MultiChoice records loss as subscribers decline

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Shares in the company dropped by 0.25 per cent on the Johannesburg Stock Exchange following the news. “This follows the depreciation of the NGN against the USD from a closing rate of NGN464.50 in FY23 to NGN1 308.00 in FY24,” it added. General and administrative expenses jumped to 18.4 billion rands from 16.6 billion rands a year earlier after surges in employee costs and software license expenses, weakening operating profit.

MultiChoice noted that Nigeria, Zambia, and Angola were the most affected, while South African businesses were more resilient, posting a 5 per cent decline.

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