His compensation declined two per cent from Sh16.3 million the previous year after earning smaller allowances and fees in the review period.
Eveready says it pays its executives based on market rates and their performance.
The dry cells company recently lost its legal fight to block its former partner from appointing another distributor in the local market.
The battery distributor reported a net profit of Sh267.1 million in the year ended September, reversing a net loss of Sh206.5 million the year before.
Battery distributor Eveready East Africa #ticker:EVRD paid its chief executive Jackson Mutua Sh16 million in the year ended September, the Nairobi Securities Exchange-listed firm has disclosed in its latest annual report.
His compensation declined two per cent from Sh16.3 million the previous year after earning smaller allowances and fees in the review period.
Eveready says it pays its executives based on market rates and their performance.
“The company’s policy is to remunerate directors and executives fairly and responsibly. The remuneration policy is aligned with the company’s strategy and linked to annual performance,” the firm says in the report.
Eveready has changed its business model after closing its factory and severing ties with Energizer Holdings whose brands it had supplied in the local market for decades. Energizer still retains its 10.26 per cent stake in Eveready which currently imports various household and automotive products including the Turbo brand of dry cell batteries.
The dry cells company recently lost its legal fight to block its former partner from appointing another distributor in the local market.
The battery distributor reported a net profit of Sh267.1 million in the year ended September, reversing a net loss of Sh206.5 million the year before.
The profit was boosted by a gain of Sh452.4 million from the sale of its land in Nakuru which housed the closed factory. Eveready sold the property for Sh1.3 billion and used part of the proceeds to settle most of its debt. The company’s borrowings declined to Sh4.5 million from Sh443.2 million.
“The proceeds were used to clear the Company’s debts and provide working capital to support the business,” Eveready said.
