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MultiChoice Hits Record Profit with Huge Increase in DStv Subscribers

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MultiChoice Group (MCG), Africa’s leading video entertainment company, has revealed a big increase in trading profit and subscribers on DStv, its pay-TV service in its latest financial results, ended 31 March 2021 .

MultiChoice Hits Record Profit with Huge Increase in DStv Subscribers

The group increased its 90-day active linear pay-tv subscriber base by 1.4m to reach 20.9m households, split between 8.9m in South Africa and 11.9m in the Rest of Africa (RoA).

This represents an accelerated 7% growth year-on-year (YoY), driven by heightened consumer demand for video entertainment products, continued penetration of the mass market and an easing of electricity shortages in southern Africa.

Revenue was resilient, growing by 4% (4% organic) to R53.4bn.

This performance, coupled with a firm focus on cost containment and a R1.5bn (R2.7bn organic) reduction in trading losses in the Rest of Africa translated into a 28% (44% organic) increase in trading profit to R10.3bn.

Core headline earnings, the board’s measure of sustainable performance, was up a meaningful 32% YoY to R3.3bn, while free cash flow grew a solid 10% to R5.7bn.

The group reported R8.5bn in cash and cash equivalents at year-end. Combined with R4bn in undrawn facilities, this provides R12.5bn in financial flexibility to support dividends and growth initiatives.

“The COVID-19 pandemic taught us more about the art of the possible,” said Calvo Mawela, chief executive officer.

“We started the year confronted with severe disruptions to our programming schedules, bleak macro-economic forecasts for many of our markets and sharply weaker currencies. In the face of these challenges, our teams rallied together – this helped us deliver on all our key performance metrics and provide more value to our shareholders by declaring a R2.5bn dividend.“

The group continued its differentiation strategy by stepping up its investment in local content.

Despite production stoppages and travel restrictions brought about by the pandemic, it produced 19% more content than last year – a sizeable 4 567 hours.

As a result, the total local content library now exceeds 62 000 hours. Some 42% of the group’s general entertainment spend was on local content and it remains on track to reach its target of 45% by FY22.

To help manage US dollar-based costs, two major international content agreements (and several smaller ones) were renegotiated into South African rand (ZAR). The group also launched 11 new local language channels across sub-Saharan Africa, completed five new co-productions with global content producers and sold 16 of its series to international buyers.

In addition to compelling local stories, MCG continues to broadcast the best of sport. This year, the group renewed the rights to the English Premier League and UEFA Champions League and also secured broadcasting rights to the FIFA World Cup 2022 in Qatar.

On the international content front, it maintains mutually beneficial relationships with its studio partners, and has successfully added access to Netflix, Amazon Prime and more recently YouTube on its DStv Explora Ultra decoder.

In addition to the new products and services launched during the first half of the year (including Showmax Pro, DStv Communities, DStv Rewards and ADD Movies), the Group expanded its financial services portfolio, going beyond offering pure decoder insurance to include funeral cover, subscription waiver and debt waiver products.

“We have a highly engaged base of 20.9m subscribers and with an average of five people per household, this helps us reach approximately 100 million people. We see great opportunity to keep enriching the lives of our customers by expanding our entertainment ecosystem with innovative offerings that will also enhance our revenue prospects,” commented Mawela.


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Big Larry, Nollywood Actor is Dead

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Big Larry, a popular Nollywood actor has been pronounced dead on Friday by Stanley Ontop, film producer

Big Larry, Nollywood Actor is Dead

Big Larry

Details’ surrounding his sudden demise is yet to be known.

Big Larry’s death comes just a few weeks after the passing of another Nollywood actress, Sharon Okpamen, who died following childbirth.

Stanley Ontop his on Instagram  wrote: “Breaking News: Nollywood actor Big Lary just passed away. Je nke Oma big. What caused his demise is yet to be ascertained. May your soul rest in peace Big Lary. Nollywood Asaba Mourns. Shalom!!!”

Fans and admirers of the late actor have flocked to the post’s comment section to pay tribute to him.

 

 

 

 


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CADEF Promotes Financial Inclusion for Persons with Disabilities @One-day Workshop

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Consumer Advocacy & Empowerment Foundation (CADEF) hosted a one-day workshop on “Improving Access and Inclusion for Persons with Disabilities (PWDs) in Digital Financing” in Lagos.

L-R: Bunmi Adebiyi, Senior Manger, Development Finance Office, CBN; Chinonso Umeh, Head, Retail Services ,Zenith Bank; Lukeman Salami, representative of Association for the Blind; Chiso Ndukwe-Okafor, Executive Director, CADEF; Adeola Aina, Vice-chairman, Association for the Blind and Lovelyn Okafor, Director of Programmes and Communications, CADEF at workshop on Improving Access and Inclusion for PWDs in Digital Financing in Lagos, recently.

