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

Hitit hosts its business partners and aviation experts in Istanbul

Hitit, a provider of airline and travel IT, has its traditional conference with the participation of its business partners and experts in the airline industry.

ExecuJet celebrates IS-BAO Stage III and Wyvern Wingman renewal in South Africa

ExecuJet, part of the Luxaviation Group, is celebrating the successful renewal of its International Standard for Business Aircraft Operations (IS-BAO) Stage III and Wyvern Wingman audits.

Green Africa Airways appoints founding director of ground operations

Green Africa Airways has appointed Kristof Hegedus as its founding director of ground operations.

Embraer and Air Peace sign multi-year pool programme agreement for six ERJ-145 jets

Embraer has announced that Air Peace, Nigeria’s leading private airline, has signed a multi-year Pool Program Agreement for spare parts and support covering more than 250 components for their six Embraer ERJ-145 jets.

Marrakech gears up for the sixth edition of the Marrakech Air Show

The 6th edition of the Marrakech Air Show, the largest African civil and military aviation event, will be held in Marrakesh between 24th and 27th of October at the Royal Air Force military base in Marrakesh.

Ethiopian Airlines adds Avinor Oslo Airport to its route network

Ethiopian Airlines has firmly established itself at Norway’s main airport. Now they are enhancing their service offering between Addis Ababa and Oslo Airport.

TAA SK1009311218
See us at
AviationAfrica_BT0607280219MarrakechAirshow BT2507241018AirCargoAFA_BT220318210219