• Latest

Cell C – SA’s Telcom Operator Reports US$ 1.2 Million Loss

August 30, 2024

South Africa: Govt Allocates US$39 Million To SABC Amid “To Resolve Funding Challenges”

July 18, 2025
MTN Group Appoints David Behr As New Chief Enterprise Business Officer

MTN Group Appoints David Behr As New Chief Enterprise Business Officer

July 18, 2025
MBC Group Partners With Acamar Films To Bring ‘Bing’ To Arabic-Speaking Audiences

MBC Group Partners With Acamar Films To Bring ‘Bing’ To Arabic-Speaking Audiences

July 18, 2025
British Urban Film Festival Launches Africa Season After BFI Pauses African Odysseys

Nigeria: “Decasia” Heritage Film Festival Returns To Lagos This July

July 18, 2025

Liberia: Govt. Unveils Initiative For Enhanced Telecommunications Service

July 18, 2025
Merger Talks Between Sony And Zee Entertainment Are Still On The Table

Canal+ Acquisition Of MultiChoice Set To Be Reviewed By SA’s Competition Tribunal

July 17, 2025
Nigeria: TikTok Strengthens User Safety – Removes Over 3.6 Million Videos During Q1 2025

Nigeria: TikTok Strengthens User Safety – Removes Over 3.6 Million Videos During Q1 2025

July 17, 2025
Experts Advise African Creatives On Content Protection Against Piracy

South Africa: Debate Intensifies Over Analogue Switch-Off Stakeholders Seek Resolution

July 17, 2025
Accelerating Universal Delivery Of Fully-Digital Broadcasting Services To All Nigerians

Sky And ITV Strengthen Partnership To Enhance Viewer Access And Content Offering

July 17, 2025
Lesotho: Econet Telecom Launches New Internet Solution For Enhanced Connectivity

Lesotho: Econet Telecom Launches New Internet Solution For Enhanced Connectivity

July 17, 2025
Strengthening Advertising Regulation For Digital Media – A Key Focus BMA’s Advertising And Audiences Summit – Africa 2025

Strengthening Advertising Regulation For Digital Media – A Key Focus BMA’s Advertising And Audiences Summit – Africa 2025

July 16, 2025
UN Broadband Commission Celebrates 15 Years Of Advancing Global Connectivity And Digital Inclusion

South Africa: Challenges And Struggles By Telcos To Monetise 5G Services – Report

July 16, 2025
Friday, July 18, 2025
Broadcast Media Africa
  • Home
  • News & Reports
    • Animation Content
    • Broadcasting
    • Broadcasting Right
    • Broadcasting Rights
    • Cinema Content
    • Connectivity
    • Content Distribution
    • Content Production
    • Content Regulation
    • Film Festival
    • Film Industry
    • Media Regulation
    • Mergers & Acquisition
    • OTT & Streaming
    • Pay-TV
    • Radio Broadcasting
    • Regulation
    • Satellite
    • Tech Features
    • Telecommunications
  • Industry Resources
    • Audio & Podcasts
    • Reports & Presentations
    • TV and Videos
  • Products & Services
    • Promo: Spotlight Service
  • Events
    • All Events
    • BMA Events
  • Join BMA Network
  • Login
Login
Join BMA Network
BMA
  • Home
  • News & Reports
    • Animation Content
    • Broadcasting
    • Broadcasting Right
    • Broadcasting Rights
    • Cinema Content
    • Connectivity
    • Content Distribution
    • Content Production
    • Content Regulation
    • Film Festival
    • Film Industry
    • Media Regulation
    • Mergers & Acquisition
    • OTT & Streaming
    • Pay-TV
    • Radio Broadcasting
    • Regulation
    • Satellite
    • Tech Features
    • Telecommunications
  • Industry Resources
    • Audio & Podcasts
    • Reports & Presentations
    • TV and Videos
  • Products & Services
    • Promo: Spotlight Service
  • Events
    • All Events
    • BMA Events
  • Join BMA Network
  • Login
Login
Join BMA Network
BMA
Join BMA Network
No Result
View All Result
Home News

Cell C – SA’s Telcom Operator Reports US$ 1.2 Million Loss

August 30, 2024
Reading Time: 2 mins read
A A

Blue Label Telecoms recently disclosed its annual results for the year ending on May 31, 2024, which revealed that Cell C incurred a before-tax loss of US$1,2 million between June 1, 2023, and May 31, 2024.

