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.

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