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MultiChoice Group: Resilient Operational Performance and Significant Progress in Expanding Service Offering

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MultiChoice

Building on its track record of investing in technology to be ahead of the curve, and to accommodate shifts in consumer video consumption trends to support future growth, the group continued to transition strategically with an increased investment in Showmax

JOHANNESBURG, South Africa, November 15, 2023/APO Group/ — 

MultiChoice Group (MCG, or the group) (www.MultiChoice.com), Africa’s leading entertainment company, executed well on its operational objectives during the six months ended 30 September 2023 (1H FY24).

Building on its track record of investing in technology to be ahead of the curve, and to accommodate shifts in consumer video consumption trends to support future growth, the group continued to transition strategically with an increased investment in Showmax, ahead of an exciting re-launch in the second half of this financial year.

“We remain focused on developing our leading entertainment platform that caters for consumer needs across sub-Saharan Africa, on leveraging our footprint to build a differentiated ecosystem and on developing additional revenue streams,” says Calvo Mawela, Chief Executive Officer. 

The overall excitement around three world cups, culminating in the Springboks emerging victorious as back-to-back Rugby World Cup champions, supported subscriber activity. A highlight of the interim period was the South African Premium customer base, which grew 5%, a positive trend for the first time in many years.

Although profitability came under pressure due to ongoing power interruptions, cost of living pressures and sharp depreciation in local currencies against the US dollar, the impact was mitigated by a change in focus towards subscriber retention, an improved customer mix, as well as ongoing pricing and cost saving disciplines to protect the resilience of the business. As a result, the group maintained a positive trading profit margin of 3% in the Rest of Africa (a ZAR2.2bn organic improvement YoY) and delivered a 31% trading margin in South Africa.

Salient points for the 1H FY24 period included:

  • Group revenue: ZAR28.3bn, down 1% (up 4% organic) due to weaker local currencies and consumer pressure, offset by conversion benefits of a weaker ZAR on the group’s USD reporting segments and inflationary-led price increases in the majority of the group’s markets.
  • Subscription revenues: 3% higher on an organic basis, attributed to strong growth in Rest of Africa (+14%) and Showmax (+25%), offset by pressure in the South African business (-4%).
  • Group trading profit: increased 18% on an organic and like-for-like basis (excluding the additional investment in Showmax), reducing to a 10% improvement once the investment in Showmax is considered. On a reported basis, trading profit was 18% lower at ZAR5.0bn, impacted by foreign exchange headwinds of ZAR1.7bn, Showmax trading losses of ZAR0.8bn and a lower contribution from South Africa. Focus on cost optimisation delivered ZAR0.5bn in cost savings.
  • Total content costs: up 10% (+ 4% organic), driven by ongoing investment in local content (+16% YoY) and several World Cups hosted in the first half of the year.    
  • Core headline earnings: ZAR1.9bn, down 5%, impacted by the same drivers weighing on trading profit, with some offset from realised gains on forward exchange contracts and lower tax and minorities in South Africa.
  • Adjusted core headline earnings (incorporating the impact of losses incurred on cash remittances in markets such as Nigeria): increased 25% to ZAR1.5bn, resulting from lower losses on cash remittances as the gap between the official and parallel naira rates narrowed following the material depreciation in the official naira rate during the period.
  • Free cash flow: ZAR1.1bn, impacted by the increased investment in Showmax and a lower contribution from the South African business.
  • Retained cash and cash equivalents of ZAR5.6bn and access to ZAR9.0bn in undrawn facilities; financial debt stable at ZAR8.1bn with Net debt:EBITDA of 1.30x.

The group continued to deliver compelling local content and enable its audiences to access internationally renowned entertainment shows. Playing a vital role in supporting and developing the continent’s wider video entertainment industry, it has increased its spending on local content by 16% YoY, taking its local content library to almost 80,000 hours. Going forward, the group plans to enhance the monetisation of each hour of content produced by leveraging both its linear and streaming platforms.

Several new titles were launched to maintain strong momentum in leading local language programming. In addition to the successful debut of Shaka iLembe on Mzansi Magic; Gqeberha: The Empire replaced The Queen in its time slot; and Umkhoka: The Curse continued to grow in viewership and social media engagement during the period. M-Net launched the higher-end series 1802: Love Defies Time on 1Magic. kykNET introduced a new medical procedural drama, Hartklop, and a new cooking reality show, Kokkedoor: Vuur & Vlam, both of which commanded strong audience share. Big Brother Naija entered its eighth season, delivering record advertising revenues in local currency.

