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South African executive Tsholofelo Molefe, the group CFO of MTN Group, Africa’s largest telecom services provider, received a total compensation package amounting to R19.82 million ($1.1 million) for her role at the helm of the leading telecom services provider in 2022.
Molefe’s annual remuneration dropped by 17.23 percent to $1.1 million in 2022, compared to the $1.3 million she received in 2021, even as MTN Group reported robust profits and revenues at the end of its 2022 fiscal year.
Her 2022 compensation package comprises a base salary of R8.15 million ($434,015) and a performance-based short-term incentive of R10.17 million ($541,600) derived from the leading telecom’s exceptional performance during the fiscal year.
Molefe, a distinguished South African executive, assumed the roles of CFO and executive director of MTN Group in April 2021, following her tenure at Telkom, where she served as deputy chief financial officer and group risk and compliance officer.
Under Molefe’s astute leadership as group CFO, MTN Group has experienced a remarkable surge in profitability and revenue.
In a short span, the group’s profits and revenues catapulted from R16.99 billion ($1.04 billion) and R181.65 billion ($9.6 billion) in 2021 to an impressive R24.26 billion ($1.28 billion) and R207 billion ($10.93 billion) in 2022, respectively.
MTN Group has witnessed remarkable growth under Molefe’s leadership as Group CFO. In recent times, the group’s profits and revenues surged from R16.99 billion ($1.04 billion) and R181.65 billion ($9.6 billion) in 2021 to R24.26 billion ($1.28 billion) and R207 billion ($10.93 billion) in 2022, respectively.
The group’s total assets also underwent a 7.13-percent increase, growing from R365.8 billion ($19.31 billion) in 2021 to R391.88 billion ($20.69 billion) in 2022, showcasing her influential role in driving the institution’s growth and financial resilience.
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