Charles Molapisi, the CEO of MTN South Africa, a subsidiary of Africa’s largest telecom services provider, MTN Group, saw his total compensation at the end of 2022 skyrocket by 155.93 percent, fueled by the exceptional financial performance of the telecom giant.
Molapisi’s compensation for 2022 reached a substantial R26.78 million ($1.43 million), a significant leap from the R10.46 million ($557,734) he received the previous year. This increase reflects the outstanding performance of MTN Group, which reported a profit after tax of R24.26 billion ($1.29 billion) in 2022.
His 2022 compensation package comprised a base salary of R7.86 million ($418,823) and a performance-based short-term incentive of R8.77 million ($467,610), both attributed to MTN Group’s exceptional financial performance.
In January 2022, Molapisi, a seasoned South African executive, assumed the role of CEO at MTN South Africa. His track record includes four years as CEO of MTN Zambia and an impactful four-year tenure as Chief Information Officer (CIO) at MTN Nigeria.
Under Molapisi’s leadership, MTN South Africa made significant contributions to the MTN Group’s soaring profits and revenues.
In 2021, the group reported profits of R16.99 billion ($1.04 billion) and revenues of R181.65 billion ($9.6 billion); by the end of 2022, these figures had surged to an impressive R24.26 billion ($1.28 billion) in profits and R207 billion ($10.93 billion) in revenues, respectively.
Additionally, MTN Group’s total assets increased by 7.13 percent, rising from R365.8 billion ($19.31 billion) in 2021 to R391.88 billion ($20.69 billion) in 2022. Molapisi’s collaborative efforts in driving the institution’s growth and financial resilience have been integral to this achievement.
Beyond his executive and governance roles, Molapisi also holds a minority stake in MTN, owning 0.0029 percent of the leading telecom company. This translates to a total of 52,600 shares, currently valued at nearly R5.95 million ($320,000).
