From Turbulence to Triumph: South African Airways Soars Past Expectations with Stunning Net Profit

For the first time since 2012, South African Airways has finally posted a profit. In its annual general meeting held on the 20th of November, the airline reported a net profit of R252 million (USD 14 million) for the 2022/23 financial year.

Notable achievements during this period included paying off legacy debt during the reporting term and leaving the airline without interest-bearing debt for the first time in years. It’s interesting how South African Airways managed to post this profit with a reduced fleet as this period is reflective of the time the airline had just emerged from bankruptcy and so had a reduced fleet and a lean route network. No intercontinental flights were being operated by the airline at that time. Will resuming them increase or affect their bottom line?

Going forward, South Africa Airways is looking into the possibility of selling some of its landing slots at London Heathrow Airport in the United Kingdom. Due to slot restrictions and high unavailability, slots usually have high sticker prices with the most expensive slots at London Heathrow having been sold for $75 million. At the moment, the slots owned by South African Airways are currently being leased to British and Qatar Airways. One slot could be sold, and the other retained as South African Airways is hoping to resume flights to London.