MTN Group paid its president and chief executive officer, Ralph Mupita, R84.2 million in the 2021 financial year amid continued solid earnings and a strong rally in the group’s share price.
“In the 2021 financial year, Ralph received awarded remuneration of R84.2 million. The difference of remuneration received in 2021 compared to 2020 was attributed to improved performance outcomes between the two years and his promotion to group president and CEO effective from 1 September 2020,” the company said in its annual report.
Mupita’s total remuneration of R84.2 million is comprised of the following:
- Salaries: R15.4 million
- Post-employment benefits: R701,000
- Other benefits: R961,000
- STI: R29 million
- LTI: R38 million
- Qualifying dividends: R385,000
Under Ralph’s leadership in 2021, the group continued to adapt to the extraordinary circumstances brought about by the Covid‑19 pandemic and positioned the business for accelerated growth and aligned to the execution of our Ambition 2025 strategy.
“The MTN Group demonstrated resilience under a challenging trading environment which featured ongoing Covid‑19 uncertainties and the focus Ralph brought to strategy execution as well as sustaining commercial momentum led to the delivery of service revenue that tracked favourably against our medium‑term guidance and expanded EBITDA margins.
“Ralph continued to oversee our impressive run of 15 successive quarters of operating improvements as well as exceeded most of the Group’s medium‑term targets. The Company has seen an acceleration in growth and momentum in the platform business and our strategy around structurally separating our Fintech business.”
Group chief financial officer Tsholofelo Molefe scored R23.9 million, including a base salary of R6.5 million, short-term incentives of R11 million and a sign-on bonus of R5.8 million, while Godfrey Motsa, who resigned as MTN South Africa boss at the end of the financial year, received a package of R51.4 million.
Board chairman and former deputy finance minister, Mcebisi Jonas picked up R5.9 million, including R1.3 million for his participation in a strategy session, and a R3.1 million retainer.
MTN Group reported strong financial results for the year ended December 2021, growing service revenue by 18.3% to R171.8 billion, led by a growth of 6.5% in MTN SA.
Headline earnings per share were up 31.8% to 987 cents per share, while the board declared a final dividend of 300 cents per share.
Shares in the group meanwhile, have surged in recent years, from a low of around R40.00 a share in March 2020, to a current price of R165.00, and a market cap exceeding R310 billion.
Read: MTN cheers strong data and fintech adoption, delivers dividend