Telecommunications

Vodacom CEO scores R137 million payday

Luke Fraser

 ·15 Jun 2026

Vodacom Group CEO Shameel Joosub scored R137 million in remuneration for the 2026 financial year, which included roughly R7 million in security costs.

In the financial year ended 31 March 2026, Vodacom’s group revenue stood at R167.7 billion, supported by strong growth in diversification.

Financial services revenue reached R16.8 billion, up 19.6%. Its mobile money platforms, including Safaricom, processed US$525.6 billion in transaction value.

Beyond mobile services, which include financial services, fixed, digital and Internet of Things, the group generated R29.8 billion, contributing 22.3% of group service revenue.

Vodacom saw its headline earnings per share rise by 22.9% to 1,053 cents per share, and upped its total dividend for the year to 735 cents per share, up 18.5%.

The group also added 26 million customers, bringing its total customer base to 237.3 million across eight markets.

“This scale is driving greater connectivity, productivity and financial inclusion, and underpins our decision to increase our Vision 2030 customer ambition to 275 million,” the group said.

The group added that its investment in technology and network remains central to supporting growth, having spent R23.6 billion on capital expenditure in FY2026.

Joosub added that the group has made progress on delivering on its strategy over the year, marked by two milestone transactions that will add to its long-term growth profile.

During the financial year, the group also announced an agreement to acquire an additional 20% stake in Safaricom from the Kenyan government, increasing its stake to over 50%.

“This transformational transaction reinforces our commitment to the high-growth East African markets of Kenya and Ethiopia,” said Joosub.

The group also finalised the acquisition of a strategic stake in Maziv, the fibre group that houses Vumatel, giving it a foothold in the local fibre market.

Joosub’s payday

For the financial year, the CEO earned a total single-figure remuneration of R137 million, a 75.3% increase from his R78 million seen in FY25.

The CEO received a guaranteed pay package of R19.4 million, with an effective salary increase effective from 1 July 2025.

His remuneration also included an “other” section, which included security arrangements provided for the year due to the risks of the role and his cellphone benefit, amounting to R7.7 million.

His short-term incentives (STIs) also increased by 25.5% to R26.9 million. His long-term incentives (LTIs) were the primary reason for the CEO’s total increase.

His LTI awards were allocated in June 2023 and vested in June 2026. His LTIs increased by 196.8% to R74.6 million. The CEO also earned R8 million in dividends, up 39.3% from the previous year.

At a 45% tax rate, the CEO took home R75.6 million in FY26. This is 75.3% higher than his FY25 take-home package.