Inflight caterer and ground handler Sats awarded its CEO, Kerry Mok, a $2.4 million pay package for the financial year 2024. This comes as the group reported its first annual profit since being impacted by the COVID-19 pandemic, with contributions from its acquired cargo handler. The remuneration package includes approximately $920,000 in salary, $900,000 in bonuses, $540,000 invested shares, and $74,000 in benefits, marking a 27.9% increase from the previous year’s $1.9 million.
Mr. Mok’s salary saw a 4.9% increase, although his bonuses decreased by 5.5%. Notably, he did not receive any vested shares for the financial year 2023. The second highest-paid executive for FY 2024 was Michael Simpson, CEO for Americas at Worldwide Flight Services (WFS), who joined Sats in April 2023. His remuneration ranged from $2 million to $2.25 million. Previously, the second highest-paid executive was Sats’ CFO Manfred Seah, whose pay increased to between $1.25 million and $1.5 million from the previous year’s $1 million to $1.25 million.
The acquisition of WFS has significantly diversified Sats geographically, with Singapore’s revenue contribution dropping to 34% in FY 2024 from 85% in FY 2022. The Americas now account for 36% of the company’s turnover. Sats recorded its highest-ever revenue of $5.1 billion (up from $1.8 billion) and earnings of $56.4 million for FY 2024, compared to a net loss of $26.5 million the previous year.
Looking ahead, Sats aims to surpass $8 billion in revenue by FY 2028, achieve a return on equity of 15%, and attain a market capitalization of $10 billion post-FY 2028. The company plans to focus on repaying loans, reinvesting in capital expenditures, and resuming dividends to shareholders. A final dividend of 1.5 cents per share has been proposed for the full year, marking the first dividend in three years. Pending approval at the annual general meeting on July 19, the dividend will be paid out on August 8.
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