The recovery in radio and television advertising boosted eMedia Holdings revenue in the first half of the financial year, with the company declaring an interim dividend.
The company which owns e.tv, eNCA and YFM, among other media entities, said it recorded an increase of 54% and 59% for in advertising revenue for television and radio respectively, exceeding the growth of the market. Revenue for the period to the end of September stood at R1 billion compared to R687 million in the previous financial period.
A profit of R184.4 million was recorded during the financial period, compared to the prior period profit of R8.1 million, when the country was in the early stages of the Covid-19 pandemic.
The group noted that improvement in the financial performance in the first half of the 2022 financial year was on the back of the resurgence in the television and radio advertising spend in South Africa, including efforts to improve the market share. Local content has been at the centre of the increase in the market share of e.tv from 18.0% to 21.8%.
Some of the programmes that drew audiences on the e.tv channel were the Afrikaans-Turkish telenovela, Durban General, and House of Zwide.
Earnings for the period amounted to R313 million compared to the prior period of R79.1 million and the company described this jump as a "healthy growth" even when compared to the periods before Covid-19.
"All the businesses in the group yielded a profit which resulted in the Group announcing its largest dividend since becoming a Media asset."
A net final dividend of 22 cents per ordinary share was declared for shareholders exempt from dividend withholding tax. eMedia also operates the Sasani Studios, Cape Town Studios. It announced that it would be closing the Silverline Studios in November.