calvo Mawela, MultiChoice Group CEO.

The Group is also adjusting to global pay-TV challenges as streaming services, the rise of social media and changing consumer preference impact the traditional broadcast business. Showmax, which reported 50% growth YoY in its paying customer base, strategically positions the business to actively participate in the streaming revolution as it gains momentum across Africa. To create sufficient capacity and drive growth, the group stepped-up its investment in this business by an incremental ZAR1.6 billion during the interim period.

“We have successfully been implementing our strategy over the past few years, achieving key milestones such as our investment in KingMakers, returning the Rest of Africa business to profitability in FY23 and FY24, concluding the Showmax partnership with Comcast and investing in Moment. While we’ve made huge inroads to reduce our cost base, there’s still more work to be done”.

“However, our focus extends beyond cost efficiency—we are equally committed to grow the business. We remain committed to driving new revenue streams and see significant medium to long-term opportunities in video entertainment, particularly in streaming, and in our adjacent new businesses,” says Mawela

The Group reported strong momentum in its new products and services, which all delivered robust   YoY revenue growth, i.e. DStv Stream +71%, DStv Internet +85% and DStv Insurance + 31%. KingMakers reported a healthy 27% increase in its online monthly active users in Nigeria and grew its revenue in Naira by 53%, while newly-launched SuperSportBet is showing good early traction in South Africa.

Financial Results Overview

Subscriber base: The pressure on the linear pay-TV subscriber base was lower than the previous six-months, reflecting a 5% decline (0.8m) compared to 6% reported (1.0m) in 2H FY24. This reflects an improving sequential trend. On a YoY basis, the linear subscriber base declined by 11% or 1.8m subscribers to 14.9m active subscribers, impacted by the challenging macroeconomic conditions that negatively impacted discretionary consumer spend.

Group revenues: Revenues increased by 4% YoY to ZAR25.4bn on an organic basis, due to disciplined inflationary pricing and revenue growth of new products. On a reported basis, revenues declined by 10%, impacted by foreign exchange pressures on the Rest of Africa business and a stronger Rand against the US Dollar.

Group trading profit: The Group’s ongoing cost optimisation drive delivered ZAR1.3bn in savings, and together with other improvements in the business, it resulted in a 33% increase in trading profit before incorporating the Showmax costs. A ZAR1.6bn step-up in the investment behind Showmax to create capacity for growth, trimmed the organic trading profit to ZAR5.0, a decline of only 1% YoY. Foreign exchange losses in the Rest of Africa business amounting to ZAR2.3bn reduced reported trading profit to ZAR2.7bn.

Adjusted core headline earnings, the board’s measure of the underlying performance of the business, amounted to ZAR7m, impacted by foreign exchange losses and the investment in Showmax.

Cash flow and liquidity: The Group free cash flow remained positive at ZAR0.6bn, with ZAR5.7bn retained in cash and cash equivalents. Despite the increase in net interest costs and a higher average debt balance, the Group remains well-positioned to navigate current challenges with access to ZAR4.4bn in undrawn facilities.

We are making good progress in addressing the technical insolvency that resulted from non-cash accounting entries at the end of the last financial year

Operational update

General entertainment and sport

Delivering content that customers love remains the Group’s core focus— whether it is the best of local or international general entertainment or the most exciting sport events.

In the past six months, the Group produced 2,763 hours of local content, bringing its local content library to 86,215 hours.

SuperSport reinforced its reputation as a global leader in sport broadcasting with extensive coverage of the Paris 2024 Olympic Games, EURO 2024, and the ICC T20 Men’s World Cup. Over the past six months, SuperSport has broadcast 10,240 live events and provided a total of 21,540 hours of live coverage, a 22% increase YoY. 

SuperSport Schools doubled its user base and crossed a milestone of one million registered users on its app, delivering over 35,000 hours of content over the past six months.

Business segments

As a mature business, MultiChoice South Africa is focused on subscriber retention and reconnections, identifying remaining growth opportunities, as well as optimising processes and systems to improve customer experience and operational efficiency.

In the Rest of Africa business, the Group is implementing several initiatives to support improved financials, including price adjustments to counter the impact of inflation, renegotiating content deals where feasible, restructuring select packages to enhance ARPU, optimising the DTT network, and intensifying anti-piracy initiatives.

In FY25, Showmax is focussed on enhancing its content line-up, bedding down distribution partnerships, expanding payment channel integrations and refining its go-to-market strategy.

Irdeto delivered encouraging revenue growth, after securing a major customer in Asian and expanding managed services with a key customer in Australasia.

KingMakers continued to gain strong momentum in Nigeria, where BetKing Nigeria has secured the second position in the online betting market. SuperSportBet, the South African business launched late last year, is showing early signs of success and reported a remarkable tenfold increase in net gaming revenue over the past nine months.

