SAA swings into R354 million loss but claims improved financial health

SOUTH African Airways (SAA) has declared a loss of R354 million for the 2023/24 financial year while simultaneously announcing a "debt-free, asset-rich balance sheet" that's poised to support its recovery as a global aviation brand.

- BANELE GININDZA

CEO John Lamola portrayed these results as a snapshot of resilience, highlighting the airline's notable increase in revenue and operational efforts despite external pressures.

In the audited financial results reflecting the airline's second year of operations since its exit from business rescue in April 2021, SAA on Thursday reported that it had generated revenue of R7 billion, a 23% year-on-year increase for the group.

However, currency fluctuations and various 'external' factors impacted operations, resulting in a net loss of R354m for the year. The group reported a profit of R210m the previous year.