Naspers boss scores R276 million payday

Multimedia and investment group Naspers has published its annual report for the year ending March 2020, revealing how much its top two executives got paid.

Group chief executive officer, Bob van Dijk took home total remuneration of $16 million for the year, which at current rates converts to R276 million.

Van Dijk’s pay comprises a base salary of $1.36 million (R23.5 million) and short- and long-term incentives of $14.46 million (R250 million).

Nasper group chief financial officer, Basil Sgourdos, meanwhile took home $9.17 million (R153.8 million) – comprising a base salary of $950,000 (R16.4 million) and short-and long-tern incentives of $8.1 million (R140 million)

Both executives have unvested long-term incentive payouts valued at $34.3 million (R592 million) and $13.7 million (R236.5 million), respectively, which are expected to be delivered over the next three financial years (to 2023).

Financial performance

Naspers has announced its results for the twelve months ended March 2020, which reflects solid growth despite the uncertain macro-environment, exacerbated by the Covid-19 pandemic.

The internet and e-commerce group said it executed several significant strategic initiatives over the reporting period, which it said it believes will unlock value over time.

Operationally, Naspers said it ended the year in a position of strength with accelerating revenue growth in its e-commerce (online commerce) portfolio, improved profitability and a substantial net cash position with sufficient liquidity.

It said that the onset of a global pandemic has had a marked impact on the daily lives of people globally and the economy at large. And while the impact is likely to persist for some time, “we are confident to weather the storm”.

“The group’s focus is on safety, plus leveraging its financial flexibility to continue building a business that grows strongly, generates high rates of return and provides employment for thousands over the long term,” it said.

Group revenue, measured on an economic-interest basis, was $22.1 billion, reflecting growth of 17% from continuing operations.

Measured similarly, and including the stepped-up investment in food delivery, group trading profit grew 13% year on year to $3.7 billion.

Overall revenue growth in e-commerce, adjusted for acquisitions and disposals, grew 32% in local currency, a 6% acceleration year on year. This was led by the  food delivery segment, which grew orders 102% and revenues by 99% (105%), and strong growth in classifieds, up 48% (37%), Naspers said.

Read: Naspers continues investment drive, targeting India for growth

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Naspers boss scores R276 million payday