SAA out of debt, Famous Brands results, and private sector on the economy

SAA out of debt

South African Airways (SAA) has finally exited business rescue after seven years, with the last of its R10.5 billion government-guaranteed debt being settled.

The national carrier was placed in business rescue in December 2020, and the government has since injected R7.8 billion into the airline.

SAA's exit from business rescue is a major milestone for the airline, and it is now hoped that it can be returned to profitability.

Famous Brands results

Famous Brands, the owner of Steers, Wimpy, and Debonairs Pizza, has reported a strong set of results for the year ended March 2023.

The company's revenue increased by 14.2% to R11.3 billion, and its operating profit increased by 22.5% to R1.3 billion.

Famous Brands' results were driven by strong growth in its core restaurant brands, as well as the acquisition of the Kauai juice chain.

Private sector on the economy

The private sector is cautiously optimistic about the South African economy, according to a recent survey by the Bureau for Economic Research (BER).

The BER's survey found that businesses are expecting economic growth to pick up in the coming months, but they are also concerned about the rising cost of living and the impact of load shedding.

The private sector's optimism is based on the fact that the government has begun to implement some of the reforms that are needed to boost economic growth.