Naspers boss scores massive R164 million payday

Internet giant Naspers has published its integrated annual report for the 2018 financial year, showing how much its top executives got paid.

CEO, Bob van Dijk earned a total payment of $12.1 million (R164 million) for the year, including a basic salary of $1.3 million (2017: $1.1 million), a bonus of $1.06 million and a long-term incentive valued at $9.6 million.

The long-term incentive represents the value of share options on the date they were granted.

Group CFO, Basil Sgourdos took home a total payment of $3.53 million (R47.6 million), while former chief investment officer Mark Sorour, who retired as an executive director in March 2018, took home $3.63 million (R49 million).

Naspers operates in more than 120 countries, through brands including Takealot, Multichoice and DStv in South Africa, Delivery Hero in Germany, Mail.ru in Russia, Redbus in India, and Tencent in China.

Naspers also paid it’s non-executive directors a total of $5 million (R67.5 million) in fees for the year.

In June, Naspers published its financial results for the year to 31 March 2018 – showing a 9% rise in consolidated revenue to US$6.66 billion, “as e-commerce continued to scale”.

It said that e-commerce revenues grew 15% or 32% in local currency and adjusted for the impact of acquisitions and disposals – including Allegro and Netretail.

Revenues, measured on an economic interest basis (including the proportionate contribution from associates and joint ventures), increased 38% year on year to $20.1 billion. Core headline earnings grew 72% to $2.5 billion, Naspers said.

The group said it reduced its operating loss to US$198 million from a prior loss of US$360 million, however profit for the year soared to $11.3 billion, from $2.16 billion, due to the disposal of a 2% interest in Tencent Holdings.

Read: Here’s how much money Multichoice makes from each DStv subscriber