CEO Remuneration 2021 Report: Trading Board Bottom Half

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Monday, August 09, 2021 / 05:00 AM / By Proshare Research / Header Image Credit:  EcoGraphics



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Julius Berger Nigeria/Richter

 

Revenue-to-CEO Pay

The growth movement of revenue and CEO pay of the construction company has not been similar in the past two years. Between 2016 and 2018, revenue and CEO pay had Y-o-Y percentage growth, although not at the same degrees. In 2019 and 2020, there was a different growth trend for both revenue and CEO's basic pay.

 

In 2020, the CEO's pay grew outstandingly, it rose Y-o-Y by +45.87% to N316.64m while revenue dipped slightly by -9.25% to N241.78bn.

 

Also, Richter generated N763.57 in revenue for every N1 he was paid in remuneration in 2020, which declined by -37.79% from N1,227.39 in 2019 (see chart 52 below).

 

Chart 52: Julius Berger Nigeria Revenue-to-CEO Pay 2016 - 2020

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Source: Julius Berger Nigeria's Financial Statement, Proshare Research

 

 

PBT-to-CEO Pay

Between 2016 and 2020, PBT and CEO pay had a negative relationship with 2018 being an exception. In 2018, the PBT of the company inched up significantly, it grew Y-o-Y by +172.54% while CEO pay had a lower percentage growth of +14.98%. In the same year, PBT-to-CEO pay had its highest percentage growth of +259.17%.


The latest result of the Julius Berger Nigeria shows PBT-to-CEO pay fell Y-o-Y by -81.01% to N12.18 from N64.12 in 2019. This also means Richter generated N12.18 in PBT for every N1 he was paid in 2020 (see chart 53 below).

 

Chart 53: Julius Berger Nigeria PBT-to-CEO Pay 2016 - 2020

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Source: Julius Berger Nigeria's Financial Statement, Proshare Research

 

Staff Cost

The company's staff was up by +7.34% to N61.59bn in 2020 from N57.38bn in 2019. Staff cost had the highest percentage change in 2017 with +14.95% growth while 2019 had the highest percentage decline of -13.39%, which is also the only decline in staff cost between 2016 and 2020 (see chart 54 below).


Chart 54: Julius Berger Nigeria Staff Cost 2016 - 2020 (N'bn)

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Source: Julius Berger Nigeria's Financial Statement, Proshare Research

 

Staff Cost vs CEO Pay.

The construction company's staff cost and PBT have had a positive relationship in recent times and have both recorded simultaneous growth except in 2019 when the company saw declines in both.


In 2020, staff cost increased Y-o-Y by +7.32% to N61.59bn while CEO pay had more significant growth of +45.87% (see chart 55 below)


Chart 55: Julius Berger Nigeria Staff Cost vs CEO Pay 2016 - 2020 (N'm)

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Source: Julius Berger Nigeria's Financial Statement, Proshare Research

 

Staff Cost vs Revenue.

Staff cost and revenue had a negative relationship in 2019 and 2020, while both had a positive relationship between 2016 and 2018, although revenue growth outpaced the growth in staff cost in the period.


In 2020, revenue fell Y-o-Y by -9.25% to N241.78bn while staff cost inched up by +7.34% to N61.59bn (see chart 56 below).

 

Chart 56: Julius Berger Nigeria Staff Cost vs Revenue 2016 - 2020 (N'bn)

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Source: Julius Berger Nigeria's Financial Statement, Proshare Research

 

Staff Cost vs PBT.

Julius Berger's staff cost and PBT both moved in the same direction only in 2018 that is, both recorded positive growths in 2018.


Its PBT declined remarkably in 2020, it fell by -72.27% to N3.86bn from N13.92bn in 2019 while staff cost increased by +7.34% (see chart 57 below).

 

Chart 57: Julius Berger Nigeria Staff Cost vs PBT 2016 - 2020 (N'bn)

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Source: Julius Berger Nigeria's Financial Statement, Proshare Research

 

Guinness Nigeria/Magunda

 

Revenue-to-CEO Pay

The beverage maker's revenue has a downward trend which also reflects its revenue-to-CEO pay, although CEO pay has been unsteady during the period under review.


