Major state-owned company reports R155 million profit

The South African Airways (SAA) Group has reported a net profit of R155 million for its 2024/25 financial year, with its airline business recording a R30 million profit. 

This marks the second year a profit has been recorded since SAA exited business rescue in April 2021.

In 2019, South Africa’s national flag carrier was placed into business rescue to prevent bankruptcy after it suffered major losses year after year.

In its first year out of business rescue, the 2022/23 financial year, SAA returned to profitability for the first time since 2012, recording a profit of R210 million.

SAA’s latest results were announced at the company’s Annual General Meeting on Thursday, 6 February 2026, and cover the year through March 2025.

SAA generated revenue of R8.84 billion, a 35.89% year-on-year increase compared to the 2023/24 financial year.

The state-owned company further reported that its cash and cash equivalents position remained strong, at R1.97 million at the end of 2024/25. 

In addition, it said the airline had no interest-bearing borrowings at year-end and R6.65 million in equity.

The business expanded significantly in this financial year, having received approval to increase its fleet to 21 aircraft. By the end of the 2024/25 financial year, 14 of these aircraft were in service, serving 16 destinations. Currently, the airline flies 19 aircraft.

“SAA has methodically rebuilt its network to a diversified portfolio of 17 routes,” the company explained. 

SAA reported that, in its 2024/25 financial year, and in April 2024, it resumed flights to Perth, Australia. It also launched international routes to Lubumbashi and Dar es Salaam.

“These results demonstrate that despite numerous challenges, SAA is on course for a bright future,” SAA Group CEO Professor John Lamola said. 

“We have entered a period of structured and strategic stabilisation of the business, focusing on institutionalising robust governance and agile management systems.” 

“We are continuing to implement plans on aircraft fleet modernisation and route network expansion aimed at the elevation of customer experience.”

SAA chairperson Sedzani Faith Mudau, who forms part of the company’s new board, said it is committed to strengthening governance and reinforcing public trust in SAA. 

“Through the implementation of its Integrated Audit Health Plan, the airline will work to improve audit outcomes and secure long-term financial sustainability,” Mudau said. 

“In doing so, we aim to ensure that South Africans continue to place their trust and confidence in their national carrier.”

The airline also received congratulations from Transport Minister Barbara Creecy, who referred to these results as an “important milestone, which includes both a modest net profit and finalising the last of five outstanding audits”.

“The shareholder will continue to support SAA’s stabilisation and growth. Going forward, we must ensure disciplined implementation of our approved plans, sound governance, operational performance, and a sustainable operating profit.” Creecy said.