Moment, now live in 40 African countries, has shown rapid growth since its launch last year, with total payment volumes (TPV) growing to USD242m. It is already processing almost 30% of the Group’s payments.

Looking Ahead

The Group continues to invest in its long-term future, focusing on the following strategic priorities:

• Improving profitability and cash generation in the South African business.
• Streamlining the cost base in the Rest of Africa to return this business to profitability.
• Investing in Showmax to establish it as the leading streaming platform on the continent.
• Supporting KingMakers, Moment and DStv Insurance to drive scale.

By executing well on these objectives, the Group will be well positioned to deliver future growth and create value as Africa’s leading video entertainment platform and most-loved storyteller.

Distributed by APO Group on behalf of MultiChoice Group.

Under the official patronage of Zimbabwe’s Ministry of Energy and Power Development for 2024, the summit will unveil energy project plans from both countries

HARARE, Zimbabwe, November 12, 2024/APO Group/ — 

The Zimbabwe-Zambia (Zim-Zam) Energy Projects Summit will take place from November 18-20, 2024, in Victoria Falls, Zimbabwe, and could not be more timely. With the governments of both countries making innovative structural changes to make energy projects more bankable, appetite for investment is high. This is the opportunity to secure a more sustainable energy future for both Zimbabwe and Zambia.

The Zim-Zam Energy Projects Summit will alternate with Zambia bi-annually under the theme, Powering Zimbabwe and Zambia’s Sustainable Energy Future: Unlocking Opportunities in Renewables, Grid Modernization and Energy Access.

Under the official patronage of Zimbabwe’s Ministry of Energy and Power Development for 2024, the summit will unveil energy project plans from both countries. Private sector investment into solar, geothermal and wind is complementing traditional hydro projects against the backdrop of ongoing drought, and the broader vision is to create a much wider door for the global investment community to walk through.

With the Zimbabwe Energy Regulatory Authority (ZERA) as summit sponsor, Edington Mazambani, ZERA’s Chief Executive Officer said: “As we stand on the brink of a transformative era in energy, the Zimbabwe-Zambia Energy Projects Summit embodies our commitment to a sustainable future. Together, we will explore the vast opportunities in renewables, modernise our grids, and ensure energy access for all. Let us unite in our vision to power Zimbabwe and Zambia’s sustainable energy future, unlocking potential for growth, innovation and collaboration.”

Together, we will explore the vast opportunities in renewables, modernise our grids, and ensure energy access for all

The Zambia Environmental Management Agency (ZEMA)’s recent investment of $1.76 billion into the energy sector underlines the urgent need for energy expansion in the region.

Devastating droughts across Eastern and Southern Africa have set a context for why scenario planning is so vital, with the potential of dams regularly running dry. Bilateral and regional infrastructure will be critical to countering the impact, and to reduce dependence on dominant energy sources, The need for urgent grid infrastructure investment is just one of the topics to be discussed. Working collaboratively with the mining sector to support economic growth and its vision for a cleaner energy future is another.

“Having supported the mining sector in DRC for 14 years, we welcome this opportunity for the important conversations that will unlock opportunities in energy and infrastructure across Zimbabwe and Zambia, and power a sustainable future,” said Manoj Patil, Director of Mining Engineering Services, a Vinmart Group Company, and a sponsor of the summit.

Other topics set to drive change this November include creating an attractive energy investment destination and using innovative and profitable renewable solutions to meet universal access targets, benefitting industries and consumers. By bringing key energy players together, in one place, with one goal, the summit is set to drive projects in both countries more quickly to financial close and establish a clear pathway for risk mitigation.  

It will connect Zimbabwe and Zambia’s Ministries, utilities, regulators and energy organisations, with international private sector stakeholders, institutional investors, private financiers, service and technology providers.  DFIs and multinationals attending include the African Development Bank (AfDB), British International Investment (BII), FMO, Trade and Development Bank (TDB), Climate Fund Managers and Standard Bank.

They join the host of public sector leaders and stakeholders set to speak at the summit, most notably the Ministers from Zimbabwe and Zambia, the EU Ambassador to Zimbabwe, and esteemed speakers from ZERA, Zambezi River Authority (ZRA), ZARENA, ZESA Holdings and RAEZ.

Speaking on behalf of Marsh, also a summit sponsor, Mortimer McKechnie, Senior Vice President, Energy & Power Leader, Africa, added: “This is an opportunity to come together, share experiences and think innovatively. Linking capital and mitigating risk can boost development for both countries, and Marsh is very excited to be part of this summit.”

Distributed by APO Group on behalf of EnergyNet Ltd..