SA Rugby has posted a modest post-tax profit of R2-million after two years of losses.
The result reversed losses of R62.4-million in 2017 and R15.7-million in 2016, as a series of cost-cutting measures have had an impact.
Revenue increased by 9.5% to R1.3-billion, largely attributable to increased income from broadcasting rights, sponsorships and Test receipts. Expenses remained flat at R1.28-billion.
On the expense side, player payments increased in accordance with agreements in place and because of an additional Test, while SA Rugby’s investment in Pro14 membership came at a net cost of R60-million. Strategic performance expenditure increased due to the investment required to achieve SA Rugby’s transformation goals.
‘There have been some hard decisions taken over the past three years to reach this position, and there is hard work still to be done,’ said SA Rugby CEO Jurie Roux.
‘Some of the measures implemented caused significant discomfort; however, we believe the positive impact of implementing these measures will be realised in the future.
‘We have made progress in the past year, but we know we are still some distance from achieving an adequate financial standing.’
The meeting also elected Vanessa Doble, head of legal and compliance at SA Rugby, as SA Rugby’s first female representative to the World Rugby General Council.
The position was opened following a constitutional change by SA Rugby to include a female representative after World Rugby increased national union representation to three members, one of which has to be female.
Photo: Grant Pitcher/Gallo Images
