eMedia Holdings (EMH) H2 2024 earnings summary

Executive summary

• Revenue reached R3.1 billion, down 2.1% year-over-year, mainly due to lower Media Film Service revenue and increased legal/marketing costs.

• Television advertising revenue hit a record R2.165 billion, up 3% despite a 1% market decline, maintaining a 33.5% prime-time audience share.

• EBITDA was R628.3 million, down 5.8% year-over-year, with net profit from continuing operations at R333.9 million (2023: R381.0 million).

• Dividend declared at 16 cents per share (2023: 20 cents).

Financial highlights

• Advertising revenue: R2.347 billion (+3% YoY); other revenue: R730 million (-13.8% YoY).

• EBITDA: R628.3 million (-5.8% YoY); profit before tax: R458.7 million (-11.5% YoY).

• Headline earnings: R224.4 million (-11.7% YoY); EPS: 50.72 cents (-11.7% YoY).

• Net asset value per share: 645 cents (+1.9% YoY).

• Openview set-top box activations reached 3.43 million, up from 3.17 million.

Outlook and guidance

• Focus on technological innovation, premium local content, and digital platform growth (eVOD, Snap-e, advanced set-top box).

• Anticipates continued growth in Openview revenue and audience share.

• Strategic initiatives to mitigate potential loss of DStv channel distribution.