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Naspers execs cash in

Paula Gilbert
By Paula Gilbert, ITWeb telecoms editor.
Johannesburg, 24 Jul 2017
Naspers CEO Bob van Dijk.
Naspers CEO Bob van Dijk.

Naspers CEO Bob van Dijk took home a total package of $2.2 million (R28.4 million) in the past financial year, as well as long-term share options worth $10.4 million (R134.4 million).

This according to the company's integrated annual report for the year ended 31 March, released on Friday.

Van Dijk's earnings included $1.1 million (R14.2 million) in fixed pay, $973 000 (R12.6 million) for an "actual annual performance-related incentive" and $125 000 (R1.6 million) in pension contributions. The total was a 31.6% increase on his total package from last year of $1.67 million (R23.9 million at the time).

The global Internet and entertainment group's financial results, released last month, showed revenue had increased 19% year on year to $14.6 billion (R188.7 billion). Core headline earnings also grew 41% to $1.8 billion (R23 billion).

During the financial year, CFO Vasili (Basil) Sgourdos took home almost $1.38 million (R17.8 million), 12% more than last year - including fixed pay of $828 000 (R10.7 million), an annual performance-related incentive of $443 000 (R5.7 million), and $105 000 (R1.4 million) in pension contributions. He also received long-term share options worth $1.75 million (R22.6 million).

Chief investment officer Mark Sorour's total earnings were actually the highest of the three, totalling $2.63 million (R34 million). This was due to his annual performance-related incentive being $1.7 million (R21.97 million), along with a salary of $682 000 (R8.8 million) and pension contribution of $233 000 (R3 million). His total package was 26.6% more than a year ago. His long-term share options were, however, much lower than both Van Dijk and Sorour's, at $958 000 (R12 million).

Chairman Koos Bekker, who stepped down as CEO in March 2014, earned $524 000 (R6.77 million) in fees for the year, a 4.8% increase from last year. The other non-executive directors earned between $212 000 (R2.7 million) and $525 000 each (R6.79 million) for the year.

Year-to-date, Naspers' stock has risen over 41% and it now has a market cap of around R1.23 trillion, making it Africa's biggest company by market value. The share price was trading at R2 845.77 at 11am CAT today, and has risen almost 28% in the last 12 months.

The Cape Town-based firm is a broad-based multinational Internet and media group, offering services in more than 130 countries. It owes much of its valuation to its 33% stake in Chinese gaming and social media giant, Tencent, with the stake worth around R114 billion.

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