Why SAA missed another crucial deadline for annual report submission

THE South African Airways (SAA) has blamed “unresolved issues” related to its audited financial statements for once again failing to submit its annual report for the 2024/25 financial year to Parliament by the legally mandated deadline of September 30.

SAA has requested extensions for the past three years and did not submit in at least one year.

In a letter addressed to National Assembly Speaker Thoko Didiza and National Council of Provinces chairperson Refilwe Mtsweni-Tsipane, acting Transport minister Kgosientsho Ramokgopa  explained the reasons for the delay in the submission of SAA’s annual report.

“The external audit process has been impacted by complexities arising from the late compilation of the annual financial statements for financial year 2023/24. The financial year 2024/25 required additional time to ensure full compliance and accuracy,” Ramokgopa said in his letter.

According to the Public Finance Management Act, all departments and public entities are required to table their annual reports to the relevant legislatures within six months after the end of the relevant financial year.

Ramokgopa said the newly-appointed board, which took office in August 2025, required additional time to review and validate critical disclosures to ensure compliance with governance standards.

“The board and executive management are working closely with the auditors to expedite the process. It is anticipated that the annual financial statements will be finalised and ready for tabling by the end of November 2025.”

In 2021, SAA and the South African Express Airways did not submit their annual reports while they were under business rescue.

In 2022, SAA was unable to finalise and submit its respective annual reports within the prescribed timelines due to the late start on the audit process.

The audit at the time covered four financial years – 2018/19, 2019/20, 2020/21 and 2021/22.

In 2023, it claimed that the audit had begun later than expected and would be finalised after the outstanding audits for the previous financial years were completed.

In 2024, SAA stated that as it was concluding the audit for the 2022/23 financial year, there was a matter under dispute that could materially impact the 2023/24 results.

It had claimed that due to the ongoing audit processes covering the years from 2018/19 to 2022/23, the company has not yet been able to implement recommendations aimed at improving the audit outcome.

SAA had then delayed the 2023/24 submission of the approved draft annual financial statements for auditing to allow the management to implement some of the recommendations so that it can improve its audit outcome.

Meanwhile, the Department of International Relations and Cooperation has also failed to submit  its annual report for 2024/25 financial and has also asked for extension to make a submission by October 30.

“This request arises from audit-related challenges. DIRCO has accordingly sought approval from the National Treasury for a deviation to enable both the department and the Auditor-General to finalise the audit process,” said Minister Ronald Lamola.

Cape Times