Following on from the success of the FIFA World Cup in FY23, SuperSport yet again demonstrated its ability to deliver an exceptional sport offering,  successfully broadcasting three World Cup events in the period — the FIFA Women’s World Cup, the Netball World Cup and the Rugby World Cup — followed by the Cricket World Cup, which aired post period-end.  

As part of its broader “Here for Her” campaign, SuperSport provided a world-first all-female broadcasting crew to produce the Netball World Cup in Cape Town, which was shortlisted at the Sports Business Awards for “Best Sporting Event of 2023”.

Beyond World Cup coverage, SuperSport’s broadcast of the Comrades Marathon in June 2023 was the biggest production in SuperSport’s history. The group continued telling the best of local sport stories and is proud of its latest documentary series, Pulse of a Nation, which documents the history of football in South Africa. SuperSport also secured several rights in its portfolio to provide viewers with a wide variety of choice.

MultiChoice also remains committed to making school sport accessible to all levels of society through its SuperSport Schools platform, which grew its user base by 69% over the last six months, providing a valuable stage for identifying the next generation of South Africa’s sporting stars.

Operational performance review 

South Africa

The challenging consumer environment persisted into 1H FY24.  Loadshedding remained the most immediate challenge in terms of subscriber activity, with the number of active days per subscriber declining by 5% due to a significant increase in both frequency and intensity of loadshedding, especially in Q1 of the reporting period. Premium and Compact bases showed improved stability compared to the latter part of FY23.

The group reported a 5% decline in 90-day active customers to 8.6m (3% of which can be attributed to the decision to end the short-term campaigns implemented in the prior year to support customers during loadshedding), with active customers amounting to 7.8m. More stable trends in the mid- and upper segments of the customer base, along with inflation-linked average price increases of around 4%, helped limit the decline in monthly average revenue per user (ARPU) to 2%.

The group continued to deliver compelling local content and enable its audiences to access internationally renowned entertainment shows

Various initiatives were implemented to protect the economics of the segment and to help offset macro and consumer challenges weighing on the performance of the business into the second half, a period which is typically affected by the seasonally higher cost of the football content rights and festive season promotional activity. Key amongst these was the reduction in decoder subsidies through increased device pricing in our linear business and the relaunch of DStv Stream, which has more than tripled its subscribers since March 2023, albeit off a low base. Encouragingly, over 90% of DStv Stream subscribers added in the period are new subscribers to DStv, who find the connected product without hardware installation more appealing. The pricing and value proposition of the DStv Business Play packages were also recalibrated which led to a 37% increase in month-on-month revenues for this segment in September 2023.

Revenues declined by 3% to ZAR16.5bn, impacted by a 4% decline in subscription revenues and a reduction in decoder revenues due to the shift in strategy, offset by 31% growth in insurance premiums and a doubling of DStv Internet revenues.  The segment delivered a trading margin of 31%, with Showmax now reported as a separate trading segment. In absolute terms, the lower revenues and negative operating leverage resulted in trading profit trending 17% lower to ZAR5.2bn, impacted by the ongoing investment in local content and sport, partially offset by cost saving initiatives and reduced decoder subsidies.

Rest of Africa (RoA)

After adding 1.4m new subscribers in FY23, subscriber growth in the Rest of Africa was more subdued in 1H FY24. This was due to the impact of inflationary pressures in key markets like Nigeria, and similar trends to previous periods which followed a FIFA World Cup or northern hemisphere football off-season. A total of 0.1m subscribers were added to end the period at 13.0m 90-day active subscribers. The active subscriber base was broadly stable at 8.9m subscribers and subscription revenues grew 14% organically.

Revenue of ZAR10.5bn was flat (+13% organic) with a weaker ZAR against the USD on conversion, offsetting the impact of weaker local currencies relative to the USD. The RoA segment delivered a trading profit of ZAR330m (+ZAR2.2bn YoY on an organic basis) which was underpinned by specific cost interventions around decoder subsidies and content costs.

