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Marcel Golding was paid 5.25 million rand, about $322,000, by African and Overseas Enterprises in the year to June 30, half as much again as the 3.5 million rand, or $215,000, the company earned for its shareholders.
His package rose 371% from 1.115 million rand, about $68,000, the year before. Nine-tenths of it, 4.725 million rand or $290,000, came as share-based payments on top of a basic salary of 524,000 rand, about $32,000.
Profit attributable to shareholders fell 72% over the same period, from 12.6 million rand, or $773,000. Headline earnings a share dropped to 35.57 cents from 110.01 cents, and basic earnings a share to 29.34 cents from 106.44 cents.
Revenue went the other way, rising 9.3% to 954.5 million rand, about $58.6 million, across the group's retail, technology, media and investment businesses.
Golding was not the only one paid more. Finance director WD Nel received 2.025 million rand, about $124,000, against 313,000 rand or $19,000 a year earlier, all of it in shares, taking the two executive directors to 7.274 million rand between them, about $446,000, from 1.428 million or $88,000.
Senior managers outside the board did similarly well. KA White was paid 4.299 million rand, about $264,000, and CL Lloyd 2.025 million or $124,000, with key management taking 6.324 million rand in total, about $388,000. Non-executive directors shared 1.164 million rand, or $71,000, with chairman MR Molosiwa on 221,000 rand, about $14,000, and PM Naylor on 463,000 rand, about $28,000.
Directors and key management were paid 14.762 million rand between them, about $906,000, up from 5.911 million rand or $363,000. That is more than four times what the company made for its shareholders.
Ordinary shareholders got nothing. The board declared no dividend, saying it would keep the capital for growth, while preference shareholders received 33,000 rand, about $2,000.
What consumed the profit was buying things. AOE took a controlling interest in Byte Orbit, a software developer, which then bought another company called Next Orbit. It raised its stake in Ombrecorp Trading from 52% to 70%, moving deeper into water infrastructure, and took full ownership of Belper Investments, its property vehicle, from 84.75%.
The balance sheet came out stronger. Cash rose to 104.9 million rand, about $6.4 million, from 66.2 million or $4.1 million, and total assets to 1.35 billion rand, about $82.8 million, from 1.23 billion or $75.5 million.
One risk remains open. AOE disclosed that legal proceedings relating to its investment in SA Water Works are unresolved, and said the group is financially stable and able to absorb whatever comes of them.
The company holds an unusual mix of businesses. Its retail arm is the Queenspark fashion chain, its property sits in Belper, and Telemedia handles content distribution and broadcasting support for television clients, alongside the new technology and water holdings.
Golding came to business through the labour movement. He was a trade unionist before helping build Hosken Consolidated Investments, the union-backed group that owns casinos and hotels, and he ran e.tv and the news channel eNCA before leaving after a boardroom dispute.
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