African Media Entertainment (AME), the JSE-listed owner of Eastern Cape radio station Algoa FM and the Free State’s OFM, reported flat revenue and a small growth in profit for the year to end-March. Revenue grew a fraction to R238.6m from R238.3m while aftertax profit increased 5% to R56m, the company said in its results statement that was released on Thursday. AME maintained its final dividend at R2.50, taking its dividend for the year to R3.50, the same as in 2016. The cash shareholders receive, however, will drop because the government increased dividend withholding tax to 20% in 2017 from 15% in 2016. The group is in the process of launching its third radio station. "A new greenfields licence, Rhythm FM, plans to go to air by the end of June. This new commercial station’s broadcast footprint will cover both Mthatha and Butterworth in the Eastern Cape, which falls outside the footprint of Algoa FM," chairman Connie Molusi said in the results statement. Algoa FM managed to grow it...
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