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Vodacom CEO Earns US$3.3 Million in 2023 Despite Pay Cut

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Shameel Joosub
Shameel Joosub

Vodacom Group CEO Shameel Joosub received a pay package of $3.3 million for the financial year ending March 31, 2024, representing a 4% decrease from the previous year’s $3.5 million amid challenging times for the group.

Joosub’s long-term incentive rewards (LTIs) dropped by 39.9% to approximately $948,000, and his dividend payments decreased by 14.8% to $345,000. After taxes, his take-home pay fell by 4% to $1.8 million.

In contrast, Group CFO Raisibe Morathi saw her remuneration package increase by 6.2% to over $1.6 million. Although her dividend payments dropped by 53.6% to just over $36,000, her short-term incentives climbed by 47.0% to over $520,000, resulting in a post-tax take-home pay of about $904,000.

Tough Times for Vodacom

For the year ended March 31, 2024, Vodacom faced several challenges, including start-up losses in Ethiopia, higher finance and energy costs, inflationary pressures, and a weaker exchange rate. These factors led to a 10.8% drop in headline earnings, which fell to 846 cents per share.

Despite these challenges, Vodacom’s service revenue grew by 2.6% due to new services, the consumer contract segment, and prepaid mobile data. However, this growth was offset by pressure in Vodacom Business, as a shift away from work-from-home policies led corporate customers to recalibrate their spending.

A more mobile workforce is expected to boost Vodacom’s mobile sales and services, while a return to office work would likely increase spending on fixed-line services.

The group’s financials for the period can be found below:

 

Financials
Financials
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