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SABC registers just under R500m loss – better than recent years, says board

News of the SABC’s improved annual performance comes just over a week after the public broadcaster received the first R2.1 billion of its National Treasury bailout.

FILE: Bongumusa Makhathini, SABC board chairperson, said the broadcaster was starting to see an improvement in its finances. Picture: Sethembiso Zulu/EWN

CAPE TOWN – The South African Broadcasting Corporation (SABC) on Tuesday said it could see the light at the end of the tunnel, noting a significant improvement in its annual performance.

The struggling public broadcaster registered a loss of almost R500 million for the year under review.

But that is considerably lower than in previous years, and executives expect further improvement in the years to come.

The public broadcaster briefed Parliament’s communications committee about its annual performance on Tuesday.

News of the SABC’s improved annual performance comes just over a week after the public broadcaster received the first R2.1 billion of its National Treasury bailout.

In total, the South African taxpayers will chip in R3.2 billion as a lifeline to help the SABC sort out its liquidity problems.

SABC board chairperson Bongumusa Makhathini acknowledged the broadcaster was not out of the woods yet, but said it was starting to see an improvement.

“There is a significant improvement and one of the exciting things is that we finally got the bailout injection of R2.1 billion.”

Chief executive officer Madoda Mxakwe said the SABC ended the year with a loss of R482 million but noted that this was much less than previous losses that were over a billion.

“If you go back to 2017, the losses were just over R1 billion and in 2018 that went to R744 million.”

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