By Akani Nkuna
The African National Congress has commended South African Airways on its successful financial restructuring, which has seen it make a profit for the first time in 10 years.
SAA has reported steady expansion in the 2022/23 financial year, a welcomed reversal of fortunes after facing significant challenges which almost saw the airline close.
ANC spokesperson Mahlengi Bhengu-Motsiri said: “The ANC applauds SAA’s extraordinary 183% revenue growth, from R2 billion to R5.7 billion, and its impressive turnaround from a R1 billion loss to a R277 million profit in earnings.
These results demonstrate the airline’s steady progress towards financial recovery, operational stability, and sustainable growth.”
SAA’s interim board presented the financial performance results for the 2022/23 at its annual general meeting on Wednesday, where a net profit of R252 million was reported.
SAA’s 2022/23 financial year represents the entity’s inaugural fiscal period of commercial operations following its business rescue
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