SAAs audited financial results for the financial year 2023/24 revealed a nett loss of R354 million. This comes after the airline reported a nett profit of R210 million in the previous financial year.
The carrier received its audited financial results during its AGM on July 17. This financial year marked SAAs second year of operations after exiting business rescue in September 2021.
The carrier claims that the loss reflected the impact of exogenous factors, including R415 million lost in foreign currency translation due to the rands volatility.
Other factors, such as the effects of the Ukraine conflict, which pushed jet fuel costs from R1,3 billion to R1,9 billion a global shortage of aircraft, which drove leasing costs up by over 30 in 2023 and delays in the delivery of budgeted aircraft, all negatively impacted revenue and EBITDA.
For the year ended March 2024, SAA reported a negative EBITDA of R90 million, compared with a positive R436 million in 2023. However, the airline generated revenue of R7 billion, reflecting a 23 year-on-year increase.