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 exit and operational relaunch in September 2021.
“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. This has put SAA on the path to financial sustainability without reliance on the fiscus,” SAA interim CEO John Lamola said on Wednesday.
Bhengu-Motsiri emphasised on Friday that SAA’s recovery has led to an expansion of its workforce, increasing from 800 to 2000 employees, including 140 pilots which further demonstrated the airline’s commitment to empowering South Africans.
Congress of SA Trade Union spokesperson Zanele Sabela told Inside Politics that the federation was throwing its weight behind SAA’s initiatives to ensure continued growth and sustainability, whilst solidifying its position as top-tier global brand.
“Cosatu is confident that SAA is sustainable and will continue to thrive as it explores opportunities on the continent and internationally… there is lots of room to grow regionally as it establishes direct flights to destinations that currently have connecting flights,” she said.
Sabela acknowledged the interim board’s competence in managing the entity and refrained from advocating for premature intervention in the selection process for a permanent CEO, instead supporting the board’s timeline for the appointment.
“SAA’s management team and board have done stellar work to get it where is currently. When the board is ready to appoint a permanent CEO, we have no doubt they will do so,” she said.
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