South African Airways (SAA) has achieved a remarkable milestone, reporting its first profitable financial year since 2012.
At the Annual General Meeting (AGM) held at Airways Park in the OR Tambo International Airport Precinct, the airline revealed a net profit of R252 million (AUD 20.7 million) for the 2022/23 financial year, covering the period from April 2022 to March 2023.
The airline’s revenue surged by 183 per cent, rising from R2.0 billion (AUD 164.3 million) in the previous year to R5.7 billion (AUD 468.4 million). This marks the first full fiscal year of commercial operations since SAA exited business rescue and resumed operations in September 2021.
Positive equity of R4.7 billion (AUD 386.1 million) and an EBITDA of R277 million (AUD 22.7 million) further underline SAA’s financial resurgence, achieved without reliance on government bailouts.
Growth and Expansion in a Challenging Landscape
Despite operating only six to eight aircraft across nine destinations during the reporting period, SAA’s lean strategy enabled its turnaround amid global aviation challenges such as high fuel prices, geopolitical tensions, and post-COVID recovery pressures.
Since March 2023, SAA has doubled its fleet and expanded its network to include 16 destinations, including Perth, Australia. New routes to Lubumbashi in the Democratic Republic of Congo and additional frequencies to key cities like Harare, Lusaka, Lagos, Accra, and Mauritius are part of the airline’s growth strategy. SAA also launched its first intercontinental route to São Paulo, Brazil, in October 2023 and plans further fleet expansions through 2025/26.
Interim CEO Professor John Lamola described these achievements as laying the groundwork for sustainable growth. “SAA is on a trajectory to elevate its customer offering, open more intercontinental routes, and pursue environmental sustainability goals,” he said.
