A Moneyweb analysis on the latest results of South Africa’s state-owned enterprises shows that most performed satisfactorily in the year to March 2018, but 13 of the 30 are still performing dismally.
Results for the year to March 2018 are the latest figures that are available for SOEs, while SAA and SA Express could once again not even manage to produce their annual reports for the year to March 2018 – more than a year after the financial year-end. The last audited figures that SAA’s management, bankers, suppliers, the department and taxpayers can rely on relate to the year to March 2017 and are thus more than two years old.
Luckily , the struggling airline is not a private company. A private company would have struggled to get loans with these old financial statements and, in the case of listed companies, would have been sanctioned by the JSE within three months of its year-end. Shareholders would have shown the directors the door long ago.
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