SAA reports profitability for first time since 2012

For the 2022/23 financial year SAA reported steady financial results with a net profit of R252 million (US$15 million) and total revenue surging by 183% from R2.0 billion in the previous year to R5.7 billion.

During the 2022/23 financial year, SAA operated between six and eight aircraft, serving up to nine destinations. This period also marked its first full fiscal year of operations since exiting business rescue and resuming flights in September 2021.

In 2020 SAA was forced to temporarily cease operations. However, a comprehensive restructuring effort has enabled the South African carrier to rebuild its foundation. This included scaling down its fleet from 44 to six aircraft, optimising its workforce and refocusing its operations on the African market.

Since the close of the 2022/23 period in March 2023, SAA has expanded its network to 16 routes. This includes the return of long-haul flights to Perth in Australia and Sao Paulo in Brazil. Additionally, the airline has increased frequencies to key African destinations including Harare, Lusaka, Lagos, Accra, Mauritius, Kinshasa and Perth, and has introduced a new route to Lubumbashi in the Democratic Republic of Congo.

Earlier this year, SAA’s acting CEO, John Lamola, outlined plans to double the airline’s current route network and expand its fleet by at least 30% in under 18 months. The airline currently operates a fleet of 16 aircraft with seven more leased aircraft due for delivery during the financial year 2025/ 26.

Lamola also addressed SAA’s ownership structure, confirming that that carrier will remain a 100% state-owned entity following the government’s termination of a strategic equity partnership deal in March.

Lamola said:“They are “emblematic of the hard and careful work that went into the relaunching of SAA as a reliable airline and globally admired brand. This has put SAA on a path to financial sustainability without reliance on the fiscus.”

Looking ahead, SAA sims to consolidate its current network and fleet strategy while preparing for “quantum growth”. This includes renewing its fleet to enhance the customer experience, expanding intercontinental routes and advancing its environmental sustainability goals, according to Lamola.