South African Airways (SAA) has recorded another milestone in its long and closely watched recovery, posting a R155 million net profit at group level for the financial year ended 31 March 2025, while the airline itself reported a R30 million profit over the same period.
The results were presented and formally adopted at the airline’s Annual General Meeting held in Johannesburg on 6 February 2026, where the audited financial statements of South African Airways SOC Limited were received by the shareholder representative, Barbara Creecy, South Africa’s Minister of Transport.
Strong revenue growth and a clean balance sheet
SAA reported revenue of R8.838 billion for FY2024/25, representing a 35.9% year-on-year increase from the R6.504 billion generated in the previous financial year. The revenue growth reflects the airline’s gradual network rebuild, higher aircraft utilisation, and a more disciplined operating model following its exit from business rescue in April 2021.
Notably, the airline ended the financial year with a strong cash position and no interest-bearing debt, holding R1.967 billion in cash and cash equivalents and R6.649 billion in equity. The absence of debt is particularly significant in an industry where many carriers remain heavily leveraged following the pandemic.
The 2024/25 financial year marks the second consecutive year of profitability for SAA since its return to operations, reinforcing the narrative that the carrier’s recovery is moving beyond survival into stabilisation.
Measured fleet and network rebuild
SAA’s recovery strategy continues to emphasise controlled growth rather than rapid expansion. During the year, approval was granted to increase the fleet to 21 aircraft, with 14 aircraft in service by year-end. The airline has since expanded operations and is currently flying 19 aircraft.
On the network side, SAA now operates a diversified portfolio of 17 routes, serving 16 destinations during the financial year. A notable highlight was the resumption of flights to Perth, Australia, in April 2024, restoring a long-haul link that had been absent since before business rescue. The airline also launched new international services to Lubumbashi and Dar es Salaam, strengthening its regional and intercontinental footprint.
The measured pace of fleet and route expansion stands in contrast to the aggressive growth strategies that previously contributed to SAA’s financial collapse, suggesting a more cautious and sustainability-focused approach.
Leadership frames recovery as stabilisation, not victory lap
SAA Group Chief Executive Officer John Lamola described the results as evidence that the airline is entering a new phase of structured recovery.
“These results demonstrate that despite numerous challenges, SAA is on course for a bright future,” Lamola said. “We have entered a period of structured and strategic stabilisation of the business, focusing on institutionalising robust governance and agile management systems.”
He added that the airline is continuing to implement plans for fleet modernisation and network expansion, with a clear focus on improving the customer experience while maintaining financial discipline.
Governance and public trust remain central
Incoming SAA Board Chairperson Sedzani Faith Mudau emphasised that the airline’s financial recovery has been underpinned by governance reform and shareholder support. She acknowledged the role of the Department of Transport, Minister Creecy, and the previous SAA Board led by Derek Hanekom, as well as management and staff.
Looking ahead, Mudau said the Board is committed to strengthening governance and reinforcing public trust, with a specific focus on improving audit outcomes through the airline’s Integrated Audit Health Plan.
“The aim is to secure long-term financial sustainability and ensure that South Africans continue to place their trust and confidence in their national carrier,” she said.
Minister Creecy echoed that sentiment, congratulating SAA on achieving both a modest net profit and the completion of the last of five outstanding audits, a long-standing issue stemming from the airline’s troubled past.
“The shareholder will continue to support SAA’s stabilisation and growth,” the Minister said. “Going forward, we must ensure disciplined implementation of approved plans, sound governance, operational performance, and a sustainable operating profit.”
Comments are closed.