eMedia Holdings (EMH) H2 2024 earnings summary

Executive summary

• Achieved satisfactory financial performance for FY2024 despite loadshedding, a 1% decline in TV ad spend, and the Hollywood strikes impacting Media Film Service profits by R31.5 million after tax.

• Legal battles with MultiChoice increased legal costs by R8.8 million year-over-year.

• Declared a final dividend of 16 cents per share (2023: 20 cents).

• No changes to stated capital or directorate during the year.

Financial highlights

• Group revenue was R3.1 billion, down 2.1% year-over-year, mainly due to lower Media Film Service revenue.

• TV advertising revenue rose 3% to R2.165 billion, a record high.

• Net profit after tax was R353.2 million, down from R404.7 million in the prior year.

• EBITDA was R628.3 million (2023: R667.2 million).

• Cost of sales decreased to R1.58 billion from R1.63 billion due to content cost controls.

Outlook and guidance

• Strategic focus on technology and digital migration, with investments in OpenView and new digital developments to enhance revenue.

• Continued engagement with regulators on analogue switch-off and ongoing legal proceedings with MultiChoice.