South African Airways (SAA) has officially turned a corner, reporting a net profit of R155 million for the 2024/25 financial year. The results, announced at the airline's Annual General Meeting(AGM) on 6 February 2026, signal a steady recovery for the state-owned enterprise(SOE) after years of turbulence and a high-stakes business rescue process.
The figures reflect a significant leap in performance, with group revenue surging by 35.89% to reach R8.84 billion, up from R6.5 billion in the previous fiscal year.
Key financial highlights (FY 2024/25)
The latest financial statements, covering the period ending March 31,2025, highlight a leaner, more agile operation:
- Net Profit: R155 million (Group); R30 million (Airline operations).
- Revenue: R8.84 billion (a 35.89% year-on-year increase).
- Debt Status: The airline reported zero interest-bearing borrowings at year-end.
- Equity: R6.65 million in equity, supported by a strong cash position of approximately R1.97 billion.
This marks the second time SAA has posted a profit since exiting business rescue in April 2021, effectively silencing critics who questioned the carrier's viability without a strategic equity partner.
Strategic growth and fleet expansion
The return to the black is largely attributed to a disciplined “stabilisation and growth” strategy. During the 2024/25 period, SAA received the green light to expand its fleet to 21 aircraft.
- Network Rebuilding: SAA has successfully resumed key long-haul routes, most notably to Perth, Australia, and expanded its regional footprint with new destinations including Lubumbashi and Dar es Salaam.
- Operational Scale: By the end of March 2025, 14 aircraft were in active service. As of today's announcement, that number has grown to 19 aircraft serving 17 routes.
“These results demonstrate that despite numerous challenges, SAA is on course for a bright future,” said SAA Group CEO Professor John Lamola. “We have entered a period of structured stabilization, focusing on robust governance and agile management systems.”
Governance and accountability
While the profit is a victory, the timing of the release drew some scrutiny. The results were submitted five months after the legal deadline of September 30,2025. However, Transport Minister Barbara Creecy praised the airline for finalising the last of its five outstanding audits, calling it an “important milestone” for the shareholder.
The Auditor-General's office noted that the resolution of prior-year adjustments and the settlement of business rescue liabilities have finally provided a “credible” baseline for the airline's future financial reporting.