SABC Group CEO Madoda Mxakwe on Tuesday presented the public broadcaster’s 2019/2020 annual results for the financial year that ended in March.
FILE: The SABC headquarters in Johannesburg. Picture: Supplied
CAPE TOWN – The South African Broadcasting Corporation (SABC) has reported a net loss of R511 million.
SABC Group CEO Madoda Mxakwe on Tuesday presented the public broadcaster’s 2019/2020 annual results for the financial year that ended in March.
The net loss was down 6% while total revenue dropped by 12% to R5.7 billion.
Mxakwe emphasised that the public broadcaster was going through its turnaround phase.
“An organisation that is going around a turnaround phase behaves differently. We’ve moved in 2017 where we had net loses of R1.2 billion, we journeyed into the R444 billion and now are at R511 billion year-on-year to R5.7 billion,” he said.
He said total revenue was down, but it represented a 20% better performance against budget.
“This decline is largely attributed to a decrease in advertising spend across the industry, but also the delay in finalising some of the commercial partnerships for the SABC on digital platforms,” Mxakwe said.
TV licence revenue dropped by 18% year-on-year to R791 million as a result of tough economic conditions and the delayed use of Debt Collection Agencies.