Saru turns in a profit of R6,2 mln

2013-04-06 00:00

CAPE TOWN — The South African Rugby Union (Saru) reported a group profit before taxation of R6,2 million for the year ended December 31, 2012.

The union announced at its annual meeting in Cape Town yesterday that group revenue rose to R689 million, up 15% from the 2011 level of R597 million. It said the increase was mainly income from broadcasting rights, sponsorships and home Tests, which were typically depressed in the 2011 Rugby World Cup year.

That rise was offset by group operating expenditure, which increased by 20%, largely due to costs associated with the hosting of the Test match at FNB Stadium and the IRB Junior World Cup (six percent), national teams (four percent), development of the game (four percent) and staffing costs (three percent) following an operational restructuring in late 2011.

“The overall position remains reasonably healthy — despite the macroeconomic situation,” said chief executive Jurie Roux.

“However, cash reserves [R10 million], are significantly lower than those of the previous year, due partly to an increase in loans and advances to and amounts receivable from provincial unions, and partly to non-recurring capital expenditure incurred mainly on the relocation to new premises.”

Roux said the union had budgeted for a modest rise in revenues next year, although there would be a commensurate increase in expenses.

— Sport24.

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