Professor John Lamola, outgoing CEO of South African Airways, has resigned for personal reasons after months of contemplation and discussions with the minister and board. He highlights his role in resuscitating the national carrier post business rescue, Covid, and Ukraine War, reporting a R155 million net profit for 2024/25 though reliant on Heathrow slot sales. The Auditor-General issued a disclaimer of opinion on the financials, drawing scrutiny.
Professor John Lamola stated: “I have resigned for personal reasons following months of contemplation and discussions with both the Minister and the Board. I believe I have played my part in resuscitating the national carrier post the business rescue, Covid and Ukraine War. It is time for new and steady hands to take the airline to the next level.”
Under his leadership, SAA achieved a net profit of R155 million for 2024/25, entirely reliant on the R1.153-billion sale of a pair of Heathrow landing and departure slots. Without the sale, the group would have recorded a massive net loss. Lamola asserted that using EBITDA in isolation is "analytically unsound" for judging airline success.
The Auditor-General issued a disclaimer of opinion, unable to verify SAA’s revenues, maintenance costs at R896 million, or operating costs, including unverified technical services revenue of R333 million. The AG warned the reported EBITDA loss of R443-million was probably inaccurate and materially less than stated. Lamola insisted the financial statements, as audited and signed off by directors, accurately reflect SAA’s finances.
The Takatso equity transaction collapsed in March 2024, leaving SAA without expected R1-billion working capital. Economist Dawie Roodt questioned the profit upon scrutiny, urging parliamentarians to grill executives and calling to close or sell SAA after years of losses. SAA is due to discuss its annual report in Parliament soon.
