JOHANNESBURG – South African Airways has reported a net profit of R155 million for the year ending 31 March 2025, with the airline itself recording a R30 million profit, the company announced at its annual general meeting on 6 February 2026.
The audited financial results of SAA SOC Limited for FY2024/25 were received and accepted by Transport Minister Barbara Creecy, the Shareholder Representative.
SAA SOC generated revenue of R8.838 billion, a 35.89 percent increase from the R6.504 billion earned in FY2023/24. Cash and cash equivalents stood at R1.967 million at year-end, with no interest-bearing borrowings and R6.649 million in equity.
During the year, approval was granted to expand the fleet to 21 aircraft. By the end of FY2024/25, 14 planes were operational, serving 16 destinations. The airline currently operates 19 aircraft. SAA has steadily rebuilt its network to 17 routes, resuming flights to Perth, Australia in April 2024 and launching international services to Lubumbashi and Dar es Salaam.
The fiscal year marks the second consecutive profit since SAA exited business rescue in April 2021.
SAA Group CEO Professor John Lamola said, “These results demonstrate that despite numerous challenges, SAA is on course for a bright future. We have entered a period of structured and strategic stabilisation of the business, focusing on institutionalising robust governance and agile management systems. We are continuing to implement plans on aircraft fleet modernisation and route network expansion aimed at the elevation of customer experience.”
Board Chairperson Sedzani Faith Mudau added, “As the incoming board, we acknowledge that our financial recovery could not have been achieved without the support of our shareholder representative, Transport Minister, Ms Barbara Creecy, the Department of Transport, and the principled leadership and guidance of the former SAA Board, led by Chairperson Derek Hanekom. I also want to thank the CEO Prof John Lamola, the senior management, and all staff members for their hard work and dedication during the year in question.”
She continued, “Going forward, the Board is committed to strengthening governance and reinforcing public trust in South African Airways. Through the implementation of its Integrated Audit Health Plan, the airline will work to improve audit outcomes and secure long-term financial sustainability. In doing so, we aim to ensure that South Africans continue to place their trust and confidence in their national carrier.”
Minister Creecy commended SAA, saying, “The shareholder congratulates SAA for reaching this important milestone, which includes both a modest net profit and finalising the last of five outstanding audits. The Shareholder will continue to support SAA’s stabilisation and growth. Going forward, we must ensure disciplined implementation of our approved plans, sound governance, operational performance, and a sustainable operating profit.”
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