MTN’s boss earns R117,600 a day

Mobile operator MTN has published its integrated annual report for 2018, revealing what the company’s top executives earned in the last financial year.

MTN Group posted a solid set of results for the full year 2018 including a 10.7% jump in service revenue for the year, while revenue climbed 6% to R134.56 billion.

Service revenue in MTN Nigeria grew 172%, MTN Ghana was up 23%, and MTN South Africa was up 4.2%.

Voice revenues grew 7.3% to R82.2 billion, data was up 22% to R28.5 billion, fintech grew 46.8% to R7.8 billion, but digital declined 32.9% to R3.9 billion.

Enterprise and wholesale grew by 8.4% and 63.7% respectively to R13.4 billion and R2.8 billion – and operating profit climbed to R23.6 billion, from R20.6 billion before.

The group paid its top two executives a total of R65.46 million for the year, with other prescribed officers taking a combined R176.96 million for a total of R242.4 million.

Group CEO, Rob Shuter earned R42.92 million, including a basic salary of R15.28 million and bonuses and other benefits exceeding R26 million.

Chief financial officer Ralph Mupita earned R22.54 million, while MTN SA chief executive Godfrey Motsa took home R23.5 million.

This is how much MTN’s executives were paid:

Shuter’s salary is 85 times larger than the average salary paid to employees in the period (R504,911, including bonuses and benefits), and around 177 times larger than the average salary in South Africa

Stats SA this week published its latest Quarterly Employment Survey, showing that the average employee in South Africa earned R20,190 a month, or R242,280 a a year.

The table below outlines what MTN’s executives earned, and how that translates to an average per day (365 days).

Read: We are the best network in South Africa: MTN CEO