Weaker currencies remained a significant impediment to improvements in profitability, with average first half exchanges falling sharply against the USD. The sharp fall of the naira resulted in a large proportion of the previously recognised losses incurred on cash remittances now being recorded in trading profit. The net effect of these forex movements was a negative ZAR1.6bn impact on the segment’s trading profit for the period.

Showmax

The Showmax partnership with Comcast (owners of NBCUniversal, Sky and Peacock) was concluded on 4 April 2023 and significant progress has been made in preparing for launch later in this financial year. This service, which is set to benefit from rising connectivity and smart device uptake that enhances accessibility and scalability, will enable MultiChoice to double its customer base and deliver an additional USD1bn revenue in the medium term. 

Showmax (now reported separately from the South African segment) saw its active subscriber base increase by 13% YoY, resulting in revenues growing 46% (+45% organic) to ZAR0.6bn. As the group continues to support the existing business and invest behind the new platform, operating costs increased in the short term, resulting in trading losses increasing by ZAR0.5bn to ZAR0.8bn.

Technology segment

Irdeto’s external business delivered 17% topline growth (+4% organic) due to the weaker ZAR against the USD, market share gains in its core media security business and the provision of its managed services.  Irdeto’s connected industries initiatives continue to build momentum, most notably in the Keystone product line where Irdeto secured additional customer wins in the construction equipment space.

Trading profit was affected by once-off restructuring activities in the core media security business as the business adapts to the changing media landscape, and increased by a modest 1% on an organic basis.

On a standalone basis, Irdeto generated revenues of USD98m (ZAR1.8bn), down 7%. Trading profit of USD15m (ZAR0.3bn) was lower than the prior period as a result of the non-recurring benefit from elevated FIFA World Cup orders in the prior year, as well as the restructuring costs.

KingMakers

KingMakers continued to deliver strong underlying operating momentum despite the impact of the weaker naira and challenging macro environment in Nigeria. The business delivered organic revenue growth of 22%, led by strong growth in its online sportsbook which saw active users increase 17% and its revenue contribution grow by 40% YoY. The weaker naira resulted in reported revenues increasing only 2% to USD95m (ZAR1.8bn). KingMakers reported USD10m in EBITDA and narrowed its loss after tax to USD8.6m (ZAR0.2bn) for the first six months to June 2023.

The core development focus for KingMakers was preparations for the soft launch of SuperSportBet in South Africa on 9 November this year. The expertise of the KingMakers team combined with the strength of the SuperSportBet brand and exclusive partnerships uniquely positions the group to leverage the opportunity for future revenue and gain market share in this large and growing addressable market.

KingMakers is focused on optimising the profitability of its agency business and growing its higher-margin online business that, together with the opportunity presented by the new South African business, will support its path to sustainable profitability.

The product and market expansion plans are fully funded with KingMakers having USD134m (ZAR2.5bn) of cash at period end (being June 2023).

Moment (Fintech)

The Moment joint venture made significant progress in integrating with group core payments infrastructure and remains on track to commercialise its local services in 2H FY24.

In addition, Moment prioritised payment service integrations for the Showmax business to support the streaming platform’s launch in 2H FY24. The platform is set to deliver returns equal to the initial investment within a 20-month timeframe and will become increasingly important to the success of the group’s ecosystem in future, providing simplicity to customer payment options, more integrated rewards platforms and B2B revenue opportunities.

Future Prospects

“MultiChoice has a compelling growth strategy in place, which is partly driven by the opportunity to capture sustainable long-term growth through our targeted investment in streaming and partly by the need to absorb increased external economic pressure on the business and its consumers in the short-term. Our priority is to navigate both sets of demands to ensure the group operates sustainably through the current economic cycle and long into the future, while delivering attractive shareholder returns.” says Mawela.

The focus remains on driving further efficiencies in operating expenditure, as well as working capital and capex decisions, to ensure consistent and optimal returns on all capital deployed. At the same time, the group continues to seek ways to support or improve the economics of the business through pricing decisions, optimising customer mix and content monetisation, as well as calibrating decoder subsidies according to the macro-economic backdrop.

The group is also carefully investing behind nascent or future business lines, taking into account the strategic importance and prospects of success.

