South African Airways is facing renewed scrutiny after the auditor general raised serious concerns over the airline’s financial statements, casting doubt on its reported return to profitability.
The findings, presented to Parliament, challenge the credibility of recent claims that the national carrier has stabilised financially after years of crisis.
South African Airways had reported a profit for the 2024-2025 financial year, marking what management described as a recovery milestone.
However, auditors found that the figures could not be relied upon.
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The auditor general issued a disclaimer, meaning the financial statements did not present a true reflection of the airline’s position.
Lawmakers described the findings as alarming, with some noting that key aspects of the accounts appeared unreliable or incomplete.
Financial Problems
Audit reports highlighted multiple weaknesses, including:
- Poor record keeping
- Weak internal controls
- Irregular procurement processes
- Lack of accountability for wasteful spending
In some cases, contracts were reportedly paid without proper verification, while procurement systems failed to meet transparency standards.
Auditors also flagged outdated financial management systems and a lack of critical oversight functions within the organisation.
Unsustainable Operations
While the airline posted a headline profit of about 155 million rand, analysts say the figure was driven largely by once off transactions such as asset sales rather than core operations.
The Auditor General warned that the underlying business model remains financially unstable and may not sustain long-term growth.
Leadership and Governance Pressure
The audit concerns come at a time of leadership changes within the airline.
Recent weeks have seen the resignation of the chief executive and several board members, adding to uncertainty about the carrier’s future direction.
Government officials have described the repeated audit issues as unacceptable and have called for urgent reforms.
Impact
The situation highlights the challenges facing state-owned carriers.
Airlines across the continent are under pressure to:
- Improve transparency
- Strengthen governance
- Achieve financial sustainability
For travellers in Nigeria and West Africa, the stability of major regional carriers directly affects connectivity, pricing, and route availability.
South African Airways may be flying again, but its financial turbulence is far from over.
Until the numbers add up, confidence will remain grounded.
And in aviation, credibility is everything.
