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BL Premium reports that the Auditor-General (AG) has raised doubts about the SA Broadcasting Corporation’s (SABC’s) ability to remain in business despite the public broadcaster more than halving its losses in the most recent financial year.
The state-owned entity, which has previously been beset by governance and financial crises that took it to the brink of collapse, reported a net loss of R201m for the 2021/2022 financial year ended March, down from R530m the previous year. It expects to break even in the 2022/2023 financial year, but AG Tsakani Maluleke is uncertain it can continue as a going concern. Indications are that it will continue to struggle amid a slump in advertising spend and reduced collections of TV licence fees, which are two key revenue streams. Maluleke said in the SABC’s annual report for the year ending March 2022, which was tabled in parliament this week, that “a material uncertainty exists that may cast significant doubt on the public [broadcaster’s] ability to continue as a going concern.” Maluleke also pointed out that irregular expenditure continued to hamper the SABC. It remains the main source of news and commentary for many viewers, especially in remote areas. The AG pointed out that management did not prepare regular, accurate and complete financial and performance reports that were supported and evidenced by reliable information.
- Read the full original of the report in the above regard by Bekezela Phakathi at BusinessLive (subscriber access only)
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