“The second half of FY24 will be an important period in our journey to expand our ecosystem beyond Africa’s leading linear pay-TV operator into a broader ecosystem of interactive entertainment and consumer services to enable us to double our customer base to 50 million over the next five years. The relaunch of Showmax, combined with KingMakers’ entry into the South African market with SuperSportBet, and Moment’s platform launch are all important milestones as we accelerate growth and drive additional scale, creating a ‘world of more’ for customers and additional value for shareholders.” Mawela concluded.

Distributed by APO Group on behalf of MultiChoice Group.

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African Energy Week (AEW) 2026 Technical Sessions Put Technology Behind Africa’s Next Energy Projects in Focus

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September 22, 2026

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Day 2 technical sessions at African Energy Week 2026 will examine frontier exploration, major gas developments, project economics and the technologies supporting Africa’s expanding oil, gas and LNG sectors

CAPE TOWN, South Africa, September 22, 2026/APO Group/ –African Energy Week (AEW) 2026’s Day 2 Technical Stages will put the technology and technical expertise behind Africa’s next wave of energy projects in focus, with sessions covering subsurface interpretation, deepwater exploration, gas development, project economics, digitalization, offshore operations and infrastructure.

 




  

The program will unfold across two exhibition-hall stages, with the Drill Room focusing on practical applications across exploration, gas development, offshore operations and LNG, while the Innovation Hub will examine frontier exploration, energy markets, digital technologies and infrastructure. Together, the sessions connect project-level technologies with the wider investment and development challenges facing Africa’s energy industry.

The day opens with GeoEnergy Petroleum Director Maged Fahim, who will examine how legacy and newly acquired subsurface datasets can be integrated with modern technologies to identify additional upstream opportunities. TGS Principal Exploration Advisor Felicia Winter will then focus on Angola’s deepwater basins, examining how modern seismic acquisition and imaging can be used to reinterpret existing data and evaluate frontier plays.

The discussions come as Angola seeks to build on renewed offshore activity. TotalEnergies announced in September that it plans to invest $10 billion in Angola over the next five years, including in exploration, while advancing its $6 billion Kaminho deepwater development.

Gas development will take center stage through two presentations by TotalEnergies. Alexandre Depiesse, GPI Venus, will address appraisal strategies and commercial viability for Orange Basin discoveries, while Mozambique LNG Operations and Project Director Nicolas Cambefort will examine development and optimisation of the Rovuma Basin gas resources. Mozambique LNG, a 13.1-million-ton-per-year project in Area 1 led by TotalEnergies, resumed activities in January 2026 following the lifting of force majeure, putting development of Mozambique’s major offshore gas resources back into focus.

AEW 2026 reflects the practical challenges facing Africa’s energy industry as projects move from resource potential toward development and production

The Republic of Congo National Showcase will provide another perspective on Africa’s expanding LNG industry. The country’s Congo LNG project reached a new stage in February 2026 with the start of commercial production from its second phase. The addition of the Nguya FLNG unit brought total liquefaction capacity to 3 million tons per year, expanding Congo’s ability to monetize its offshore gas resources.

The program will then broaden from individual projects to the continent-wide investment outlook with the launch of The State of African Energy 2027. AEC Senior Vice President Verner Ayukegba and S&P Global Energy Executive Director Max Pietzsch will present the outlook, covering upstream oil and gas, LNG, downstream markets, power, renewables and critical minerals against changing demand, trade flows and energy security requirements.

Project decision-making will remain under examination as S&P Global Energy Technical Research Analyst Tasnika Goorhoo presents “From Limited Data to Better Decisions: How Benchmarking Strengthens Upstream Project Outcomes.” The session will examine how comparative project data can help operators assess performance, costs and development outcomes.

NOV Vice President Mats Anderson will address offshore optimization through high-speed downhole connectivity and real-time distributed measurements, examining how faster access to downhole information can improve operational visibility and decision-making.

Infrastructure will also feature prominently, with Kenyon International West Africa CEO Victor Ekpenyong examining asset integrity and pipeline infrastructure through the company’s CACTUS and FlexSteel technologies. Honeywell Technologies Africa will close the technology-focused sessions with its end-to-end LNG offering, while SLB, InSwitch, the Petroleum Directorate of Sierra Leone and PETROSEN will bring additional perspectives on technology, digitalization and energy services.

