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As FX Headwinds, Subscription Fee Issues Take Toll on Multichoice Results as published by Thisday Newspaper
The latest performance report of Multichoice, where it posted losses for the second time may be an eye opener that the company at the centre of a storm in Nigeria over the controversial review of subscription fees is indeed under serious pressure caused by the crisis in the foreign exchange market and other operating challenges, writes Festus Akanbi
For Multichoice, Africa’s leading entertainment company, this is certainly not a time to cheer. This is because its latest financial results have shown that contrary to popular belief, the company is not making enormous profits from its DStv satellite television service. The performance result which was in red confirmed that while the satellite television service contributes significantly to Multichoice’s revenue, the truth is that the company is not solely reliant on it.
MultiChoice reported loss-making for the year ended 31 March 2024 after incurring a net loss of 4.1 billion rand ($225.8 million at current exchange rate). The company recorded a loss for the second year running, its audited accounts released on Wednesday showed.
According to the company, the substantial net foreign exchange translation losses resulted from losses on, “USD-denominated non-quasi equity loans between MultiChoice Africa Holdings B.V. and MultiChoice Nigeria Limited.”
This, it added, “follows the depreciation of the Naira against the Dollar from a closing rate of N464.50 in FY23 to N1 308.00 in FY24.”
According to the income statement, revenue dropped 5.9 per cent to 55 billion rands due to a slide in subscription fees.
“The combination of foreign exchange headwinds and a lower subscriber base resulted in a net decline in group revenues of five per cent to ZAR56.0 billion,” MultiChoice said.
Counting the Gains of Diversification
The report showed that general and administrative expenses jumped to 18.4 billion rands from 16.6 billion rands a year earlier after surges in employee costs and software license expenses, weakening operating profit.
The report showed however that Multichoice’s diversification strategy has led to significant growth in other segments, such as Showmax, SuperSportBet, and Moment. These new revenue streams have contributed to the company’s overall performance, offsetting some of the challenges faced by DStv.
According to the financial results, several of the company’s other products and services also performed well. Showmax, in particular, has shown impressive growth, with a successful relaunch across 44 markets in sub-Saharan Africa and a significant increase in active users.
Highlighting the company’s achievements in the face of adversity, Multichoice Group Chief Executive Officer, CEO, Calvo Mawela, said despite a tough year, the company delivered a trading profit margin of 26 per cent in South Africa and a 48 per cent increase in trading profit in Africa.
“We’ve just published our results for the past financial year, which ended in March 2024. The year has been like no other in terms of economic turmoil, but we showed resilience and navigated significant headwinds – managing our business with focus, dedication, and tenacity,” said Mawela.
Emphasis on Efficiency
He added that the company’s financial results were a testament to its ability to adapt and innovate in a rapidly changing market, noting that the emphasis on efficiency has positioned the company for future growth, despite the challenges faced by its satellite television service.
“KingMakers delivered strong growth in the online business in Nigeria by growing monthly active online users by 37 per cent and online gross gaming revenues by 26 per cent, year-on-year in constant currency. The business launched BetKing Casino and a virtual football sportsbook service, BetKing FootballGO, in Nigeria and SuperSportBet in South Africa”, the CEO stated.
He continued: “SuperSport continues to bring fans the best of sports from across the globe. In the past year, we broadcast over 34,000 action-packed sports events, more live sports than any other broadcaster in the world. Highlights of the year were the Rugby World Cup, Cricket World Cup, Netball World Cup, FIFA Women’s World Cup, and AFCON.
“Also, SuperSport Schools continues to grow strongly and more than doubled its registered user base during the year. Showcasing South Africa’s talent of the future, the platform displayed 49,000 hours of live programming across 43 different sports, covering 1,100 schools and 14,500 teams.”
Mawela emphasised the company’s commitment to creating authentic African stories. “We are the largest producer of original content on the African continent and remain committed to creating and growing authentic African stories. We produced over 6,500 hours of local content, to bring our local content library to 84,000 hours of content. More than half of our general entertainment budget is spent on local content.”
Commitment to Innovation
With a cost savings target of ZAR2 billion (108.9 million) set for the upcoming year, the company is poised to continue its trajectory of growth and innovation.
“We know that nobody else has the content we have for the customers we serve. This puts us in a great position to prosper – by better understanding our customers’ entertainment choices, identifying their needs, and tapping into the growth opportunities that arise along the way.
“In the year ahead, our focus will be to drive scale in Showmax, Moment, and SuperSportBet and to grow DStv Insurance, DStv Internet, and DStv Stream. We are purposefully pursuing our vision of becoming Africa’s entertainment platform of choice with determination and vigour. Significant progress has been made towards achieving this strategic objective. Our combined efforts will put our business in a strong position to prosper once the macro-economic environment stabilises,” the Multichoice boss assured
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Primate Ayodele Fires Back at Liberia’s President Boakai Over Complaint Letter to FG, Predicts Second-Term Defeat
Primate Ayodele Responds To Liberia’s President, Joseph Boakai Over Letter To FG
Founder and Leader of INRI Evangelical Spiritual Church, Primate Elijah Ayodele, has reacted to reports that the Liberian government raised concerns with Nigerian authorities over his prophecies concerning Liberia and its leadership.
The cleric insisted that Liberian President Joseph Nyuma Boakai should focus on addressing the challenges facing his country rather than criticising prophetic messages. He also declared that the President would not secure a second term in office.
Primate Ayodele’s response followed reports that the Government of Liberia allegedly sent a letter to the Nigerian government expressing dissatisfaction with what it described as recurring negative prophecies about President Boakai, his administration, and the Liberian people.
