New Multichoice financials stated that the group recorded 8% year-on-year subscribers growth in Nigeria, highest in Africa plus a 22% growth in subscribers revenue in Nigeria.
However, it recorded losses in Zimbabwe (41%), Zambia 11%, Angola 2%, while Kenya was constant.
The report showed the group expects that it’s new bouquets and 1H FY2020 migration would earn more for the company by the end of the 2021 financial year-end.
In South Africa, the shares of Multichoice Group jumped (in a rare feat recently) by 8.5% to 102.62 rands on Wednesday at the Johannesburg Stock Exchange, South Africa and a lot of observers were shocked by the news.
Generally, it experienced a 5% growth subscribers number rising to 19.5 million. Revenue growth sits at 3% to close at R51.4 billion and core headline earnings were up by 38%.
That is the reason it could afford to pay a dividend of R2.5 billion (N57.9 billion) to its shareholders in South Africa.
His intention to partner on the streaming fronts with Netflix and Amazon may stabilise Multichoice’s growth in Africa.
Though its streaming service, Showmax has not done badly, as it is now 50% local content and Netflix plus Amazom will give subscribers more perks to stay on with DStv.
Covid-19 may not have impacted Multichoice negatively as it has recorded growth in the last three months. However, the full impact of the pandemic on the business is yet unknown but MultiChoice explained that it anticipates weaker economic growth and higher unemployment in many of its markets.