According to Shoprite’s latest financial filings for the year ending June 2025, Engelbrecht’s total remuneration rose by nearly $210,000, driven primarily by the vesting of shares under the group’s Employee Share Plan (ESP), which added about $1.6 million to his total compensation.
His annual base salary climbed by 6% to $1.1 million, slightly above South Africa’s inflation rate of 3% in June 2025. Engelbrecht also earned $954,000 in short-term incentives, while an additional $823,000 in deferred shares will be paid out in 2027.
Despite the impressive payday, the CEO’s performance incentive came in just below target at 96.9%, compared to 97% the previous year.
“Our strategy to continue the conversion of existing stores to our winning FreshX format, whilst opening stores in areas where we are underrepresented, remains one of our top priorities,” Engelbrecht said in September.
Strong earnings drive CEO’s multimillion-dollar payday
The record pay follows a year of strong financial performance for Shoprite, which reported $13.8 billion in sales, a year-on-year increase of nearly $1.1 billion. The retailer’s net profit surged by 21.9% to $407 million, while earnings per share climbed 22%.
Shoprite’s core supermarket chains, including Shoprite and Usave, boosted turnover by 5.9%, or about $347 million, while its premium brand Checkers surged 13.8%, adding another $620 million to group revenues.
The group’s expansion strategy continues to pay off. Over the year, Shoprite opened 225 new stores in South Africa, bringing its total to 2,577 outlets, and rolled out 68 new Checkers stores, including 36 LiquorShops. Across Africa, Shoprite’s total store count reached 3,908 by the end of June 2025.
Shoprite doubles down on South Africa after African exits
These exits mark a decisive shift toward consolidating operations within South Africa, its most profitable market.
Shoprite has pledged to open another 223 stores in the coming year, a move analysts say underscores the retailer’s pivot to deepen its domestic dominance amid tough macroeconomic conditions across much of Africa.