According to the reported complaint, the prophecies, circulated through publications and videos, allegedly fuel anti-Nigerian sentiments among some Liberians and could threaten peace and stability in the country.
The Liberian government also reportedly accused the cleric of involving himself in the country’s political affairs during the 2023 presidential election by publicly supporting one of the candidates.
While acknowledging Nigeria’s commitment to freedom of expression and religious liberty, Liberia reportedly urged Nigerian authorities to exercise caution regarding statements made about friendly nations and to take appropriate action where necessary.
However, reports indicated that Nigeria’s Ministry of Foreign Affairs distanced itself from the matter. The ministry reportedly maintained that the issue falls outside its constitutional and diplomatic responsibilities.
The ministry also emphasised that the Nigerian government does not censor citizens’ views provided such expressions do not violate the law.
Furthermore, it reportedly described the complaint as a private matter and reaffirmed Nigeria’s commitment to its longstanding bilateral relationship with Liberia.
Reacting to the development, Ayodele defended his prophetic record and recalled his prediction of the defeat of former Liberian President George Weah during the 2023 election.
“I warned George Weah and told him that if the election went into a second round, he would lose. That prophecy came to pass,” he said.
The cleric argued that his prophecies are not politically motivated. Instead, he described them as divine messages intended to guide leaders and nations.
Ayodele also questioned President Boakai’s decision to focus attention on his prophecies rather than on governance and national development.
“You are talking when your country has serious issues to deal with. Instead of concentrating on Liberia’s problems, you are analysing my prophecies,” he stated.
Despite the controversy, the cleric maintained that he would continue to speak on developments concerning Liberia whenever he receives divine revealations from the throne of God.
He also issued a fresh prediction regarding President Boakai’s political future.
“Don’t worry yourself about a second term because you have already lost it,” Ayodele declared.
The cleric reiterated that his prophecies serve as warnings and guidance. According to him, leaders who pay attention to divine counsel often avoid looming challenges, while those who ignore such warnings risk facing the consequences.
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APC Primaries: How Primate Ayodele Foretold Ned Nwoko, Gbenga Daniel’s Loss (VIDEO)
The All Progressive Congress primary election that is currently ongoing has brought about surprises in some states, especially the Senate primary that was held yesterday.
The election, so far, can be described as one that has fallen even the mighty ones. We have seen grown men wailing and lamenting because they couldn’t accept the fact that they lost their bid to return to the national assembly despite their support for the government.
For some people who have been in the party for years, newcomers dislodged them during the election, and they have been crying foul, threatening to start legal actions, and the situation is bad for them because they can’t move to another party anymore.
Among those who were shockingly taken out of the way are Ned Nwoko, the senator representing Delta North and former governor Gbenga Daniel, the senator representing Ogun East senatorial district. Their loss is so humbling that they almost didn’t get any votes in their respective election.
Ned Nwoko lost to the former governor of Delta state, Ifeanyi Okowa, while Gbenga Daniel lost to the incumbent governor of Ogun state, Dapo Abiodun.
However, their losses had been foretold by popular Nigerian prophet, Primate Elijah Ayodele of INRI Evangelical Spiritual Church, who is renowned for his prophetic insights on issues about politics, governance, education, and nations, to mention but a few.
In different live services, Primate Ayodele had warned both politicians about their ambition, foretelling what would befall them if they went ahead with the primaries.
For Gbenga Daniel, Primate Ayodele stated that a higher authority has taken his right from him, while advising him to forget about the position because they will only mock him. He revealed that the case has already been settled and it’s not in the former governor’s favour. This was months before the primary was held.
These were his words:
“The issue of Dapo and Gbenga Daniel. Gbenga Daniel doesn’t know that his party doesn’t love him. What happened is from the higher authority, and that may be the end of the case, so if Gbenga is struggling, they will just be mocking him.”
As he said, despite the fact that Gbenga Daniel tried his best to see that he gets a return ticket to the senate, he had to step down a few hours before the primary election as the odd wasn’t in his favour.
For Ned Nwoko, Primate Ayodele had stated that the ticket would be given to Okowa even when nobody believed it.
These were his words:
“Okowa and Ned senate ticket; they want to give it to Okowa, so watch , they will fail you Ned.”
As he said, Ned lost woefully in the election while Okowa won him with a margin that can never be closed.
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How Primate Ayodele Foretold Fresh Outbreak Of Ebola Virus In Africa (VIDEO)
At least 100 deaths have been reported in an Ebola outbreak in the Democratic Republic of Congo, with more than 390 cases suspected, the head of the Africa Centres for Disease Control and Prevention has told the BBC.
The World Health Organization (WHO) has declared the outbreak an international emergency.
The current strain of Ebola is caused by the Bundibugyo virus, for which there are no approved drugs or vaccines.
There are also two confirmed cases and one death in Uganda, according to the US Centers for Disease Control and Prevention (CDC).
This unfortunate incident is coming after Nigerian prophet, Primate Elijah Ayodele repeatedly warned that there will be fresh outbreak of Ebola Virus in Africa.
He even went as far as mentioning the countries that will be affected by the virus, while warning the world health organization to take note of the disease.
These were his words:
“Ebola; Uganda, Sudan, Cameroun, Tanzania, DR Congo, watch out….”
Also in his prophecies for the new year which was released in December 2025, Primate Ayodele mentioned that there will be outbreak of Ebola virus in some countries in Africa which will lead to death of people.
These were his words:
“I foresee a lot of health challenges will surface in Africa namely Ebola, Tuberculosis, Jaundice, Lassa fever, migraine and another form of covid. I foresee chicken pox and another disease will break out in Nigeria.”
As he warned, the new wave of the virus as fulfilled Primate Ayodele’s prophecy.
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