admin
South African Airways (SAA) has recorded a net profit of R252 million for the 2022/23 financial year, marking its first positive bottom line since 2012.
Group revenue soared 183 percent, from R2 billion to R5.7 billion, while Ebitda swung from a negative R1 billion in the previous year to R277 million.
This is the first fiscal year of commercial operations since SAA exited business rescue and resumed flights in September 2021.
The airline achieved positive equity of R4,7 billion and completed its final repayment of legacy debt, leaving it debt-free. Interim CEO Professor John Lamola said the results reflect the airline’s progress toward financial sustainability.
“These pleasing results of the 2022/23 financial year 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,” Lamola stated.
Despite operating with just six to eight aircraft across nine destinations at the start of the financial year, SAA has made strides in its growth strategy.
The airline has since doubled its fleet, launched intercontinental routes to São Paulo and Perth, and increased its network to 16 destinations.
New frequencies have been added to cities including Harare, Lusaka, Lagos, Accra, and Mauritius.
“We have now entered a period of consolidation of the current route network and fleet strategy and are looking to the next phase of quantum growth as SAA renews its fleet to elevate its customer offering, open more intercontinental routes, and pursue its environmental sustainability goals,” Lamola added. – Moneyweb
Online Reporter