For revenue, the highest percentage change was recorded in 2017, revenue grew by +23.48% while its highest percentage decline was in 2020, which declined by -20.63%.


CEO pay records its highest percentage growth in 2018 which was up by +147.85% while the highest percentage decline was in 2019, which declined by -58.13%.


The rebound recorded in 2019 in terms of revenue-to-CEO pay was not sustained in 2020 as it declined Y-o-Y by -39.92% to N409.32 from N681.34 in 2019. That is, Magunda generated N409.82 in revenue for every N1 he was paid (see chart 58 below).


Chart 58: Guinness Nigeria Revenue-to-CEO Pay 2016 - 2020

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Source: Guinness Nigeria's Financial Statement, Proshare Research

 

PBT-to-CEO Pay

With PBT trending downwards, CEO pay was forecasted by TheAnalyst to either remain flat or declined in Proshare's CEO REMUNERATION 2020.


In 2020, the PBT of Guinness Nigeria continued its downward streak, it fell significantly by -340.35% from N7.10bn in 2019 to a loss of N17.07bn in 2020 while CEO pay was up Y-o-Y by +32.12%.


PBT-to-CEO pay was also negative, from N36.81 generated by Magunda in 2019 to a loss of N66.96 in 2020 (see chart 59 below).

 

Chart 59: Guinness Nigeria PBT-to-CEO Pay 2016 - 2020

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Source: Guinness Nigeria's Financial Statement, Proshare Research

 

Staff Cost

Guinness Nigeria's staff increased in 2020, was up Y-o-Y by +18.60% from N7.58bn in 2019 to N8.99bn in 2020. This was driven by a Y-o-Y +5.38% increase in the average number of employees of the Company during the year.

 

The Company had its highest percentage growth in staff cost in 2020 while 2019 records the highest percentage decline in staff cost during the period under review (see chart 60 below).

 

Chart 60: Guinness Nigeria Staff Cost 2016 - 2020 (N'bn)

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Source: Guinness Nigeria's Financial Statement, Proshare Research

 

Staff Cost vs CEO Pay.

Staff cost and CEO pay moved in the same direction in 2020, staff cost increased by +18.56% while the highest-paid executive remuneration was up Y-o-Y by +32.12%.

 

The growth in CEO earnings over the past five years outpaced the growth in staff cost according to the financial statement of the company (see chart 61 below).

 

Chart 61: Guinness Nigeria Staff Cost vs CEO Pay 2016 - 2020 (N'm)

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Source: Guinness Nigeria's Financial Statement, Proshare Research

 

Staff Cost vs Revenue.

Revenue and staff costs have not moved in the same direction in recent times. Revenue of Guinness Nigeria had its highest percentage growth in 2017, while in 2020 staff cost had its highest percentage growth.


In 2020, revenue declined Y-o-Y by -20.62%, while staff cost increased by +18.60% (see chart 61 below).

 

Chart 62: Guinness Nigeria Staff Cost vs Revenue 2016 - 2020 (N'bn)

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Source: Guinness Nigeria's Financial Statement, Proshare Research

 

Staff Cost vs PBT.

Guinness Plc Staff Cost and PBT have moved in a similar direction in the past few years. While its staff cost declined consistently, its PBT fluctuated at different years. In 2020, while staff cost inched up PBT sharply declined. Its staff cost rose by +18.60% and was also followed by a corresponding decline in PBT by -340.42% (see chart 63 below).

 

Chart 63: Guinness Nigeria Staff Cost vs PBT 2016 - 2020 (N'bn)

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Source: Guinness Nigeria's Financial Statement, Proshare Research

 

Unilever Nigeria/Cruz

 

Revenue-to-CEO's Pay

The consumer goods manufacturer's revenue increased slightly despite the macroeconomic challenges caused by the pandemic while CEO pay declined in 2020 making it the second consecutive year the highest-paid executive's pay has dipped.

 

The CEO generated N252.90 in revenue for every N1 he was paid in remuneration, this increased Y-o-Y by +26.48% from N199.94 in 2019 (see chart 64 below).