As the largest shareholder of Cell C, with a total economic interest of 63.19% and 49.53% of the shareholder voting rights, Blue Label Telecoms stated that Cell C’s revenue decreased from US$664 million to US$630 million. After factoring in a rebate and over-provisioning on taxes from the previous year, Cell C’s net profit after taxation was US$16 million, significantly lower than the profit reported in the previous year.

It’s important to note that the net profit after taxation of US$260 million in 2023 included extraneous income of US$388 million related to the effects of a recapitalisation transaction. This income was mainly associated with debt release, with secured lenders agreeing to 20c to the rand as part of the recapitalisation. This suggests an improvement in Cell C’s operational performance over the last year.

Despite this improvement, Cell C remains technically insolvent, with its liabilities of US$957 million exceeding its assets. Nevertheless, the balance sheet appears to be better. This indicates a positive trend in cleaning up the balance sheet and moving towards solvency.

It is worth noting that Cell C is still reliant on The Prepaid Company (TPC) to meet its working capital needs. As part of the recapitalisation transaction, TPC is obligated to purchase US$400,000.00 of additional prepaid airtime through four quarterly payments.

Cell C’s new CEO, Jorge Mendes, who took over in July 2023, has been instrumental in stabilising the leadership and establishing a strong team. Mendes emphasised the importance of building a great and inclusive culture to navigate both good and bad days. Under his leadership, Cell C has focused on fixing the basics, addressing operations and structures, and identifying key business drivers to drive high performance and profitable growth.

Cell C reported witnessing year-on-year revenue growth in the third quarter of 2023, signifying progress. Additionally, the mobile network performance has seen significant improvements. Cell C’s average download speed for the year-to-date is 32.17Mbps, an average upload speed of 11.03Mbps, and an average latency of 43.48ms. These enhancements have elevated Cell C’s network quality, positioning the company third behind MTN and Vodacom.

Share Tweet Post Email
Tags: Blue Label TelecomsCell CTelecommunication
Share196Tweet123
Previous Post

Dynamics Of Digital-Enabled Radio Under Spotlight At Africa’s Broadcast Media Convention 2024

Next Post

KOCCA Partners BBC Studios And Viu To Expand Reach Of K-Content

Publisher
-
Benjamin Pius
Publisher
-
Benjamin Pius

 About us

Our goal is always to keep industry stakeholders abreast of opportunities in technology and service innovations that are and will shape Africa’s broadcasting and media industry via quality news, information, intelligence and insight .

 Contact us

+44 (0) 207 712 1526
info@broadcastingandmedia.com
BSP Communications Limited
Level 37, One Canada Square
Canary Wharf
London, E14 5AB, United Kingdom

No Result
View All Result
  • Home
  • News & Reports
    • Animation Content
    • Broadcasting
    • Broadcasting Right
    • Broadcasting Rights
    • Cinema Content
    • Connectivity
    • Content Distribution
    • Content Production
    • Content Regulation
    • Film Festival
    • Film Industry
    • Media Regulation
    • Mergers & Acquisition
    • OTT & Streaming
    • Pay-TV
    • Radio Broadcasting
    • Regulation
    • Satellite
    • Tech Features
    • Telecommunications
  • Industry Resources
    • Audio & Podcasts
    • Reports & Presentations
    • TV and Videos
  • Products & Services
    • Promo: Spotlight Service
  • Events
    • All Events
    • BMA Events
  • Join BMA Network
  • Login
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Policy.