Share price of DStv parent plunges as power crisis hits

MultiChoice expects earnings to come in below guidance for the full year

eMedia has added a new subscription feature to the Openview system that will give customers the option to pay for extra channels. Picture: 123RF/SERGEY RUSULOV

Africa’s largest pay TV operator had been banking on the 2022 Fifa World Cup in November and festive season in the next month to boost business activity and its numbers for the year to end-March 2023. Unfortunately, the effect of power cuts and consumers under pressure dampened prospects in SA, the group’s largest business.

“Combined with the negative effect of a weak economy on consumer spending, and thus on the group’s customer mix, indications are that 2H [second half] revenue growth in the SA business will be below expectations.”13.82% down on Tuesday at R120.29, its biggest one day drop since it listed in February 2019. On Monday, MTN’s share price fell more than 9%, the biggest intraday drop since December 2020, as the group warned that rolling blackouts would continue to hit earnings.

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