South African billionaire Stephen Saad receives $1.6-million salary package from Aspen

South African billionaire Stephen Saad received a total salary package of R24.4 million ($1.61 million) from Aspen Pharmacare at the end of its 2021 accounting period ending on June 30.

The group CEO and founder of the South Africa-based drug manufacturer earned a total of R24.4 million ($1.61 million), including a performance bonus of R11.8 million ($777,400) and remuneration of R8.4 million ($555,433) from the pharmaceutical group.

Compared to the previous year’s pay of R23 million ($1.52 million), Saad’s salary package in 2020 increased by 6.3 percent, as his remuneration and performance bonus increased from R8 million ($526,214) and R11.1 million ($736,856) in 2020 to R8.4 million ($555,433) and R11.8 million ($777,400), respectively.

Aspen Pharmacare Holdings is a global specialty and branded pharmaceutical company and the largest drug company in Africa.

Saad holds a 12.5-percent stake amounting to a total of 57,159,809 ordinary shares. His equity stake makes him the largest individual shareholder in the pharmaceutical group.

Since Aspen was founded in 1997, it has grown into a leading company in South Africa, with a total assets value of R109.7 billion and a market capitalization of R113.04 billion ($7.47 billion).

Saad has been the company’s CEO since 1999.

At the end of its 2021 financial year, Aspen posted a profit of R4.8 billion ($317.1 million), up from the R3.4 billion ($224.6 million) recorded in 2020, while its revenue during the comparable period expanded from R33.7 billion ($2.2 billion) to R37.8 billion ($2.5 billion).

Saad derives a total wealth of R14.13 billion ($934 million) from his 12.5-percent stake in Aspen Pharmacare. His net worth in 2018 was valued at $1.2 billion, according to Forbes.