South African Airways has recorded steady financial gains for the Financial Year (FY) 2022-23. The profit gained is approximately $13.9 million, it is a great achievement that they have conquered after 2012.
Reportedly, the Interim Board of South African Airways SOC Limited (SAA) has presented the results of the business’ performance for the financial year 2022-23 at the Annual General Meeting (AGM). The meeting was held at the Airways Park at the OR Tambo International Airport Precinct and was attended by the shareholder representative Transport Minister – Barbara Creecy.
The SA Airline, together with its subsidiaries, shared a net profit of R252 million. The total revenue recorded has increased by 183% from R2.0 billion to R5.7 billion.
As per the sources, the financial year 2022-23 is the first fiscal period of commercial operations since South African Airways (SAA) exited business rescue and restarted operations in September 2021.
However, the SAA airline operations turned a prior year’s negative EBIDTA of R1.0 billion into a positive R277 million.
Notably, the positive 2022-23 performance has particularly given the challenge to global aviation environment at the time and the then uncertainty around the future of SAA with a strategic equity partner.
The International Air Transport Association (IATA) Annual Report 2023 noted that tough economic times for air transport worldwide, with the pressures of post-Covid recovery, persistently high interest rates.
The war in Ukraine and the highest oil (and therefore jet fuel) prices impacting airlines’ sustainability. SAA operated between 6 to 8 aircraft during the financial year and served only up to 9 destinations.
A prudent fleet expansion plan has seen the number of operated aircraft double, and seven more aircraft were rented for delivery during the financial year 2025-26. The first inter-continental route to Sao Paulo, Brazil was only launched in October 2023.
The period ended in March 2023, the airline has increased its routes to 16, that includes the achievement of the launch of Perth, Australia. Earlier this year, SAA announced additional frequencies to Harare, Lusaka, Lagos, Accra, Mauritius Kinshasa and Perth. The national flag carrier also introduced a new route, to a second destination in the Democratic republic of Congo, Lubumbashi.
SAA has been a conscientious creator of jobs. Considering the subsidiaries, Air Chefs catering and SAA Technical aircraft maintenance facilities, the size of the staff has steadily grown from 800 to the current total number around 2000, which includes 140 pilots.
SAA Interim CEO – Professor John Lamola said that 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.
He mentioned that this has put SAA on a path to financial sustainability without reliance on the fiscus.
“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. It opens more intercontinental routes and pursues its environmental sustainability goals,” said Lamola.