SAA Releases Financial Results, Records R354 Million Loss

The Annual General Meeting held on 17 July 2025 received the audited financial results of South African Airways SOC Limited (SAA) for the financial year ended 31 March 2024 (FY2023/24).

This marks the second full year of operations since SAA exited business rescue in April 2021. The company generated revenue of R7.0 billion, which is a 23% year-on-year increase. However, the Group reported a net loss of R354 million, compared to a R210 million profit in the prior year.

Besides the R415 million foreign-currency translation loss due to the rand’s volatility, these results reflect the impact of exogenousfactors on the airline. This includes the effects of the Ukraine conflict, which pushed SAA jet fuel costs from R1.3 billion to R1.9 billion  over the year; a global shortage of aircraft, which drove leasing costs up by over 30% in 2023; and delays in the delivery of budgeted aircraft, all of which negatively impacted revenue and EBITDA. The latter declined from a positive R436 million in the prior year to a negative R90 million.

South African Airways' cash and cash equivalents position remained strong at R1.4 billion at the end of FY2023/24. The airline has zero borrowings and R6.4 billion in equity.

Despite global aircraft availability constraints, during 2023-24, SAA operated on average, with a fleet of ten aircraft serving 15 destinations. The number of flights flown increased by 42 percent, with a significant increase in flights into Africa and routes from Johannesburg and Cape Town to Sao Paulo starting in the second half of the financial year.

Prof. John Lamola, Group CEO, said: “These results detail a past phase of intense uncertainty in the resuscitation of SAA, a period when the assumption of the company's control by the strategic equity partner was awaited. Since then, we have entered a period of structured and strategic reconstruction of the business, focusing on institutionalising robust governance and management systems, whilst implementing plans on aircraft fleet modernisation and route network expansion aimed at the elevation of customer experience”.

The FY2023/24 financial statements mark the last of the outstanding audits from the Business Rescue period, with all prior-year adjustments now resolved. As a case in point, in particular, SAA recognised a R431 million gain in the current year by derecognising business rescue creditor obligations and recording this amount as sundry income.

However, the auditors concluded that this amount should have been recognised as a prior-period adjustment to retained earnings, rather than in sundry income in the current year. As a result, the Group’s net result has been restated from a profit of R71 million to the reported loss of R354 million.

To reinforce confidence in its financial reporting, SAA’s Board has launched an Audit Health Plan that standardises key controls, expands internal audit capacity and strengthens collaboration with external auditors. After six consecutive audits in three years, SAA is firmly back on track to meet all statutory reporting deadlines, and to devote its efforts towards improved audit outcomes.

Lamola reflected that: “The FY2023/24 results reflect significant progress in SAA’s financial health. We have strengthened the channels of our revenue streams and cost containment measures; we have a debt-free, asset-rich balance sheet that is supporting the steady growth of the airline and the recovery of SAA as a global aviation brand”.

“This evident recovery of SAA could not have been achieved without the support of our Shareholder Representative, Minister Barbara Creecy and the Department of Transport, the principled leadership and guidance of the Chairperson Mr Derek Hanekom, and the steadfast commitment of the SAA Interim Board”, he added.