 

Chart 64: Unilever Nigeria Revenue-to-CEO Pay 2016 - 2020

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Source: Unilever Nigeria's Financial Statement, Proshare Research

 

PBT-to-CEO's Pay

Unilever Nigeria's PBT fell for the second consecutive year in 2020, it dipped Y-o-Y by -52.91% to a loss of N4.74bn. PBT and CEO's pay moved in the same negative direction for the past two years, although the decline in PBT exceeded the fall in CEO pay.

 

The PBT-to-CEO pay was also a loss, from a loss of N33.29 in 2019 to N19.39 in 2020 (see chart 65 below).

 

Chart 65: Unilever Nigeria PBT-to-CEO Pay 2016 - 2020

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Source: Unilever Nigeria's Financial Statement, Proshare Research

 

Staff Cost

The company's staff cost declined by -15.74% in 2020, from N5.99bn in 2019 to N5.05bn. The latest audited result also shows the highest percentage decline in staff while 2018 figures of staff cost record the highest percentage growth during the period under review. The decline in staff cost in 2020 was supported by a Y-o-Y -23.07% fall in the number of direct employees of Unilever excluding executive directors (see chart 66 below).

 

Chart 66: Unilever Nigeria Staff Cost 2016 - 2020 (N'bn)

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Source: Unilever Nigeria's Financial Statement, Proshare Research

 

Staff Cost vs CEO Pay.

Staff cost and CEO pay moved in the same direction between 2016 and 2020. Between 2016 and 2018 both saw growth, with CEO pay growth surpassing the growth in staff cost. Also, between 2019 and 2020, both have seen percentage decline, however, the fall in CEO's pay has outpaced the dip in staff cost in the period.

 

In 2020, CEO pay dipped by -19.01% to N245m, and staff cost fell by -15.74% to N5.05bn (see chart 67 below).

 

Chart 67: Unilever Nigeria Staff Cost vs CEO Pay 2016 - 2020 (N'm)

Proshare Nigeria Pvt. Ltd.

Source: Unilever Nigeria's Financial Statement, Proshare Research

 

Staff Cost vs Revenue.

For most of the time between 2016 and 2020 employee salaries/wages and revenue move in the same direction except for 2020 where both moved in the opposite direction. In 2020 revenue inched up slightly while staff cost fell, having a negative relationship (see chart 68 below).

 

Chart 68: Unilever Nigeria Staff Cost vs Revenue 2016 - 2020 (N'bn)

Proshare Nigeria Pvt. Ltd.

Source: Unilever Nigeria's Financial Statement, Proshare Research

 

Staff Cost vs PBT.

A similar trend between staff cost and revenue was also seen between staff cost and PBT of Unilever Nigeria. Although in 2019 and 2020, both declined significantly, with PBT declining the most.


In 2020, staff cost dipped by -15.69% while PBT declined more significantly by -52.91% (see chart 69 below).

 

Chart 69: Unilever Nigeria Staff Cost vs PBT 2016 - 2020 (N'bn)

Proshare Nigeria Pvt. Ltd.

Source: Unilever Nigeria's Financial Statement, Proshare Research

 

Seplat Energy/Avuru/Brown

 

Seplat's Revenue/CEO's Pay

The company revenue- to-remuneration of the executive pay declined in 2020, it fell Y-o-Y by -18.95%. Avuru/Brown generated N394.47 in revenue for every N1 of his base salary in 2020.


It also shows the company's revenue covered the CEO's pay by 394.47 times in the period. The decline in this figure is attributed to harsh macroeconomic realities caused by the COVID-19 pandemic in 2020.

 

Revenue declined Y-o-Y by -10.85% to N190.92bn while the CEO's base salary rose by +10.00% in the period (see chart 70 below).

 

Chart 70: Seplat's Revenue/Base Salary of Highest-Paid Executive 2016 - 2020

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Source: Seplat Energy Financial Statement, Proshare Research

 

Seplat's PBT/CEO's Pay

PBT to highest-paid executive's pay also declined, although it declined more significantly, this was propelled by the N28.87bn loss recorded by the company in 2020. PBT-to-CEO's pay declined to a loss of N59.65 from N204.35 in 2019 (see chart 71 below).

 

Chart 71: Seplat's PBT/Base Salary of Highest-Paid Executive 2016 - 2020

Proshare Nigeria Pvt. Ltd.

