SA’s worst SOEs: First prize goes to …

It would be difficult to choose SA’s worst state-owned enterprise based on financial performance. The competition is fierce, with seven notable finalists that seem to go the extra mile every year to claim the title of being the worst.

An improvement in its financial performance in 2022 reduced the total losses of the worst seven, but it jumped to a new high in 2023 when Eskom reported a record loss of nearly R24 billion for the year – losing R2 billion per month in its efforts to mitigate load shedding. “The directors evaluated the appropriateness of the going-concern assumptions used in the preparation of the consolidated annual financial statements,” according to the 2022 annual report.

One remark in the audit report sums up the state of SAA’s financial management and the way the airline is being managed: “Consequently, I was unable to determine whether any further adjustments were necessary to the irregular expenditure stated at R44 506 million and R37 742 million in note 38 to the consolidated and separate financial statements respectively.”

Management has admitted that the company is unsustainable as the gas fields of the southern coast are running out.

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