SABC MOVING CLOSER TO BEING PROFITABLE - MXAKWE

The SABC, which clocked up irregular expenditure of over R2 billion in the past financial year, said its finances were generally on the mend after suffering billions in losses in previous years.

The SABC office block in Aukland Park. Picture: Tshepo Lesole/Eyewitness News

Babalo Ndenze | 12 October 2022 06:56

CAPE TOWN - SABC CEO Madoda Mxakwe says the public broadcaster is moving even closer to being profitable.

The SABC, which clocked up irregular, wasteful and fruitless expenditure of over R2 billion for the 2020/2021 financial year according to the Auditor-General, said that its finances were generally on the mend after suffering billions in losses in previous years.

In the current financial year, irregular expenditure is down to just R91 million.

The SABC briefed Parliament on its finances and annual report on Tuesday.

The SABC’s leadership has been questioned by MPs about its qualified audit findings and its annual performance.

Mxakwe told MPs that despite operating in a difficult environment, they had managed to reduce net losses.

"The previous fiscal, two fiscals ago, we had over R500 million. Now we are actually standing at R201 million, which is a progressive reduction in terms of net losses, indicating the degree to which we are now moving even closer to breaking even and being profitable," Mxakwe said.

He said the reason for the net loss of R200 million was because of the acquisition of sports rights for the 2024 Paris Olympic Games at just over R100 million.