Johannesburg, South Africa – South African Airways (SAA) has made a historic turnaround, reporting a net profit of R252 million for the 2022/23 financial year. This marks the airline’s first profit since 2012 and highlights its successful recovery following a turbulent decade marred by financial challenges and business rescue proceedings.

The financial results, covering the period from April 2022 to March 2023, were presented during SAA’s Annual General Meeting (AGM) at Airways Park, OR Tambo International Airport. The event, attended by Transport Minister Barbara Creecy, underscored SAA’s resilience and strategic progress in rebuilding a sustainable business.

Financial Highlights:

• Group revenue surged by 183%, rising from R2 billion to R5.7 billion.
• EBITDA turned positive at R277 million, reversing a previous year’s negative R1 billion.
• Positive equity of R4.7 billion – a stark contrast to years of negative equity.
• Legacy debt has been fully paid off, leaving the airline free of interest-bearing liabilities.

Having restarted operations in September 2021 after exiting business rescue, the 2022/23 fiscal period was SAA’s first full year of commercial operations. Operating with a modest fleet of 6–8 aircraft serving up to nine destinations, the airline not only stabilized but thrived despite a challenging global aviation landscape.

The airline’s achievements come against a backdrop of rising oil prices, high interest rates, and economic uncertainty as noted by the International Air Transport Association (IATA).

Since the reporting period, SAA has expanded its route network to 16 destinations, including new routes to Perth, Australia, and a second destination in the Democratic Republic of Congo, Lubumbashi. Additional frequencies have been added to major routes including Harare, Lusaka, Lagos, and Accra.

The airline’s fleet has also grown significantly, with operated aircraft doubling and seven more set for delivery during the 2025/26 financial year. Notable milestones include the launch of intercontinental routes, such as Sao Paulo, Brazil, in October 2023.

SAA’s workforce has also expanded in tandem with its operational growth. The airline, along with its subsidiaries Air Chefs and SAA Technical, now employs approximately 2,000 staff, including 140 pilots – up from 800 in the previous year.

“These pleasing results of the 2022/23 financial year are emblematic of the hard and careful work that went into relaunching SAA as a reliable airline and globally admired brand,” said SAA Interim CEO Professor John Lamola.

The airline’s current strategy focuses on consolidation while looking ahead to significant growth. Plans include renewing its fleet to enhance customer experience, opening more intercontinental routes, and pursuing environmental sustainability goals.

SAA’s return to profitability signals a new chapter for the national carrier. With its solid financial foundation, growing route network, and commitment to operational excellence, the airline is well-positioned to achieve long-term sustainability without relying on government support.

This remarkable turnaround underscores SAA’s determination to reclaim its status as a global aviation leader while contributing meaningfully to South Africa’s economic recovery.