MTN chief executive officer Phuthuma Nhleko earned R23 million in the group`s 2005 financial year, including profits made from selling share options.
Nhleko`s basic salary rose by 18.9% from R3.66 million in 2004 to R4.35 million in 2005.
According the group`s annual report, Nhleko`s retirement benefits in the latest financial year amounted to R360 000, while "other benefits" totalled R234 000.
Nhleko was paid a bonus of R9.17 million, bringing his total package for the 2005 financial year to R14.11 million, compared with R13.8 million the previous year.
However, he also traded derivatives on share options, making a gain of R8.89 million, which brought his income to R23 million.
Excluding the awarding of share options, MTN paid its executive directors R34.48 million in the 2005 financial year, compared with R32.22 million the previous year.
MTN grew its revenue by 21% to R29 billion in the year to March. After-tax profit increased by 47% to R7.3 billion while headline earnings per share rose by 45% to 366.6c.
Although MTN reported that its subscriber base grew by 50% to 14.3 million at the end of the period, the group is changing its definition of an active subscriber - now seen as a subscriber who made or received a revenue-generating call within a 90-day period.
This is the same definition that rival cellular operator Vodacom uses.
Using that definition, MTN`s subscriber base stood at 15.6 million at the end of March, just topping Vodacom`s 15.5 million subscribers at the same date.
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