Adapt IT CEO Sbu Shabalala took home R2.34 million for the financial year ended 30 June.
This is according to the JSE-listed group's latest integrated report, which showed it made no bonus or performance-related payments to top execs for the year.
The IT group's CEO received a 12% increase on his salary from the previous financial year, but his full remuneration package was actually over R1.5 million less than a year ago. Last year, he earned an almost R2.09 million salary, a R23 000 retirement payment plus a R1.8 million bonus - adding up to R3.92 million total remuneration. Shabalala has been CEO since December 2007.
Tiffany Dunsdon, Adapt IT's commercial director and MD of international operations, earned a salary of R2.14 million, an increase of 9% on the R1.96 million she earned last year. Her total remuneration package also came down from R3.12 million in the year ended June 2016, when she was paid a R1.16 million bonus. Dunsdon has been at Adapt IT since 2002 and was previously the group's financial director between April 2013 and August 2016 before taking up her current role last year.
CFO Nombali Mbambo earned R1.42 million for the financial year ended 30 June. She was only appointed in August 2016, so has no comparative remuneration for the previous year.
"The overall turnover and profit KPIs for the year ended 30 June 2017 were not achieved. No short-term incentives were paid to any of the three executive directors and all share incentive units related to the period will be forfeited in August 2017," the integrated report reads.
Four non-executive directors were paid a total of just over R1 million for the year ended 30 June 2017, compared to a total of R840 400 the previous year. Independent non-executive chairman Craig Chambers was paid R351 120 for the year, a 20% increase compared to the R292 600 he was paid the previous year. The other three directors each received R219 120, also up 20% from R182 600 each the year before.
The JSE-listed company last month reported turnover growth of 25% for the year ended 30 June, to R993.7 million. Of this, acquisitive growth made up 19%, while organic growth was 6%. Headline earnings per share (HEPS) increased 2% to 58.76cps, while normalised HEPS increased 10% to 78.96cps. Normalised headline earnings increased 21.5% to R118.5 million and the group declared an ordinary dividend of 13.7cps.
The company is a provider of specialised software solutions and services to the education, manufacturing, energy, financial services and hospitality sectors. It services more than 10 000 customers in 40 countries and has local offices in Durban, Johannesburg, Pretoria and Cape Town, and international offices in Mauritius, Botswana, Ireland, Australia and New Zealand.
Shabalala told ITWeb last month that the group is looking to expand its presence in East Africa over the next year, targeting Kenya in particular. At the moment, Adapt IT derives 76% of its turnover from the South African market but is targeting 30% foreign revenue by 2020.
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