SAA’s interim CEO, John Lamola, has refuted press reports questioning the airline’s sustainability and stating that it is at a breaking point.
A written statement said that media reports were based on SAA’s audited financial statements from April 2018 to March 2022.
During a Parliamentary Standing Committee on Public Accounts (SCOPA) session late in November, SAA’s external auditor presented its findings on the airline’s financial statements during the 2018-22 state capture years. The airline says that more up to date accounts reflect a more cash-positive and post-business rescue situation.
Mr Lamola said: “the recent financial year 2022/2023 is still being audited and the formal tabling of the audited financial statements to Parliament, where the details of the structure of this public entity’s financials will be revealed, is yet to take place.”
““SAA is in a healthier financial position than it has been in several years. The audited financial results of the year 2022/23 will show that the airline has the strongest balance sheet since its last profit declaration in 2011. Since last year, the airline has been running on financial resources generated from its own operations and management innovations.”
SAA says its current leadership is focused on rebuilding and repositioning the airline, and they claim that it is in a healthier financial position than it has been in years, with a strong balance sheet.”
SAA is pursuing an expansion drive, seeking to acquire more aircraft and add more international routes to its network, with plans to announce a new interoceanic route in early 2024. They are also working towards a medium-term corporate plan that involves investment and business transformation from the private equity partner Takatso Aviation.
SAA assured stakeholders of its commitment to open communication and addressing any concerns regarding its business continuity prospects.
