South African Airways (SAA) has delayed finalising its 2023/2024 annual report to address outstanding issues, including an undisclosed disputed matter that could significantly impact the results and affect funding prospects.
The delay was disclosed by Maropene Ramokgopa, Minister in The Presidency for Planning, Monitoring, and Evaluation, in a letter to Parliament explaining the inability to table SAA’s financials by the required date of September 30, 2024, as per South Africa’s Public Finance Management Act (PFMA).
SAA management is engaging with the Auditor-General of South Africa to finalize audits, and the company will release results once audits are completed, with ongoing audits from 2018/19 to 2022/23 affecting recommendations to improve audit outcomes.
SAA’s current funding efforts aim to achieve operational stability following the failure of privatization attempts with the Takatso Aviation Consortium and the government’s decision against providing further state bailouts, amidst the airline’s history of delayed annual reports due to business rescue processes.
