To view the PDF file, sign up for a MySharenet subscription.

eMEDIA HOLDINGS LIMITED - Reviewed Consolidated Condensed Results and Cash Dividend Declaration for the Year Ended 31 March 2024

Release Date: 23/05/2024 12:05
Code(s): EMN EMH     PDF:  
Wrap Text
Reviewed Consolidated Condensed Results and Cash Dividend Declaration for the Year Ended 31 March 2024

eMedia Holdings Limited 
(Incorporated in the Republic of South Africa) 
(Registration number 1968/011249/06) 
Ordinary shares (share code: EMH       ISIN: ZAE000208898) 
N ordinary shares (share code: EMN     ISIN: ZAE000209524)
(eMedia Group)

REVIEWED CONSOLIDATED CONDENSED RESULTS AND CASH DIVIDEND DECLARATION FOR THE YEAR ENDED 31 MARCH 2024


                                                      March 2024      March 2023              %   
                                                          R000's          R000's       movement   
Revenue                                                3 059 299       3 125 051           (2.1)  
Operating Profit                                         490 873         531 116           (7.6)  
Profit from the year from continuing operations          333 871         381 044          (12.4)  
Profit for the year                                      333 871         377 688          (11.6)  
Net asset value per share (cents)*                           645             633            1.9   
Basic Earnings/(Loss) per Share (cents)                    50.72           57.47          (11.7)  
Headline earnings/(loss) per Share (cents)                 50.68           57.41          (11.7)  
Dividend Declared per share (cents)                        16.00           20.00          (20.0)  
*Restated

eMedia presents a satisfactory financial performance for the 2024 financial year given its mitigation against continued 
loadshedding, which had a negative impact on overall viewership and saw a further decline in television advertising
spend of approximately 1%. The actors and writers' strike in Hollywood at the beginning of the financial year also had 
a severe negative impact on one of the subsidiaries in the Group, Media Film Service, which made R31.5m less in Profit
after Tax when compared to the prior year. The Group also continued its legal battles against Multichoice during the 
current financial year spending R8.8 million more in the current year when compared to the prior year.

Notwithstanding all the negative impacts to business operations in the macro-economic environment in South Africa, the
Group was able to return favourable results and further continues with the declaration of dividends to its shareholders
with a dividend of 16.00000 cents per share at the close of the financial year.

The directors of eMedia Holdings have resolved to declare a final cash dividend for the year ended 31 March 2024 of
16.00000 cents per share (2023: 20.00000 cents) paid from income reserves. The dividend to shareholders relates to the
ordinary shares (share code: EMH) and N ordinary shares (share code: EMN). The dividend will be subject to a local 
dividend withholding tax at a rate of 20%, which will result in a net final dividend to those shareholders not exempt 
from paying dividend withholding tax of 12.800000 cents per ordinary share and 16.00000 cents per ordinary share for those
shareholders who are exempt from dividend withholding tax. In terms of dividend withholding tax legislation, any dividend
withholding tax amount due will be withheld and paid over to the South African Revenue Service by a nominee company,
stockbroker or Central Securities Depository Participant (collectively "regulated intermediary") on behalf of shareholders. 
All shareholders should declare their status to their regulated intermediary as they may qualify for a reduced dividend
withholding tax rate or exemption. 

The salient dates for the payment of the dividend are as follows:
Last day to trade cum dividend:          Tuesday, 11 June 2024
Commence trading ex dividend:          Wednesday, 12 June 2024
Record date:                              Friday, 14 June 2024
Payment date:                            Tuesday, 18 June 2024

Share certificates may not be dematerialised nor rematerialised between Wednesday, 12 June 2024 and Friday, 14 June 2024 both 
dates inclusive.

No of Ordinary shares: 63 810 244        Thursday, 23 May 2024
No of N shares: 381 927 359              Thursday, 23 May 2024

This reviewed short-form announcement is the responsibility of the directors and is only a summary of the information in the 
full announcement and does not contain full or complete details.

The condensed consolidated financial information for the year ended 31 March 2024 has been reviewed by BDO South Africa 
Incorporated, who expressed an unmodified review conclusion.

Any investment decision should be based on the full announcement, which can be found on the Company's website at 
http://www.emediaholdings.co.za and also at the following link:

https://senspdf.jse.co.za/documents/2024/jse/isse/EMNE/YE24.pdf

For and on behalf of the board

Mahomed Khalik Sherrif                  Antonio Lee
Chief Executive Officer                 Financial director

Directors: JA Copelyn* (chairperson), MKI Sherrif (chief executive officer), AS Lee (financial director), TG Govender*, 
Y Shaik*, VE Mphande*^, L Govender*^, RD Watson*^ (Lead Independent)

*Non-executive        ^Independent

Company Secretary: HCI Managerial Services Proprietary Limited

Registered Office: 4 Albury Road, Dunkeld West, Hyde Park, Johannesburg, 2196, Private Bag X9944, Sandton, 2146

Sponsor: Investec Bank Limited, 100 Grayston Drive, Sandton, Sandown, 2196

Transfer Secretary: Computershare Investor Services Proprietary Limited, Rosebank Towers, 15 Biermann Avenue,
Rosebank, 2196

PO Box 61051, Marshalltown, 2107

Auditors: BDO South Africa Incorporated, Wanderers Office Park, 52 Corlett Drive, Illovo, 2196, Private Bag X10046,
Sandton, 2146 

23 May 2024

Date: 23-05-2024 12:05:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.