“AEW 2026 reflects the practical challenges facing Africa’s energy industry as projects move from resource potential toward development and production,” said NJ Ayuk, Executive Chairman of the AEC. “From subsurface interpretation and deepwater exploration to LNG development, project benchmarking, digitalization and infrastructure, these technical sessions highlight the expertise and technologies needed to develop Africa’s resources efficiently and create lasting value across the energy value chain.”

AEW 2026 takes place from October 12–16 in Cape Town, bringing together governments, investors, operators and technology providers to discuss investment, project development and the future of Africa’s energy sector.

Distributed by APO Group on behalf of African Energy Chamber.

 




 

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Rising power costs put energy strategy at the centre of industrial competitiveness

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September 22, 2026

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C&I Energy + Storage Summit Johannesburg to focus on the procurement, cost and investment decisions facing South Africa’s large energy users

JOHANNESBURG, South Africa, September 22, 2026/APO Group/ –The cost of electricity is no longer only an energy issue for South African businesses. It is increasingly a question of competitiveness, investment and long-term operational resilience.

Recent figures show the pressure on large power users. Business Day reported on 7 September that South Africa’s mining and industrial majors paid Eskom R115 billion for electricity in the 2025/26 financial year. According to Eskom’s annual report, industrial electricity demand fell by more than 22% over the same period as high power costs weighed on energy-intensive operations.

 




  

At the same time, major businesses are moving to alternative supply. Reuters reported on 26 August that South African mining companies are accelerating investment in renewable energy to cut costs, diversify supply and meet decarbonisation targets.

For commercial and industrial energy users, the question is no longer simply how to secure power. It is how to buy it, what to invest in, and which energy strategy makes the strongest commercial sense.

Energy procurement is becoming more complex

Businesses are now weighing several procurement options at once. Should they sign a long-term PPA? Buy through an electricity trader? Wheel renewable power across the grid? Invest in behind-the-meter generation? Add battery storage? Each option carries different implications for cost, risk, contracting and long-term flexibility.

These decisions will take centre stage at the C&I Energy + Storage Summit Johannesburg, taking place on 28–29 October 2026 at The Maslow Hotel, Sandton. The programme is built around the practical challenges facing energy buyers today, with a focus on real projects, commercial models and implementation rather than technology in isolation.

A programme built around the buyer’s decisions

The summit closes with the C&I Decision Clinic: Ask the Experts, a masterclass where attendees submit real project challenges in advance and receive practical, anonymised responses from experts. Questions on the table include whether to build onsite PV or sign a wheeled PPA, how much battery storage makes commercial sense, what a bankable project preparation pack should contain, and what financiers require before term sheet stage.

It follows The C&I Energy Playbook: Five decisions business leaders need to make now, a closing panel in which the moderators of key summit sessions distil the programme into the priorities C&I businesses should act on.

Other sessions address the questions buyers are asking now:

  • Energy storage beyond backup power: unlocking commercial value examines peak shaving, demand charge management, energy arbitrage and hybrid PV-plus-storage business models, along with the operational realities of dispatch, degradation and warranties.
  • Making public-private engagement work for you unpacks how wheeling agreements are structured in practice, where interface risks arise, and how businesses can engage utilities and municipalities early.
  • Reducing energy costs without building new generation is a case-study-led workshop on energy efficiency, operational optimisation, demand response and digital energy management.
  • Projects Spotlight gives energy users the floor to share the strategies they have implemented, the lessons learned and the outcomes achieved.

The programme opens with the keynote panel Threats and opportunities in South Africa’s industrial future, bringing together policymakers, industrial leaders, financiers, and energy and water experts.

Bringing energy buyers into the conversation

The summit’s Hosted Buyer Programme is designed for qualified end-user energy buyers across sectors including mining, manufacturing, property, agriculture and other energy-intensive industries. Hosted buyers take part in the full programme and receive curated engagement with solution providers across energy procurement, storage deployment and project development.

Four events, one venue

The summit is co-located with the EIUG Conference, Water Security Africa and the Data Centre Summit, bringing the energy, water and digital infrastructure communities together in Sandton. It is brought to you by Enlit Africa, with ESI Africa as host media, and is accredited by the SAIEE.

