Spur's CEO, Val Nichas, earned R26.1 million in the past financial year, up from R20.6 million the year before. That's according to the restaurant group's latest integrated annual report, which shows that more than half her earnings came from share awards. These were paid out as Spur completed the five-year growth strategy she was appointed to lead back in 2021.
Where the R26.1 million came from
The biggest part of her pay, R13.4 million, came from share appreciation rights vesting, up from R8.8 million the year before. Her guaranteed pay was R6.6 million, up from R6.3 million, and her short-term bonus for the year was R5.4 million, up from R5 million. The rest, about R640,000, came from a smaller long-term share award and a petrol allowance. So the jump in her total pay came mostly from those awards paying out at the end of the strategy cycle, not from a big rise in her salary.
What the five years delivered
Over those five years, the group, which owns Spur and Rocomamas, expanded its restaurant network from 624 to 751, and its loyalty club membership more than doubled, from 1.2 million to 2.6 million. Its share price reached a record R45.49 on 29 May, the highest level since Spur listed on the JSE in 1986. Business Day also reports that Spur's broad-based BEE rating improved from level 8 in 2022 to level 4 in its 2025/26 assessment.
Its report also puts franchisee satisfaction at 71%, a figure it didn't measure the year before. With the five-year strategy complete, a new strategy cycle starts from the new financial year. It sets a high bar: the last cycle ended with a record share price and a R26.1 million payday for its CEO. Shareholders will be watching whether the next one pays off as well.
