MTN executives score big payday

MTN has published its integrated report for 2019, showing what its top executives were paid in the last year.

MTN group chief financial officer, Ralph Mupita, took home the largest salary at the group in 2019, earning R66.3 million for the year. This includes a basic salary of R9.15 million, other benefits of R43.8 million (including R42 million paid out as part of an incentive scheme), and a R13.4 million bonus.

Group chief executive officer, Rob Shuter took home a salary of R58.23 million, including a basic salary of R17.3 million and a R27.6 million bonus.

Including executive directors and prescribed officers, MTN paid a total of R292.2 million in salaries to its 12 top executives in 2019.

Of this, prescribed officers accounted for R167.7 million.

The table below outlines how they were paid.

Split across a year (365 days), the average executive earns R49,950 a day – with Shuter and Mupita earning R159,550 and R181,650 a day, respectively.

The table below outlines how these salaries a split per day:

Executive Total Remuneration Per Day
R Mupita R66 302 000 R181 649
R Shuter R58 234 000 R159 545
I Jaroudi R24 999 000 R68 490
J Schulte-Bockum R23 900 000 R65 479
E Asante R23 020 000 R63 068
F Moolman R21 093 000 R57 789
K Toriola R19 110 000 R52 356
G Motsa R15 654 000 R42 888
P Normal R14 138 000 R38 734
F Sekha R10 395 000 R28 479
L Modise R8 260 000 R22 630
M Fletcher R7 115 000 R19 493

Financial performance

Earlier in March, MTN reported a healthy rise in revenue for the year ended December 2019, despite challenging macroeconomic conditions, particularly in South Africa.

The group also announced that Shuter will be stepping down at the end of his contract in March 2021.

The group reported revenue growth of 9.7% to R151.5 billion, with MTN South Africa revenue almost unchanged at R36.43 billion.

Reported headline earnings per share (HEPS) were 468 cents, from 337 cents in December 2018.


  • Subscribers increased by 18.2 million to 251 million;
  • Revenue grew by 9.7%;
  • Service revenue grew by 9.8%;
  • IFRS reported EBITDA (before once-off items) increased by 34.3%;
  • Final dividend of 355 cents per share in line with guidance.

The group added 18 million customers to reach a total of 251 million and increased data users by 17 million to 95 million and fintech customers by 7 million to 35 million.

In constant currency terms, group service revenue increased by 9.8% to R141.8 billion and earnings before interest, tax, depreciation and amortisation (EBITDA) expanded by 13.6% to R53.4 billion.

MTN’s share price has tanked in recent sessions – halving in value over the past month alone.

MTN finance chief Ralph Mupita has blamed trade momentum and not intrinsic value for the decline in the group’s  share price in recent months.

Read: MTN announces massive price cuts and free data

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MTN executives score big payday