Qualified commercial and industrial energy users can apply for the Hosted Buyer Programme at https://apo-opa.co/4yPnXOg, and bring their project questions to the Decision Clinic.

Full programme: https://apo-opa.co/4xK2ANv

 

Distributed by APO Group on behalf of VUKA Group.

 




 

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Beyond the carbon credit: Who sets the terms for Africa’s carbon markets?

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September 22, 2026

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From project ownership and verification to pricing and benefit-sharing, CMAS 2026 will bring African market leaders and global decision-makers together to examine who creates and captures value

KIGALI, Rwanda, September 22, 2026/APO Group/ –A carbon credit may be traded as a single unit, but its value is shaped long before it reaches a buyer. Decisions about project ownership, finance, data, verification and benefit-sharing determine who participates, who carries the risk and who ultimately benefits. As new regulations and international partnerships expand market access, these questions are becoming increasingly important across Africa.

 




 
 

They will be central to the Carbon Markets Africa Summit (CMAS) 2026, taking place from 13 to 15 October at the Kigali Convention Centre in Rwanda. The summit will convene African governments, project developers, investors, buyers and technical experts involved in decisions across the carbon-market value chain.

Countries are approaching these decisions from different regulatory, economic and environmental positions. While recent developments in East Africa demonstrate growing market activity, questions concerning international requirements, technical capacity, investment and benefit-sharing are relevant across Africa.

Ousmane Fall SARR, Coordinator of the West African Alliance on Carbon Markets and Climate Finance, says:

“African countries are developing carbon markets from different starting points. Stronger African expertise and regional cooperation will be important if the continent is to contribute to the standards and market practices that determine how its projects compete, attract investment and create value.”

Against this continental backdrop, East Africa provides a timely example of how the market is developing. In January 2026, Rwanda and Singapore invited applications for carbon-credit projects under their bilateral Implementation Agreement, aligned with Article 6 of the Paris Agreement. Credits from authorised projects may be used by eligible Singapore-based carbon tax-liable companies to offset up to 5% of their taxable emissions, subject to both governments’ requirements.

African countries are developing carbon markets from different starting points

Across the continent, carbon market frameworks are rapidly taking shape. Kenya and Uganda are strengthening regulatory oversight, regional partnerships are helping governments build market capacity and infrastructure, and South Africa is advancing reforms to modernise its carbon-credit ecosystem and attract investment. Together, these developments are bringing greater focus to questions of authorisation, project ownership, verification, pricing and access to international buyers, while also raising expectations that carbon finance should deliver sustainable economic and development value beyond the credit itself.

Emmanuelle Nicholls, Portfolio Director for CMAS, says:

“A carbon credit may be the final product, but behind it are decisions about ownership, data, risk, pricing and who ultimately benefits. The conversations in Kigali will examine what credible participation looks like across the full carbon-market value chain.”

These decisions have consequences beyond individual transactions. Carbon finance is increasingly connected to conservation, agriculture, soil restoration, food security, clean energy and waste management. Its success will therefore also be judged by whether projects produce credible environmental outcomes and lasting benefits for African economies and communities.

A practical example comes from the Chinko Conservation Area in the Central African Republic, where revenue from the Chinko Carbon Project is channelled through a community fund that supports locally selected initiatives, including the expansion of a medical centre in Agoumar. At CMAS 2026, African Parks and Welthungerhilfe, both Bronze Sponsors, will share perspectives on how carbon finance can support conservation, climate resilience, food systems and community development, while highlighting broader questions around project governance, impact and the distribution of value.

From project-level impact to market-wide structures, these questions will underpin discussions at CMAS 2026. The programme will address government authorisation, buyer requirements, pricing and offtake, investment risk, early-stage finance, registries and African measurement, reporting and verification capacity. It will connect the question of who sets the terms with the practical requirements for building credible, investment-ready projects and transactions.

CMAS 2026 is hosted by the Ministry of Environment of Rwanda, with UNDP and the African Development Bank as host organisations, the Development Bank of Southern Africa as host partner and AUDA-NEPAD as strategic institutional partner.

Taking place ahead of COP31, CMAS will focus attention on the decisions behind every carbon credit and what they mean for African governments, projects, investors and communities.

Distributed by APO Group on behalf of VUKA Group.

 




 

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