Source: Seplat Energy Financial Statement, Proshare Research

 

Seplat's Revenue vs CEO's Pay

The oil and gas sector was severely impacted by the COVID-19 pandemic and global economic shortfalls which led to the crash of oil prices in 2020. As a player in the O&G sector, the revenue of the company was also impacted negatively. Revenue of the upstream player has been on a steady growth between 2016 and 2019. It declined Y-o-Y by -10.85%.

 

However, the CEO's base pay had a different trend, it declined in 2019 by -8.90%, and reversed in 2020, rising by +10.00%. The CEO's remuneration was set before the financial year according to general practice (see chart 72 below).

 

Chart 72: Seplat's Revenue vs Base Salary of Highest-Paid Executive 2016 - 2020

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Source: Seplat Energy Financial Statement, Proshare Research

 

Seplat Energy Staff Cost

The company's staff cost rose significantly in 2016, rising by +147.48% Y-o-Y, there was a reversal in 2017. Although there has been a steady rise between 2017 and 2020.


In 2020, staff cost rose Y-o-Y by +29.06% to N9.06bn, although not to 2016 levels (see chart 73 below).

 

Chart 73: Seplat's Staff Cost 2016 - 2020 (N'bn)

Proshare Nigeria Pvt. Ltd.

Source: Seplat Energy Financial Statement, Proshare Research

 

Seplat's Staff Cost vs PBT

All things being equal, the relationship between staff cost and PBT is negative, that is, a rise in staff cost would translate to a decline in PBT. However, in practical terms, a decline or rise in staff cost would not necessarily lead to a decline or rise in PBT.

 

In recent years, the relationship between Seplat Energy's staff cost and PBT has been positive, that is, we see a rise in staff cost followed by a rise in PBT. In 2016 and 2017, we see a significant decline in staff cost accompanied by a rise in PBT.

 

It was also different in 2020, a +29.06% Y-o-Y rise in staff cost, while PBT fell significantly by -132.11% Y-o-Y (see chart 74 below).

 

Chart 74: Seplat's Staff Cost vs PBT 2016 - 2020 (N'bn)

Proshare Nigeria Pvt. Ltd.

Source: Seplat Energy Financial Statement, Proshare Research

 

Seplat's Staff Cost vs Revenue

The revenue of the O&G company has had a steady growth in recent years, except in 2019 and 2020 where revenue declined by -6.23% and -10.85% respectively. During the same period, staff maintained its upward trajectory, increasing by +16.61% and +29.06% in 2019 and 2020, respectively. Therefore, the relationship between the company's revenue and staff cost was positive between 2016 and 2018, while in 2019 and 2020, it was a negative relationship (see chart 75 below).

 

Chart 75: Seplat's Staff Cost vs Revenue 2016 - 2020 (N'bn)

Proshare Nigeria Pvt. Ltd.

Source: Seplat Energy Financial Statement, Proshare Research

 

Seplat's Staff Cost vs CEO's Pay

The degree of change between staff cost and the CEO's basic pay has not been the same. Staff cost has been rising at an increasing rate for the past three (3) years while the CEO's basic has been rising at a declining rate in recent years. In 2019, the CEO's remuneration declined by -8.90% Y-o-Y. In 2020, staff cost rose Y-o-Y by +29.06% while the basic remuneration for the CEO rose +10.00% (see chart 76 below).

 

Chart 76: Seplat's Staff Cost vs CEO's Pay 2016 - 2020

Proshare Nigeria Pvt. Ltd.

Source: Seplat Energy Financial Statement, Proshare Research

 

Zenith Bank/Onyeagwu

 

Gross Earnings-to-CEO's Pay

The CEO generated N3,028.04 in gross earnings for every N1 he was paid in 2020, which is a +1.05% rise after declining for two years consecutively. In 2017, gross earnings-CEO pay grew at its highest at +46.69% while 2019 records its highest percentage decline of -40.58% during the period under review.

 

For the CEO's pay, data used for 2016 to 2018 was that of the Bank, the data for the Group's highest-paid executive was not available (see chart 77 below).

 

Chart 77: Zenith Bank's Gross Earnings-to-CEO Pay 2016 - 2020

Proshare Nigeria Pvt. Ltd.

