in Business & Finance

SAA has concluded its first AGM

Posted 31 October 2016 · Add Comment

SAA has concluded its first AGM since the new board was appointed in September 2016.

The airline said in a statement:   “Whilst there is still a great deal of work to be done, the board, the shareholder and management are committed to doing everything necessary to return the airline to financial sustainability.

“SAA recorded losses of R5.6 billion and R1.5 billion in the 2014/15 and 2015/16, respectively. 

“Although the airline has reduced its losses, the Board and the shareholder recognise that the trend of reporting losses cannot persist and that urgent, radical action is required. To mention but a few, these include stabilising the liquidity position of the airline, containing costs, reviewing the route network, improving staff morale and continuing to deliver a safe, on-time world class service.  All of these areas will be addressed in the context of the broader turnaround strategy.

“The Board is reviewing and strengthening the airline’s long term strategy to accelerate the turnaround and to ensure its robustness in the context of increasing competition and volatile movements in fuel and exchange rates. This will include developing a short-term action plan within the next three months of concrete actions that will be taken to begin restoring the operational and financial stability of the airline.” 

The Board has initiated the process of appointing a permanent CEO and CFO, with the aim of making a recommendation to the Minister early in the new year.

* required field

Post a comment

Other Stories
Advertisement
Latest News

Turbulence ahead on the route to a national carrier

Just like his nine predecessors, Nigeria's Aviation Minister, Hadi Sirika, has started championing a process of creating a national carrier capable of filling the void left by the liquidation of Nigeria Airways in 2003. But, as Chukwu

NAS launches new Pearl Lounges at Marrakech Menara Airport

National Aviation Services has launched its Pearl Lounges at the Marrakech-Menara Airport in Morocco reinforcing capacities at the newly renovated airport.

CEO of Airbus to step down

Airbus has announced that its CEO Tom Enders will be leaving the company in April 2019, reports aerotime.

Flydubai touches down at Kilimanjaro International Airport

Flydubai's inaugural flight touched down today at Kilimanjaro International Airport (JRO), increasing capacity to Tanzania and further expanding its network in Africa to twelve destinations.

Proflight Zambia female pilot clocks 1000 hours flying time

The career of Proflight Zambia's youngest female pilot Besa Mumba has taken off after clocking up 1,000 hours of flying time.

Colas UK secures construction deal for new Ugandan Hoima International Airport

Colas UK has revealed its new direction as a transport infrastructure company able to compete for the largest projects both in the UK and overseas.

Aviation Africa SK18418
See us at
Aviation Africa BT18418