SAA with first profit

For the financial year 2022/23, SAA reported consistent financial performance, achieving a net profit of R252 million (approximately US$15 million) and a remarkable 183% increase in total revenue, rising from R2.0 billion the previous year to R5.7 billion. Throughout this fiscal year, SAA operated a fleet of six to eight aircraft, servicing up to nine destinations. This period marked its first complete fiscal year of operations after emerging from business rescue and resuming flights in September 2021.

In 2020, SAA had to halt operations temporarily. However, a thorough restructuring initiative allowed the South African airline to reestablish itself, which involved reducing its fleet from 44 to six aircraft, optimizing its workforce, and refocusing on the African market. Since the end of the 2022/23 financial year in March 2023, SAA has broadened its network to encompass 16 routes. This expansion includes the reinstatement of long-haul flights to Perth, Australia, and Sao Paulo, Brazil, as well as increased service frequencies to significant African cities such as Harare, Lusaka, Lagos, Accra, Mauritius, Kinshasa, and Perth.

A new route to Lubumbashi in the Democratic Republic of Congo has also been added. Earlier this year, SAA’s acting CEO, John Lamola, shared ambitions to double the airline’s current route network and expand its fleet by at least 30% within the next 18 months. Currently, the airline operates a fleet of 16 aircraft, with plans for seven additional leased aircraft to be delivered during the 2025/26 financial year. Lamola also clarified the ownership structure of SAA, confirming that it will continue to be a fully state-owned entity following the government’s decision to end a strategic equity partnership in March. He remarked, “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 forward, SAA aims to solidify its current network and fleet strategy while preparing for significant growth. This includes updating its fleet to enhance customer experience, expanding intercontinental routes, and advancing its environmental sustainability initiatives, as noted by Lamola.