The SABC said only 2 million out of just over 10 million South Africans managed to settle their TV licences in part or in full during the past financial year. | BabaloNdenze
CAPE TOWN - The South African Broadcasting Corporation said only two million out of just over 10 million South Africans managed to settle their TV licences in part or in full during the past financial year.
The SABC on Tuesday said the desired revenue targets were also not met largely due to the impact of COVID-19 pandemic, which affected the company’s finances.The SABC said the past financial year had been tough on the company, which had to go through a restructuring process and deal with the COVID-19 pandemic.
This resulted in advertisers withdrawing their spending, although there was savings and underspending. The company said the retrenchment process of about 800 employees resulted in a once-off expenditure of R177 million due to employee severance packages.The public entity recognised TV licence revenue of R788 million compared to R791 million in the 2020 financial year.
The SABC said the utilisation of the R3.2 billion recapitalisation funding from National Treasury helped stabilise the corporation.
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