South African Airways Reports Steady Financial Performance for FY 2022/23

South African Airways (SA) reported steady financial gains for the 2022/23 financial year at their recent Annual General Meeting (AGM), held at Airways Park at Johannesburg’s OR Tambo International Airport Precinct.

Key Highlights:

• Net profit of R252 million: First positive bottom line since 2012.
• Revenue up 183%: Increased from R2.0 billion to R5.7 billion.
• Positive EBITDA of R277 million.
• Debt-free: Final legacy debt payment made during the year.
• Fleet expansion: Doubled operated aircraft, with seven more to be delivered by FY 2025/26.
• Network growth: Increased routes from 9 to 16, including new intercontinental routes to São Paulo and Perth.
• Job opportunities: Workforce grew from 800 to 2,000.

The airline, together with its subsidiaries, posted a net profit of R252 million. Total revenue increased by 183%, from R2.0 billion the prior year, to R5.7 billion.

The financial year 2022/23 is the first fiscal period of commercial operations since SAA exited business rescue and restarted operations in September 2021.

SAA airline operations turned a prior year’s negative EBITDA of R1.0 billion into a positive R277 million.

“This positive 2022/23 performance is particularly notable given the challenging global aviation environment at the time and the uncertainty around the future of SAA with a strategic equity partner,” stated the airline.

Operational Highlights

Fleet

SAA operated between 6 to 8 aircraft during the financial year, serving up to 9 destinations. Since then, a prudent fleet expansion plan has seen the number of operated aircraft double, with seven more aircraft rented for delivery during the financial year 2025/26.

Route Network

The first intercontinental route to São Paulo, Brazil was launched in October 2023. Since the period ended in March 2023, the airline has increased its routes to 16, including 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.

Workforce

SAA notes the development of job opportunities. With its subsidiaries, including Air Chefs catering and SAA Technical for aircraft maintenance, the workforce has grown from 800 to about 2,000, which includes 140 pilots.

SAA’s management is optimistic about the future. They plan to consolidate their current network and fleet strategy while focusing on further growth—including pursuing environmental sustainability goals.