Source: Zenith Bank Financial Statement, Proshare Research

 

PBT-to-CEO's Pay

Zenith Bank's PBT has a downward trend, that it is increasing at decreasing rate. In 2020, PBT grew slightly by +5.17% to N255.86bn from N243.29bn in 2019.

 

Onyeagwu generated N1,112.44 in PBT for every N1 paid to him as a base salary in 2020, this is a slight rebound from the -40.60% decline in PBT-to-CEO pay recorded in 2019 (see chart 78 below).

 

Chart 78: Zenith Bank's PBT-to-CEO Pay 2016 - 2020

Proshare Nigeria Pvt. Ltd.

Source: Zenith Bank Financial Statement, Proshare Research

 

Employees Salary

The group's personnel salaries/wages were up marginally by +2.63% to N67.56bn in 2020 from N65.83bn in 2019. This was propelled by a +1.88% rise in the average number of persons employed during the year. 2019 records the highest percentage growth in employee salaries while 2020 has its lowest percentage growth (see chart 79 below).

 

Chart 79: Zenith Bank's Employees Salary 2016 - 2020 (N'bn)

Proshare Nigeria Pvt. Ltd.

Source: Zenith Bank Financial Statement, Proshare Research

 

Employees Salary vs CEO Pay.

The credit lender's employee salary and CEO pay moved in the same direction, although CEO pay had a higher degree of change than personnel salary.

 

In 2020, personnel salary increased Y-o-Y by +2.62% to N67.56bn while the remuneration of the highest-paid executive rose Y-o-Y by +4.07% (see chart 80 below).

 

Chart 80: Zenith Bank's Employees Salary vs CEO Pay 2016 - 2020 (N'm)

Proshare Nigeria Pvt. Ltd.

Source: Zenith Bank Financial Statement, Proshare Research

 

Employees Salary vs Gross Earnings

Between 2016 to 2020, employee salary and gross earnings moved in the same direction except in 2018 where gross earnings dipped by -15.41% while employee salaries inched up by +8.54%.

 

In 2020, staff salary was up slightly by +2.62% while gross earnings had a more percentage growth of +5.16% to N696.45bn (see chart 81 below).

 

Chart 81: Zenith Bank's Employee Salary vs Gross Earnings 2016 - 2020 (N'bn)

Proshare Nigeria Pvt. Ltd.

Source: Zenith Bank Financial Statement, Proshare Research

 

Employees Salary vs PBT

Zenith bank's personnel salaries and PBT have both seen growth in recent years. Although the growth in PBT has been declining, employee salaries/wages have increased at an increasing rate with 2020 being an exception.

 

Employee salaries increased by +2.63% in 2020 against the +13.58% growth it recorded in 2019 (see chart 82 below).

 

Chart 82: Zenith Bank's Employees Salary vs PBT 2016 - 2020 (N'bn)

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Source: Zenith Bank Financial Statement, Proshare Research


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Downloadable Versions of 2021 Report (PDF)

1.          Executive Summary: CEO Remuneration 2021 Report - From COVID to Collaboration -  August 01, 2021

2.         Full Report: CEO Remuneration 2021 Report - From COVID to Collaboration -  August 01, 2021


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Previous Years's Reports and Related Links

1.      CEO Remuneration 2020 Report - Paying the CEO in a Pandemic; The Unanswered Questions - July 30, 2020

2.     CEO Remuneration 2019 Report: Making Sense of The Numbers for Listed Companies in Nigeria - July 30, 2019

3.     CEO Remuneration 2018 - PDF Report

4.     All Quoted Companies IR Pages - Proshare MARKETS



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  2. CEO Remuneration 2021 Report: The Many Sides of CEO Compensation
  3. CEO Remuneration 2021 Report: Gender Collaboration: Women and The Corporate Suite
  4. CEO Remuneration 2021 Report: Ranking CEOs Based on Total Remuneration
  5. CEO Remuneration 2021 Report: Top 10 CEOs - How the Top Half Get Compensated
  6. CEO Remuneration 2021 Report: Breaking into New Ideas and Fresh Realities
  7. CEO Remuneration 2021 Report: From COVID to Collaboration


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