SAA Reports R354 Million Loss After 10-Month Delay in Financial Results

South African Airways (SAA) has released its long-overdue financial results for the 2023/24 fiscal year, nearly 10 months after the official deadline. The results, revealed at the airline’s Annual General Meeting on 17 July 2025, show a net loss of R354 million—marking a major shift from the R210 million profit posted in the previous year. The delay was previously attributed to finalising prior-year audits following the airline’s exit from business rescue in April 2021.

The financial report reveals both progress and significant challenges for the national carrier. Despite generating R7 billion in revenue—a 23% year-on-year increase—the airline’s bottom line was impacted by a range of external pressures.

A volatile rand resulted in a foreign-currency translation loss of R415 million. Additionally, the ongoing war in Ukraine caused jet fuel costs to spike from R1.3 billion to R1.9 billion. A global aircraft shortage worsened the situation, pushing leasing costs up by more than 30% and causing delays in receiving new aircraft.

These pressures hit SAA’s operational efficiency hard. EBITDA fell from R436 million to a negative R90 million. Furthermore, restatements related to legacy business rescue accounting saw a previously reported small profit of R60 million turned into a revised loss of R371 million.

On the operational front, flight activity rose by 42%, driven by expanded routes in Africa and new long-haul services between South Africa and São Paulo. SAA also reported healthy liquidity, with R1.4 billion in cash reserves, zero borrowings, and R6.4 billion in equity.

Chief Executive John Lamola described the period as one of “intense uncertainty” during the transition toward control by a strategic equity partner. He said the airline is now entering a phase of “structured and strategic reconstruction,” focused on governance, route expansion, and customer service improvements.

To address past financial mismanagement, the board has launched an Audit Health Plan aimed at enhancing reporting accuracy and compliance with audit standards.

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While the latest figures confirm that SAA is still battling external and internal hurdles, the financials also point to stabilisation and long-term growth potential. With a debt-free balance sheet, strong liquidity, and renewed operational momentum, the airline appears committed to reclaiming its place on the global aviation stage. However, only consistent execution and transparency will prove whether this turnaround is sustainable