SA Rugby makes modest profit
CEO Jurie Roux says pandemic has torn up their budget plans but governing body ‘will walk from the burning building still intact’
Cape Town — SA Rugby announced a modest taxed profit of R8.5m for 2019 on Wednesday, and CEO Jurie Roux said the organisation was well positioned to tackle Covid-19 challenges.
Roux said at the organisation’s annual meeting that revenue rose 2.5% to R1.29bn, but that this was offset in part by a reduction in Test guaranteed income due to fewer Springbok matches.
Bok players and management staff were paid R62m in performance bonuses for winning the Rugby World Cup in Japan.
“The measures that we have implemented in recent years allowed us to deliver a very satisfactory result at the end of 2019,” Roux said. “We improved our overall solvency and financial position through fully impairing all loans, investments or receivables where the recovery of such was in doubt.”
He said SA Rugby’s recently introduced spending cuts to the tune of R1.2bn for 2020 were necessary to offset the effects of Covid-19 on operations.
“The pandemic has had the effect of tearing up all our approved budgetary plans, but we have taken an aggressive approach to the potential impact of the virus,” he said.
“It will be painful to endure for all rugby businesses, but it will mean that we will walk from the burning building still intact.”
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