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Engineering News reports that trade union Solidarity has ranked South African Airways (SAA) as the most poorly managed State-owned enterprise (SOE) in the country.
Speaking on Wednesday at the launch of its latest report ‘South African State Institutions and the Value for Tax Money’, Solidarity CEO Dirk Hermann said SAA offered “deplorable” value for taxpayers’ money. “SOEs are poorly managed in general. The second worst managed is Eskom and the best is Telkom,” he indicated. The Solidarity Research Institution, which published the report, analysed five SOEs – SAA, Eskom, PetroSA, Telkom and Transnet. They were measured in terms of working capital ratio and net debt before earnings. Depending on the accounting ratios and general management, the five SOEs were also placed on a scale depicting their value for tax money. The scale varied between very good, good, neutral, poor and very poor. PetroSA and Transnet were ranked in the poor category, Eskom and SAA in the very poor category and Telkom in the neutral category.
- Read this report in full at Engineering News
- Read Solidarity’s press statement and access the full report at Solidarity online
- See too, SAL is ‘patetiese waarde’ vir taksgeld: Solidariteit, at Netwerk24 (limit on access)
Get other news reports at the SA Labour News home page