eMedia Holdings (EMH) H1 2025 earnings summary

Executive summary

• Recorded improved results for the first six months ended 30 September 2024, driven by increased TV viewership and advertising revenue amid a break from loadshedding and positive economic sentiment.

• Legal dispute with MultiChoice settled, though legal fees impacted results; Media Film Service still affected by Hollywood strikes.

• e.tv became the most-watched channel in South Africa, maintaining a prime-time market share above 20%.

• Openview activations rose to 3.53 million, with multichannel market share increasing to 13.5%.

• Interim dividend of 14 cents per share declared for the period.

Financial highlights

• Television advertising revenue increased by 8% to R1.135 billion compared to R1.056 billion in the prior period.

• EBITDA rose 10.9% to R282.8 million from R254.9 million year-over-year.

• Profit from continuing operations increased 14.8% to R148.1 million from R129.0 million.

• Basic earnings per share from continuing operations were 22.27 cents, up from 19.53 cents.

• Net asset value per share after treasury shares was 651 cents, up from 604 cents a year ago.

Outlook and guidance

• Management expects continued improvement in Media Film Service as international productions recover.

• Positive economic outlook supported by stable electricity supply and government unity.

• Anticipates extension of analogue signal switch-off beyond December 2024, maintaining TV audience.