SABC says it’s back on road to profitability after years of financial losses

The SABC briefed Parliament’s communications committee on Wednesday night about its corporate plan and annual performance.

FILE: The SABC headquarters in Johannesburg. Picture: Supplied

CAPE TOWN - The South African Broadcasting Corporation (SABC) said it was firmly back on the road to profitability after years of financial losses and restructuring.

The SABC briefed Parliament’s communications committee on Wednesday night about its corporate plan and annual performance.

Its chief financial officer Yolande van Biljon said the SABC management team was feeling energised to see its projections materialise.

Van Biljon told MPs that total revenues were expected to grow by 28%, 17% and 13% respectively for each of the years from the financial year 2022 to 2024. She said the growth was driven by advertising revenue.

She said the SABC also expected to report a profit in the same period.

“…And record a profit of approximately R150 million in 2023 and R350 million approximately.”

DA MP Phumzile van Damme said she welcomed the fact that the SABC could break even in 18 months.

“It is quite comforting that the SABC says it will break even, especially after last year’s financial implications because of COVID and the decline in advertising.”

Wednesday night’s briefing followed the retrenchment of 621 employees in March.

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