Multichoice CEO Calvo Mawela has secured a $2 million (R35 million) pay package after steering the company from a R4 billion loss in 2024 to a R1.8 billion profit in 2025. The group’s financial recovery was largely driven by the R3.4 billion sale of its 60% stake in insurance arm NMSIS to Sanlam, contributing to a R5.2 billion pre-tax profit. Cost-cutting measures, including R3.7 billion in savings—surpassing the R2 billion target—and a stronger rand further bolstered the bottom line. However, revenue fell 9% to R50 billion amid economic pressures across Africa.
Despite the profit surge, Mawela’s total remuneration dropped from R51 million to R35 million, primarily due to reduced long-term incentives (down from R24.7 million to R9.7 million). His base salary and benefits rose slightly, while short-term incentives dipped marginally. Performance metrics revealed mixed results: Mawela exceeded targets for cost savings and BetKing’s gambling revenue but fell short on Showmax, which saw 0% growth in South African subscribers. The group also opted against declaring a dividend, citing ongoing acquisition talks with Canal+.
Subscriber losses underscored broader challenges. Multichoice shed 1.2 million customers year-on-year, with 90-day active users plummeting 11% to 18.6 million. To offset declines, management hiked prices by 5.7% in South Africa and 31% (in local currencies) elsewhere in Africa. The figures highlight the precarious balance between profitability and market retention in an era of streaming competition and piracy. While Mawela’s pay reflects a corporate turnaround, the subscriber exodus signals persistent headwinds for the pay-TV giant.