{"id":777255,"date":"2024-06-17T07:00:00","date_gmt":"2024-06-17T05:00:00","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=777255"},"modified":"2024-06-14T17:57:39","modified_gmt":"2024-06-14T15:57:39","slug":"vodacom-ceo-scores-r61-million-payday","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/telecommunications\/777255\/vodacom-ceo-scores-r61-million-payday\/","title":{"rendered":"Vodacom CEO scores R61 million payday"},"content":{"rendered":"\n

Vodacom CEO Shameel Joosub has received a pay package of R61 million for the 2024 financial year. <\/p>\n\n\n\n

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. <\/p>\n\n\n\n

Nevertheless, service revenue grew by 2.6% due to new services, the consumer contract segment, and prepaid mobile data.<\/p>\n\n\n\n

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.\u00a0<\/p>\n\n\n\n

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. <\/p>\n\n\n\n

The group’s financials for the period can be found below: <\/p>\n\n\n\n

Financials<\/strong> (Rm)<\/strong><\/td>FY 2023<\/strong><\/td>FY 2024<\/strong><\/td>% change<\/strong><\/td><\/tr>
Revenue<\/td>119 170<\/td>150 594<\/td>26.4<\/mark><\/td><\/tr>
Service revenue<\/td>93 650<\/td>120 897<\/td>29.1<\/mark><\/td><\/tr>
Net profit from associates and joint ventures<\/td>2 607<\/td>2 197<\/td>(15.7)<\/mark><\/td><\/tr>
Operating profit<\/td>29 252<\/td>35 337<\/td>20.8<\/mark><\/td><\/tr>
Net profit<\/td>18 111<\/td>19 262<\/td>6.4<\/mark><\/td><\/tr>
Net debt to EBITDA<\/td>1.1<\/td>0.9<\/td>(0.2x)<\/mark><\/td><\/tr>
Earnings per share (cents)<\/td>948<\/td>842<\/td>(11.2)<\/mark><\/td><\/tr>
Headline earnings per share (cents)<\/td>948<\/td>846<\/td>(10.8)<\/mark><\/td><\/tr>
Total dividend per share (cents)<\/td>670<\/td>590<\/td>(11.9)<\/mark><\/td><\/tr><\/tbody><\/table><\/div><\/figure>\n\n\n\n

CEO and CFO pay <\/strong><\/p>\n\n\n\n

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. <\/p>\n\n\n\n

Overall, his long-term inventive rewards (LTIs) dropped by 39.9% to R17.3 million. <\/p>\n\n\n\n

His dividend payments also dropped by 14.8% to R6.3 million. <\/p>\n\n\n\n

When considering tax, his take-home pay dropped by 4.0% to R33 million. <\/p>\n\n\n

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\"\"<\/a><\/figure><\/div>\n\n\n

Croup CFO Raisibe Morathi, on the other hand, saw her pay remuneration package increase by 6.2% to R30 million. <\/p>\n\n\n\n

Although her dividend payments dropped by 53.6% to R665 thousand, her short-term incentives climbed by 47.0% to R9.5 million. <\/p>\n\n\n\n

Post-tax, she took home R16.5 million: <\/p>\n\n\n

\n
\"\"<\/a><\/figure><\/div>\n\n\n
\n\n\n\n

Read<\/strong>: Government of National Unity: what the DA, ANC and IFP have agreed to<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Vodacom CEO Shameel Joosub has seen his total pay package decrease by R3 million due amid a drop in dividend payouts.<\/p>\n","protected":false},"author":95,"featured_media":714874,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[21],"tags":[26,27],"class_list":["post-777255","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-telecommunications","tag-headline","tag-vodacom"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/777255","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/95"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=777255"}],"version-history":[{"count":1,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/777255\/revisions"}],"predecessor-version":[{"id":777261,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/777255\/revisions\/777261"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/714874"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=777255"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=777255"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=777255"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}