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The South African Broadcasting Corporation (SABC) has secured its first unqualified audit opinion in 14 years, a notable achievement announced during the tabling of its 2023/24 Annual Report in Parliament. This accomplishment is attributed to improvements in financial discipline and governance, addressing areas previously flagged in audits.
SABC CEO Nomsa Chabeli praised the audit result as part of a broader recovery strategy, which also includes recent successes like its election coverage and the rapid growth of its SABC+ streaming platform. Financial highlights for the year include a 7% rise in advertising revenue, a 4% reduction in operating expenses, and a significant 77% reduction in losses before interest and tax.
However, challenges remain, with a significant decline in revenue since 2016 due to audience migration to global streaming platforms and a drop in TV license fee compliance, now at 85.6%. The SABC highlighted the need for new financial models to support its public interest mandate, as current funding and investment limitations raise concerns about its future sustainability.
