eMedia Shows Resilience in 2024 Financial Performance Despite Challenges
eMedia has reported a commendable financial performance for the 2024 fiscal year, despite facing significant challenges such as persistent loadshedding and a decrease in television advertising spend by approximately 1%. The Group also had to navigate the severe impact of the Hollywood actors and writers’ strike at the beginning of the year, which notably affected its subsidiary, Media Film Service, resulting in a profit after tax decline of R31.5 million compared to the previous year. Additionally, the ongoing legal battles with Multichoice led to an increase in legal expenses by R8.8 million over the prior year.
Despite these adversities, eMedia delivered favorable results, including a revenue of R3.1 billion, which is only 2.1% less than the previous year. This slight decrease is primarily attributed to the reduced revenue from Media Film Service. Remarkably, television advertising revenue increased by 3%, reaching R2.165 billion, the highest in the Group’s history, even as the overall television advertising market contracted by 1%. The Group’s prime-time audience market share remained robust at 33.5% in March 2024, down slightly from 34.5% in March 2023.
eMedia Investments, in which the Group holds a 67.69% stake, achieved a net profit after tax of R353.2 million, compared to R404.7 million in the previous year. This performance is commendable given the ongoing loadshedding, adverse foreign exchange rates, increased diesel costs, and heightened legal and marketing expenses.
Earnings before interest, taxes, depreciation, and amortisation (EBITDA) for the Group stood at R628.3 million, down from R667.2 million the prior year. Nonetheless, the Group declared a dividend of 16 cents per share at the close of the financial year, underscoring its commitment to shareholders.
Looking ahead, eMedia is focusing on technological advancements and strategic planning to maintain its leadership in audience share. The investment in Openview is a strategic move to address the challenges posed by digital migration. Additionally, the Group plans to launch various digital initiatives to boost revenue generation and leverage its highly in-demand content. eMedia remains dedicated to its core business of broadcasting, content creation, platform advancements, and technological enhancements to improve the broadcasting process.
