MultiChoice results in a nutshell


DStv-owner MultiChoice reported a significant loss for the six months of the financial year, pointing to an uphill battle to turn the company around.

MultiChoice’s results for the six months ended 30 September 2023 revealed a loss of R911 million, a massive decline from the R55 million profit over the same period last year.

In South Africa, the company’s subscriber growth was negatively impacted by the decision to end the short-term campaigns run in the prior year to support customers during load-shedding.

This resulted in 311,000 non-revenue generating customers being removed from the 90-day active subscriber base. 

Despite growth in the company’s Rest of Africa segment, MultiChoice’s 90-day active subscribers declined by 2% to 21.67 million. It is the first time this metric has gone down.

The company’s South Africa segment struggled in the past financial year, with a decline in revenue and trading profit.

MultiChoice’s 90-day active average revenue per user (ARPU) declined by 2% in South Africa, while its Rest of Africa segment also saw a slight decline in growth.

The company’s subscription revenues were 3% higher on an organic basis, attributed to strong growth in Rest of Africa (+14%) and Showmax (+25%). However, this was offset by pressure in the South African business (-4%).

“In an environment where power interruptions have hamstrung businesses and consumers in major trading markets, cost of living pressures and sharp depreciation in local currencies against the US dollar, profitability came under pressure,” MultiChoice said.

However, it said the impact was mitigated by “a change in focus towards subscriber retention, an improved customer mix, as well as ongoing annual pricing and cost-saving disciplines”.

MultiChoice did not declare an interim dividend.

MultiChoice results summary

MeasureSeptember 2022September 2023Percentage change
RevenueR28.65 billionR28.33 billion-1%
Profit/loss for the periodR55 million-R911 million-1756%
South Africa
RevenueR17.05 billionR16.54 billion-3%
Trading profitR6.29 billionR5.20 billion-17%
Subscription feesR13.84 billionR13.28 billion-4%
Rest of Africa
RevenueR10.52 billionR10.47 billion– <1%
Trading profit-R254 millionR330 million+230%
Subscription feesR9.58 billionR9.58 billion– >1%
South Africa:
Monthly average revenue per user
Rest of Africa:
90-day average revenue per user