South African Airways (SAA) reported positive financial performance for the 2022/23 fiscal year, marking the first time since 2012 that the airline has recorded profits. As presented during the Annual General Meeting (AGM), held at Airways Park, the airline achieved a net profit of 252 million South African rands (~USD 14 million) and registered a revenue increase of 183%, reaching R5.7 billion, compared to R2 billion in the previous fiscal year.
The 2022/23 fiscal period represents the first full year of commercial operations since SAA exited the business rescue process and resumed activities in September 2021. According to the company, this achievement is notable within a global context marked by post-Covid recovery, high fuel prices, and macroeconomic challenges such as elevated interest rates and the war in Ukraine.
SAA turned a negative EBITDA of R1.0 billion in the prior year into a positive EBITDA of R277 million in 2022/23. The company also highlighted improvements in its financial balance sheet, reporting a positive net equity of R4.7 billion, a significant change after years of negative equity. Additionally, the final payment of legacy debts was made during the year, leaving the airline without interest-bearing debt obligations.
Operations and route expansion03
SAA operated between 6 and 8 aircraft during the period, serving up to 9 destinations. Since then, the company has doubled its fleet and expanded its routes to 16, including new destinations such as Perth, Australia, and a second point in the Democratic Republic of Congo, Lubumbashi. According to the airline, frequencies were also increased to Harare, Lusaka, Lagos, Accra, Mauritius, Kinshasa, and Perth.
In October 2023, SAA launched its first intercontinental route since restructuring, connecting Johannesburg with São Paulo, Brazil. For the 2025/26 fiscal year, the arrival of seven additional aircraft is expected as part of its fleet expansion plan.
According to SAA, the number of employees has grown from 800 to 2,000 in recent years, including 140 pilots. The airline also emphasized that its subsidiaries, Air Chefs and SAA Technical, have significantly contributed to employment in the sector.
Interim SAA CEO John Lamola stated that “these landmark results for the 2022/23 fiscal year reflect the hard and careful work invested in the relaunch of SAA as a reliable airline and a globally admired brand. This has positioned SAA on the path to financial sustainability without reliance on the public treasury”
Lamola added that “we have now entered a period of consolidating our route network and fleet strategy, looking forward to the next phase of significant growth with fleet renewal, the opening of more intercontinental routes, and progress on our environmental sustainability goals”
