The company believes the deal to sell 60% of its insurance business to Sanlam will see it emerge from technical insolvency.
Video entertainment group MultiChoice is pinning its hopes on its multibillion-rand deal to sell 60% of its insurance business to Sanlam , to get out of the murky waters of technical insolvency.
“Our equity numbers − in other words, equity minus liability at half-year − was minus R2.7 billion. That means that effectively our liabilities are more than our assets,” said Jacobs. “As an example, cash remittances out of Nigeria in the first half of the year were R23 million, and last year, they were R410 million. The parallel rates and official rates were much wider than they are this year. This year, they stayed much narrower, and as we go into the second half of the year, that is a positive movement for us that will help our equity position.”
“On the trading profit aspect, we think we more than delivered on that mandate. By way of example, in the first half of last year, we had R5 billion trading profit, and this year, we saw some improvements in our core business through price increases and cost-cutting. We delivered a 32% improvement in our core trading results to R6.6 billion and that’s excluding the investment in Showmax.”
“We were very pleased with that and we have a clear objective to deliver at least R2.5 billion savings for the full year.”Those were the positives, he said, while subscriber numbers disappointed. According to MultiChoice, the pressure on the linear pay-TV subscriber base was lower than the previous six months, reflecting a 5% decline compared to 6% reported in 2H FY24.
“Zambia has a problem of load-shedding, which is running at about 20 hours a day. Nigeria is under a whole lot of financial pressure. Their power grid had complete failure six times this year. They’ve got inflation that is running over 30% for the whole year; they’ve got fuel prices that have skyrocketed.
Sanlam Tim Jacobs NMS Insurance Services Showmax Insurance NMSIS Technical Insolvency
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Rabada takes 300th Test wicket as Bangladesh stumble to 60-6 at lunchSouth Africa fast bowler Kagiso Rabada took his 300th wicket and Wiaan Mulder bagged three others as Bangladesh collapsed to 60-6 at lunch on the first day of the opening Test in Mirpur.
Read more »
Gogo Says Hubby Paid R80 Lobola for Her 60 Years Ago, Granddaughter LaughsA granddaughter had a chat with her grandmother about her bridal price from 60 years ago. The granny said her lobola was R80. Online users were entertained.
Read more »
![City Power removes 60 000kg of illegal cables at informal settlement [VIDEO]](https://i.headtopics.com/images/2024/10/17/thecitizen-news/city-power-removes-60-000kg-of-illegal-cables-at-i-city-power-removes-60-000kg-of-illegal-cables-at-i-2E2BFB1F253D0017E31C0DC1270FC157.webp?w=640)
City Power removes 60 000kg of illegal cables at informal settlement [VIDEO]City Power said the informal settlement is one of many across the city that are contributing significantly towards network overload
Read more »
Cassper Nyovest Celebrates Mom’s 60th Birthday, Mzansi Reacts: “She Looks Beautiful at 60”Cassper Nyovest's mother recently marked another trip around the sun, and for her 60th birthday, she was honoured with a stunning party with her loved ones.
Read more »
Altron hikes dividend by 60% as profits soarAltron has reported a more than doubling in its operating profit in the six months to end-August.
Read more »
Cross-border payments can now clear in 60 secondsThe Transactions Cleared on an Immediate Basis or TCIB system processes low-value cross-border payments between citizens and businesses.
Read more »