Shoprite CEO Pieter Engelbrecht sold R20 million in the company’s shares in the week before Christmas.
According to a statement released by the group on Wednesday, the sale is part of the “annual rebalancing of his investment portfolio”.Engelbrecht’s total pay package was R48.42 million for 2022 including his salary, bonuses and share incentives. This was just over a fifth more than the R39.997 million he received in 2021.
Shoprite’s share price rose almost 13% this year, close to the record highs last seen in 2018. The retailer is trading at a price-earnings ratio (an indicator of how expensive its shares are) of above 20 times, somewhat pricier than its peers. The share prices of Pick n Pay (+13%) and Woolworths (+29%) also saw gains this year.
In its most recent operational update, for the three months to end-September, the group reported sales growth of almost 19%. This was thanks to an 8.2% increase in the prices in its stores.
In South Africa, it reported that it continued to win market share from its competitors – extending the period of uninterrupted market share gains to 43 months.
SOURCE: News 24