Sats CEO Kerry Mok’s annual pay jumps 27.9% to $2.4 million
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Mr Kerry Mok's pay package was made up of about $920,000 in salary, $900,000 in bonuses, $540,000 in vested shares and $74,000 in benefits.
PHOTO: SATS
Tay Peck Gek
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SINGAPORE – Inflight caterer and ground handler Sats rewarded its chief executive Kerry Mok with a $2.4 million pay package for financial year 2024, a year when the group posted its first annual profit after being hit by the Covid-19 pandemic and its acquired cargo handler started contributing to its financials.
The remuneration – made up of about $920,000 in salary, $900,000 in bonuses, $540,000 in vested shares, and $74,000 in benefits – was a 27.9 per cent jump over financial year 2023’s $1.9 million.
Specifically, Mr Mok’s salary was 4.9 per cent higher, but his bonuses shrank 5.5 per cent. There were no vested shares for financial year 2023 for the 53-year-old.
The second highest-paid executive in financial year 2024 was the CEO for Americas at Worldwide Flight Services (WFS), Mr Michael Simpson, who Sats brought into the fold in April 2023 at an enterprise value of €2.3 billion (S$3.4 billion). He drew a remuneration of $2 million to $2.25 million.
The previous second highest-paid executive was Sats’ chief financial officer Manfred Seah, who had a remuneration of $1.25 million to $1.5 million in financial year 2024, compared with $1 million to $1.25 million for financial year 2023.
The acquisition of WFS has made Sats more diversified geographically. Singapore accounted for 34 per cent of the revenue in financial year 2024, down from 85 per cent in financial year 2022, and the Americas now contribute to 36 per cent of its turnover.
Sats recorded the highest-ever revenue of $5.1 billion (up from $1.8 billion) and earnings of $56.4 million for financial year 2024 to March, against a net loss of $26.5 million in the year-ago period.
The group is now aiming to bring in more than $8 billion in revenue by financial year 2028, and also attain a return on equity of 15 per cent, and achieve a market capitalisation of $10 billion after financial year 2028.
To hit these marks, Sats will focus on repaying its loans, reinvesting into capital expenditure and resuming dividends to its shareholders.
A final dividend of 1.5 cents per share was proposed for the full year, compared with no dividend for the prior three years. When approved by shareholders at the July 19 annual general meeting, the dividend will be paid out on Aug 8.
Sats shares closed two cents, or 0.68 per cent, higher at $2.96 on July 4. THE BUSINESS TIMES
