Vodacom Groip CEO Shameel Joosub has received a pay package of $3.3 million for the 2023 financial year, ending March 31, 2024.
The pay represents an 4% cut from the previous year’s $3.5 million amid the group’s tough time.
Overall, his long-term inventive rewards (LTIs) dropped by 39.9% to about $948k, and his dividend payments also dropped by 14.8% to $345k.
So, after tax, his take-home pay dropped by 4% to $1.8 million.
On the contrary, Group CFO Raisibe Morathi, saw her remuneration package increase by 6.2% to $1.6 million plus.
Although her dividend payments dropped by 53.6% to just a little over $36k, her short-term incentives climbed by 47.0% to $520k plus, leaving her post-tax take-home pay at about $904k.
Tough times
For the year ended 31 March 2024, start-up losses in Ethiopia, higher finance and energy costs, the hit of absorbing inflationary pressures, and a weaker exchange rate across hurt Vodacom’s 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:
