Multichoice (MCG) 1H24 – Results Snapshot

Diluted headline loss per share dropped to -289.0cps (LY: -56cps).
Turnover decreased by -1.1% y-y to R28 334m.
GPM increased by 10bps to 48.5%.
OPM decreased by 460bps to 17.1%, dragged down by Showmax’s continued underperformance with a trading loss of -R799m (LY: -R279m).
Expenses increased by 16.1% y-y while expense-to-sales increased from 26.8% to 31.4%.
No dividend.
Cash generated from operating activities down 26.0% y-y to R2 403m.
South African 90-day active subscribers decreased by 5.3% y-y to 8.63m subscribers. Rest of Africa 90-day active subscribers increased by 0.5% y-y to 13.03m subscribers.