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
Latest News

A national space strategy for Tunisia and the development of space in Africa

Jean-Pascal Le Franc, CNESís Director of Planning, International Relations and Quality, took part in the conference in Hammamet on ďA national space strategy for TunisiaĒ.

Partnerships key to Swaziland revival

The Swaziland aviation landscape could be on the brink of change, as former national flag-carrier Royal Swazi National Airways considers resuming flights, creating uncertainty for joint-venture incumbent Swaziland Airlink.

Akagera Aviation chooses four Tecnam aircraft

Tecam has said Akagera Aviation, based at Kigali International Airport in Rwanda is establishing a Flight Training Organisation with a fleet of four Tecnam aircraft.

UK travellers heading to Tunisia should ensure travel insurance

Following news Thomas Cook has joined TUI in reintroducing Tunisian holidays from February 2018, travel insurance technology expert Aquarium Software is advising holidaymakers planning a trip to Tunisia this Easter that

SAA advises of US flight changes due to bad weather

South African Airways (SAA) advises all its customers of changes to its US flights due to adverse weather conditions.

School puts life saving in a class of its own

Kaleyesus Bekele explains why an East African flight school is luring cadets from other parts of the continent.

Aviation Africa SK18418
See us at
Aviation Africa BT18418AirCargoAFA_BT220318210219Global Aerospace BT010518