SA Shoprite boss pockets R87 million after record-breaking year

Shoprite chief executive Pieter Engelbrecht earned R87 million, R4 million more than last year, after the company’s profit jumped with nearly 22%.

Shoprite sales reached R257 billion and profit hit R7.6 billion as Engelbrecht’s pay increased through shares and bonuses.

His basic salary went up by 6% to R21 million, even though inflation was only 3% in June.

Most of his extra pay came from shares he received through Shoprite’s Employee Share Plan, worth R30 million. He also earned a bonus of R18.1 million, with most of it held in shares until 2027.

The higher pay followed a strong year for Shoprite. The retailer’s total sales grew to R257 billion, up by R20.6 billion from last year. Profit rose by almost 22% to R7.6 billion, and the dividend to shareholders increased by nearly 8%.

Shoprite and Usave stores grew sales by 5.9%, while Checkers jumped 13.8%, boosted by its FreshX format, which focuses on fresh and high-quality food, BusinessTech reported.

Engelbrecht said the results show that customers trust the group’s value and quality.

During the year, Shoprite opened 225 new stores in South Africa, bringing the total to 2 577. Across all countries, it now runs 3 908 stores, including new Checkers and LiquorShop branches.

Shoprite also sold its furniture business and exited Ghana and Malawi to focus more on South Africa, where it plans to open another 223 stores next year. – Scrolla

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