The event brought together government officials, financial institutions, disability organizations, and experts to discuss strategies for enhancing financial inclusion for people with disabilities.

Speaking at the workshop, Safiu Babatunde, Head of Legal Services at the Lagos State Office for Disability Affairs, emphasized the importance of financial inclusion for people with disabilities.

He highlighted the challenges faced by individuals with disabilities in accessing traditional and digital financial services and called for innovative solutions to address these barriers.

“Disability related obstacles affect the participation of individuals at every stage of developmental interventions intended to boost livelihoods of people,” Babatunde said.

“Key among the resources essential for enhancing the livelihood of individuals is having access to financial resources for undertaking economic activities.”

He continued, “Unfortunately over the years, traditional banks do not seem to have served people with disability related obstacles.

“Persons with disability have limited access to financial services, including traditional and alternative banking, online payment services, and financial transactions as well as mobile banking applications.”

Babatunde emphasized the need for public-private partnerships to promote financial inclusion for people with disabilities.

“This partnership can bring together government agencies, financial institutions, and disability organizations to collaborate on developing and implementing initiatives that promote financial inclusion for these concerned populations,” he said.

Professor Chiso Ndukwe-Okafor, Executive Director of CADEF, underscored the organization’s commitment to advocating for the rights of marginalized groups.

She emphasized the need for inclusive financial products and services that cater to the specific needs of people with disabilities.

“CADEF has been empowering individuals with financial literacy, including those with disabilities.

“Our goal is to create inclusive financial systems that meet the needs of all Nigerians”, she said.

The Lagos State Office for Disability Affairs, LASODA, also called for increased public-private collaboration to address the financial barriers faced by PWDs.

General Manager of LASODA, Adenike Oyetunde-Lawal, emphasized the need for tailored financial products and accessible services.

Oyetunde-Lawal, who was represented by Mr. Safiu Babatunde, Head of the Legal Department, urged the banking sector to be more responsive to the needs of PWDs.

Participants discussed the challenges faced by people with disabilities in accessing financial services, such as limited awareness of available products, inaccessible ATMs and branches, and discriminatory practices.

They also explored potential solutions, including the development of accessible mobile banking applications, financial education programs in sign language and Braille, and partnerships with disability organizations.

At the conclusion of the workshop, participants agreed on the need for concerted efforts to improve financial inclusion for people with disabilities.

They pledged to work together to develop and implement practical solutions that will empower individuals with disabilities to participate fully in the financial sector.


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NIPR Appoints Rasheed Bolarinwa As Chairman of FinanceHub Committee

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Nigerian Institute of Public Relation’s (NIPR) governing council has announced the appointment of Rasheed Bolarinwa as the Chairman of its newly established FinanceHub Committee.

Rasheed Bolarinwa

Bolarinwa, who serves as the President of the Association of Communication and Marketing Professionals in Banks (ACAMB), will lead the committee aimed at enhancing sustainable Public Relations practices within the banking, insurance, and pensions sectors.

Bolarinwa, currently the Head of Brand Management and Corporate Communication at Polaris Bank, brings extensive experience from journalism, public relations, and the financial sector.

Read Also: NIPR Lagos Chapter Announces Date for 11th conference, sets to discuss climate change, environment

His leadership is expected to drive significant improvements in PR practices across these financial sectors.

The FinanceHub Committee, which includes experts from banking, insurance, and pensions, is part of NIPR’s broader initiative to strengthen public relations across various sectors.

The committee’s formation aligns with NIPR’s strategy to foster sustainable and impactful PR practices in these critical areas of the economy.

In addition to Bolarinwa, NIPR has appointed other chairpersons for newly created sectoral hubs.

Mrs. Thelma Okoh will lead the Maritime Hub, Dr. Jossy Nkwocha will head the Energy Hub, and Mr. Basil Agboarumi will oversee the Aviation Hub. Dr. Ahmad Sajoh has been appointed to lead the Anti-Corruption and Consumer Protection Hub, while Miss Chimdi Neliaku will head the Young Practitioners Hub.

The appointment letters, signed by Uzoma Onyegbadue, Registrar/Secretary to the NIPR Governing Council, reflect NIPR’s commitment to enhancing public relations practices across these sectors.

NIPR Appoints Rasheed Bolarinwa as Chairman of FinanceHub Committee

At the inauguration of the new chairpersons and committee members, NIPR National President Dr. Ike Neliaku praised the appointees, highlighting their expertise and dedication.

“Your appointments are well-considered and reflect the confidence the NIPR council has in your abilities to advance the objectives of the Hub,” Neliaku stated.

He expressed enthusiasm for collaborating with the new appointees and emphasized the council’s support in driving positive change in public relations practices within their respective sectors.


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