CSA announces biggest-ever pre-tax profits

August 24, 2010

Cricket South Africa (CSA) has reported pre-tax profits of R138.8 million (US$18.76 million), sale its biggest ever.

CSA chairman of the finance and commercial committee Professor Hentie van Wyk said the profits beat forecasts because of ongoing cost containment, unhealthy increased revenues and significant income related to events.

Van Wyk said: “This favourable variance to budget is mainly due to International Cricket Council (ICC) related event fee income and dividends, online interest received on increased cash balances, Indian Premier League (IPL) related income and increased sponsorships. In many aspects, our positive financial results reflect the benefits to cricket of improved structures, expertise and management at all levels.

“Consistent with prior years, the main drivers of revenue are the international broadcasting rights contracts, ICC and event income and normal sponsorship revenue. ICC-related revenue this year was significantly higher than expected due to additional events in the year under review, namely the hosting of the ICC Champions Trophy 2009 and finalisation of long outstanding ICC event income. The events also contributed to increased broadcasting rights income.”