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

Routes Africa 2018 Marketing Awards winners announced

The winners of the Routes Africa 2018 Marketing Awards have been revealed, with Cape Town Air Access the overall winner through to the final at World Routes in Guangzhou.

FIA2018: Rockwell Collins recognised by Airbus as a top performer for avionics support

Rockwell Collins has been honoured with a Customer Services Award for its avionics service by Airbus and its customer airlines at a special ceremony at the Farnborough Air Show held yesterday.

FIA2018: Africair signs PA for first Bell 407GXi in Africa

Bell Helicopter, a Textron company, has announced that Africair has signed a purchase agreement for the first Bell 407GXi in Africa.

Air Partner lion relocation flight is a roaring success

Air Partner, a aviation services group, was recently called upon to assist in the successful relocation of a lion on behalf of the Born Free Foundation.

Ethiopian Airlines selected as Dowty Propellersí authorised repair facility for Bombardier Q400s

Dowty Propellers has announced an agreement establishing Ethiopian Airlines as an authorised repair and overhaul facility in Africa for propellers on Bombardier Q400 regional airliners.

Air Austral, Air Madagascar and Kenya Airways towards a Privileged Partnership

Air Austral and Air Madagascar have signed in Antananarivo a Memorandum of Understanding with Kenya Airways.

TAA SK0902311218
See us at
AAD2018 BTGroundHandling BT2205130918AviationAfrica_BT0607280219AirCargoAFA_BT220318210219