PIE IN THE SKY OP-ED : SAA claims R162m ‘profit’ but deeper analysis shows a R1bn operating loss

In its 2025 annual report, South African Airways claims the group is operating profitably. However, a deeper reading shows that it is hiding a R1-billion-a-year operating loss. In other words, it cannot compete, is not sustainable and will require a bailout, if it has not already had one.