SAA Claim a Return to the Black — With Clouds Still on the Horizon

By Garth Calitz

South African Airways (SAA) has delivered a headline that would have seemed improbable just a few years ago: the national carrier claims to be profitable for a second consecutive year. At its Annual General Meeting in Johannesburg, the SAA Group announced a net profit of R155 million for the year ended 31 March 2025, with the airline itself contributing R30 million. For an airline long associated with turbulence of the financial rather than aerodynamic kind, the figures mark a step in a recovery that is still viewed with scepticism.

Revenue climbed to R8.838 billion, a 35.89% increase year-on-year, while the balance sheet tells a story of a leaner, less leveraged operation. SAA ended the period with R1.967 billion in cash and cash equivalents, no interest-bearing debt and equity of R6.6 billion. In airline terms, this is the difference between cruising comfortably at altitude and nervously watching the fuel gauges.

Operationally, according to a SAA press release, the airline’s performance has shown measurable improvement. SAA claims that Independent data from Cirium ranked SAA as Africa’s most punctual airline in 2025, with an on-time arrival rate of 81.26%. Our research has uncovered that FlySafair actually holds that honour with an on-time rate of 91.06%. For passengers accustomed to building buffer time into every itinerary, this is perhaps the most tangible sign of progress, even if only 81%. The airline maintains a 4-Star Skytrax rating. It remains a member of the Star Alliance, a credential that requires adherence to international service and safety standards and which provides a degree of external validation that the operation is being run in accordance with global norms.

SAA has also taken a cautious but deliberate approach to rebuilding its fleet and network. Approval was granted during the year to grow the fleet to 21 aircraft, with 14 in service by year-end and 19 currently operating. The route network now spans 17 routes, including the resumption of flights to Perth and the launch of services to Lubumbashi and Dar es Salaam. Rather than chasing scale for its own sake, SAA appears intent on matching capacity to demand, a lesson the airline learned the hard way under the notorious "leadership" of Dudu Myeni in her era of unrealistic ambitious expansion.

SAA Group CEO Professor John Lamola described the results as evidence that the airline is entering a period of “structured and strategic stabilisation”, with an emphasis on governance, agile management, fleet modernisation and network growth. Board Chairperson Sedzani Faith Mudau echoed this sentiment, highlighting the importance of restoring public trust and improving audit outcomes through an Integrated Audit Health Plan. Minister of Transport Barbara Creecy, representing the shareholder, congratulated the airline on posting a modest profit and finally releasing the last of five outstanding audits, while stressing the need for "disciplined execution and sound governance" going forward.

Yet, for all the operational green lights, the credibility of SAA’s financial turnaround continues to be viewed with cautious optimism rather than unqualified celebration. Clearing a five-year backlog of audits is a significant step toward restoring accountability but the airline has not achieved a clean, unqualified audit opinion in over a decade. Historically, the Auditor-General issued disclaimers, citing an inability to verify figures due to weaknesses in record-keeping. Old habits may be dying hard and confidence in the numbers will take time to rebuild.

There is also the matter of transparency. While the 2024/25 results were announced in February 2026, they were released five months after the statutory deadline and the full annual report has yet to be made available for public scrutiny pending tabling in Parliament. In a sector where investor and public confidence hinge on timely disclosure, delays inevitably invite scepticism. Governance concerns linger too, with analysts noting that the absence of a permanent board following the collapse of the Takatso equity deal continues to cast a shadow over long-term stability.

For now, SAA’s recovery story sits somewhere between hard-earned progress and cautious expectation management. The airline is flying more reliably, earning more revenue and carrying far less financial baggage than before. Whether this represents a sustained climb to cruising altitude or merely a smooth patch of air remains to be seen. What is clear is that SAA has, at last, put itself back on a flight path that may start to sway passengers, partners and taxpayers, even if the majority are still keeping their seatbelts firmly fastened.