MultiChoice’s trading profit is expected to be between 25% and 30% higher than the R8.0 billion they made last year.
This was revealed in a trading statement for the year ended 31 March 2021, which was published on Friday.
MultiChoice Group is currently finalising its annual financial statements.
Compared to results for the previous financial year, MultiChoice expects core headline earnings per share to be between 32% and 37% higher.
On an organic basis, which reflects results on a constant currency basis, trading profit is expected to be between 40% and 45% higher than the prior year’s reported R8.0 billion.
“The improved financial performance was achieved despite continued macro-economic and Covid-19 challenges across the continent,” MultiChoice said.
“Resilient revenue growth, strong cost control, shifts in content costs, and the impact of embracing new ways of working because of Covid-19 allowed the business to offset these challenges.”
A further reduction in losses in the company’s Rest of Africa segment has been the largest contributor to the improvement in group performance.
Compared to the prior year, MultiChoice expects earnings per share to be between 325% and 340% higher.
The key reasons for this jump are an improvement in trading performance and unrealised foreign exchange gains due to stronger local currencies, primarily the South African rand.