South African Airways Report Net Profits After 12 Years of Being Grounded
- South African Airways has reported a net profit since being back in operation after a 12-year absence
- SAA was forced to close down amid allegations of corruption and financial mismanagement
- South Africans had mixed feelings, as some celebrated the return while others were certain it would not last
With nine years of experience, Tebogo Mokwena, a Briefly News current affairs journalist, provided insights into infrastructure challenges and state-owned enterprises in South Africa at Daily Sun and Vutivi Business News.
Source: Getty Images
JOHANNESBURG — South African Airways is back in the skies and making a profit.
SAA making profit
According to The South African, SAA's fleet was scaled down from 44 to six planes after more than a decade of financial mismanagement and corruption, among other things. SAA has been under business rescue and was almost sold to a private buyer. Former Minister of Public Works Pravin Gordhan prevented its sale.
However, SAA operated between six and eight planes during the 2022/23 financial year with nine destinations on its route. It has since expanded its network to include 16 more routes. It added routes to Sao Paulo in Brazil and Perth in Australia. It also increased its travels into Africa, adding routes to Accra, Ghana, Lagos in Nigeria, Harare in Zimbabwe, and Lusaka in Zambia.
South Africans have mixed feelings
Below are some of the reactions from South Africans on Facebook.
Michael Wright asked:
"Will the meddling politicians please keep out of our state-owned enterprises so that this amazing country can actually start to reach its potential?"
Matthew Randall said:
"Well done. The turnaround started before the GNU and whilst Pravin was in office."
Jonathan Buckley said:
"If it didn't do well, they have blamed the ANC government and how it is doing well. We give credit to the management and the staff of the SAA."
Phila Dabula said:
"Their downfall will be again paying big bonuses, otherwise, big up, bird."
Lynne Diane Wellbeloved said:
"Amazing what happens when you stop the corruption and theft."
SAA celebrates 90 years of flying
In a related article, Briefly News reported that SAA celebrated 90 years of operating in the skies.
This was despite the various challenges it faced over the years, including corruption and financial mismanagement.
Source: Briefly News
