Vodacom CEO scores R61 million payday

Vodacom CEO Shameel Joosub has received a pay package of R61 million for the 2024 financial year.
For the year ended 31 March 2024, Joosub said that start-up losses in Ethiopia, higher finance and energy costs, the hit of absorbing inflationary pressures, and a weaker exchange rate across hurt its headline earnings, which dropped by 10.8% to 846 cents per share.
Nevertheless, service revenue grew by 2.6% due to new services, the consumer contract segment, and prepaid mobile data.
The growth was, however, offset by pressure in Vodacom Business due to a shift away from work-from-home policies that saw corporate customers recalibrating their spending.
A more mobile workforce would boost the group’s mobile sales and services, while a return to the office would see bigger spending on fixed-line services.
The group’s financials for the period can be found below:
Financials (Rm) | FY 2023 | FY 2024 | % change |
Revenue | 119 170 | 150 594 | 26.4 |
Service revenue | 93 650 | 120 897 | 29.1 |
Net profit from associates and joint ventures | 2 607 | 2 197 | (15.7) |
Operating profit | 29 252 | 35 337 | 20.8 |
Net profit | 18 111 | 19 262 | 6.4 |
Net debt to EBITDA | 1.1 | 0.9 | (0.2x) |
Earnings per share (cents) | 948 | 842 | (11.2) |
Headline earnings per share (cents) | 948 | 846 | (10.8) |
Total dividend per share (cents) | 670 | 590 | (11.9) |
CEO and CFO pay
Amid the group’s tough time, Joosub’s pay package dropped by 4.0% from the R64 million he earned in the prior financial year.
Overall, his long-term inventive rewards (LTIs) dropped by 39.9% to R17.3 million.
His dividend payments also dropped by 14.8% to R6.3 million.
When considering tax, his take-home pay dropped by 4.0% to R33 million.
Croup CFO Raisibe Morathi, on the other hand, saw her pay remuneration package increase by 6.2% to R30 million.
Although her dividend payments dropped by 53.6% to R665 thousand, her short-term incentives climbed by 47.0% to R9.5 million.
Post-tax, she took home R16.5 million:
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