Eskom Holdings SOC Ltd., Africa’s biggest power company, boosted pay for its chief executive officer and finance director as profit at the company rose.
Chief Executive Officer Brian Dames’ pay rose 9.6 percent to 8.284 million rand ($988,000) in the year through March, from 7.558 million rand a year earlier, state-owned Eskom said in its annual report, published yesterday. Paul O’Flaherty, the finance director, received a pay increase of 10 percent, taking his pay to 5.5 million rand. South Africa’s annual inflation rate is currently 6.1 percent.
Net income at Johannesburg-based Eskom jumped 57 percent to 13.2 billion rand as a 16 percent increase in the price of electricity and higher sales volumes boosted revenue, the company said. Sales increased to 114.8 billion rand, from 91.4 billion rand a year earlier, while the company sold 224,785 gigawatts of electricity, a 0.2 percent increase.
To contact the reporter on this story: Sikonathi Mantshantsha in Johannesburg at email@example.com