Cape Town – South African businessman Marcel Golding’s remuneration at African and Overseas Enterprises (AOE) jumped more than fivefold to R5.25 million in the year ended June 2026, even as the company’s profit attributable to shareholders plunged 72%.
According to Billionaires.Africa, Golding received R5.249 million for the year, up from R1.115 million in 2025. About R4.725 million of his package came from share-based payments, while his basic salary was R524,000.
The increase in executive pay came as AOE’s profit attributable to shareholders fell from R12.6 million to R3.5 million. Headline earnings per share dropped from 110.01 cents to 35.57 cents, while basic earnings per share fell from 106.44 cents to 29.34 cents.
However, the JSE-listed investment group’s revenue increased 9.3% to R954.5 million from R873.6 million, according to its audited results released through the JSE’s SENS platform.
Sunday World reported that the weaker earnings came as AOE pursued an expansion strategy involving technology, infrastructure and property investments. The group acquired a controlling interest in software developer Byte Orbit, which subsequently acquired Next Orbit, while its stake in water infrastructure company Ombrecorp Trading increased from 52% to 70%.
AOE also increased its interest in Belper Investments to 100%.
Legal proceedings
Despite the fall in profits, the company’s balance sheet strengthened. Cash and cash equivalents increased from R66.2 million to R104.9 million, while total assets rose from R1.23 billion to R1.35 billion.
Golding was not the only executive to receive a larger package. Finance director WD Nel’s remuneration rose to R2.025 million from R313,000, taking the combined pay of the two executive directors to R7.274 million, compared with R1.428 million previously. Total remuneration for directors and key management increased to R14.762 million from R5.911 million.
The board did not declare an ordinary dividend, opting to retain capital for growth and investment. Preference shareholders received R33,000.
AOE said legal proceedings involving its investment in SA Water Works remain unresolved, but the company reported that it was financially stable and able to absorb the associated risks.
Golding, a former trade unionist, previously served as chairman of Hosken Consolidated Investments and as CEO of e.tv and eNCA. He remains CEO of AOE, whose portfolio includes the Queenspark retail chain, property, media services, technology and water infrastructure.
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Compiled by Betha Madhomu
