S.Africa: Blacks give themselves huge salaries: How much the CEOs of state-owned IT companies earn

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[This is what Blacks do when they're in charge. They give themselves insane salaries running into the millions of Rands. These people have no conception of efficiency or frugality. Whites in similar positions under White rule earned a FRACTION of these amounts. Jan]

The CEOs of state-owned ICT companies in South Africa earn substantial salaries, with one making as much as President Cyril Ramaphosa in 2021.

MyBroadband compared CEO salaries from five state-owned ICT companies and found that they ranged from R2.7 million to R5.7 million as of March 2021.

The companies analysed include Broadband Infraco, the Independent Communications Authority of South Africa (Icasa), Sentech, the South African Broadcasting Corporation (SABC), and the State Information Technology Agency (Sita).

SABC CEO Madoda Mxakwe received the highest salary of the companies compared, taking home R5,753,000 during the financial year ended 31 March 2021.

His salary increased by R274,000 from R5,479,000 in the 2019/20 financial year.

According to the National Treasury’s budget documents, President Cyril Ramaphosa earned the same amount in 2021 and 2020.

At the end of March 2021, the SABC reported a net loss of R530 million, with revenue declining 12% year-on-year to R4.97 billion.

The broadcaster noted that TV licence revenue continued its decline, dropping 0.4% to R788 million in the 2020/21 financial year.

Sentech’s CEO, Mlami Booi, saw the biggest salary hike of the companies compared. He received a pay bump of R1,065,000 (29.5%) to R4,674,000 from R3,609,000.

The state-owned electronic communications and network services provider is the primary distributor of set-top boxes for South Africa’s digital migration project. Booi has been its CEO since October 2015.

Sentech’s year-on-year revenue declined by R1.4 billion, but its net profit increased by R313 million — likely due to aggressive reductions in expenditure.

CEO salaries of state-owned ICT companies
Company CEO Salary
SABC Madoda Mxakwe R5,753,000
Sentech Mlamli Booi R4,674,000
SITA Luvuyo Keyise R3,683,000
Broadband Infraco Andrew Matseke R2,833,000
Icasa Willington Ngwepe R2,700,201
Luvuyo Keyise, the executive caretaker at Sita, took home R3,683,000 during the 2020/21 financial year.

Sita’s annual report for the 2020/21 financial year revealed that it had improved its performance over the previous year, with revenue increasing 11.4% to R5.8 billion.

“The company continues to be sustainable and financially viable,” it wrote in the report.

Broadband Infraco, which describes itself as the provider of choice for backhaul connectivity, has been headed by Andrew Matseke since November 2017.

Matseke’s salary remained unchanged between the 2019/20 and 2020/21 financial years at R2,833,000.

Broadband Infraco’s latest annual report revealed that its financial performance had suffered slightly, with revenue decreasing by 1.21% to R463 million. Over the same period, cash generated from operations dropped 60%, from R123 million to R50 million.

Only one CEO’s salary dropped between the 2019/20 and 2020/21 financial years — Willington Ngwepe of Icasa.

Ngwepe took home R2,933,000 in the year ended 31 March 2020. His annual salary dropped 8% to R2,700,201 as of 31 March 2021.

Icasa’s financial performance improved during the 2020/21 financial year. It generated nearly R480 million over the period, compared to R469 million over the previous year.

The report also revealed that its annual earnings before interest and tax was over 11 times higher than reported for the year ended 31 March 2020.

Icasa reported a surplus figure of R37,784,400 for 2021, compared to R3,504,870 for 2020.

Source: https://mybroadband.co.za/news/business/443146-how-much-the-ceos-of-state-owned-it-companies-earn.html?utm_source=newsletter



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