DAVID SAVY GETS YET ANOTHER SALARY INCREMENT
The Air Seychelles Annual Report 2005-2006 has revealed that David Savy, the Air Seychelles Chief, has an emolument increase of €5000. In 2005, Mr. Savy earned €63,000 as salary whereas in 2006 this was increased to €67,000. The directors who comprised of Mssrs. E Belle, F. Chang Sam, F. Cheng-Leng, M Afif, M Lousteau-Lalanne and S Radegonde also earned €1000 each. Whilst it is not in dispute that David Savy does a great job for Air Seychelles under very difficult circumstances, it has been years since the mere mortals at Air Seychelles has enjoyed a salary increase.
Air Seychelles is one of the few parastatals which has been recording consistent profits year in year out. In the financial year 2004-2005 it posted a modest net profit of €305,000 and in 2006 the figure was dramatically increased to €2,432,000. This meant an increase in profitability from 0.3% in 2004-2005 to 2.6% in 2005-2006. David Savy remarked that this is “the eight consecutive year in a row that Air Seychelles is declaring a net profit.” Savy remarked that the hike in world jet fuel prices as the “single biggest cost element and account for a massive 30.9% of our total cost.” He said that this represents a rise of €4.3 million in Air Seychelles fuel bills, which had already been up by €7million from the financial year 2003-2004 to the financial year 2004-2005.
There was also an overall increase of 30.3% in the total volume of cargo carried by Air Seychelles on its route network. This was accompanied by a corresponding 14.4% increase in revenue. David Savy was clearly upbeat about the overall performance of the cargo section of the airline. He stated thus:“It was encouraging to note those positive trends in both cargo volume and revenue despite the reduction in destinations served and the freight capacity available. Freight is now carried mainly on the London, Paris and Rome sectors in Europe, Mauritius in the Indian Ocean, Johannesburg in Africa and Singapore in Asia.”
Admittedly, it has not been an easy year for Air Seychelles, one of the smallest airline in the world. The workers at Air Seychelles ought to be congratulated for achieving this no mean feat. Contrary to the Island Development Company, which is headed by Glenny Savy, and which consistently records massive annual losses despite heavy government subsidy, Air Seychelles has performed remarkably well. However, it is clear that the 767 employed by Air Seychelles to ferry passengers is now tired and worn out. The promised Dream Liner in 2008 cannot come quick enough to replace the present fleet. A five star destination with a dramatic increase in the number of five star establishments, deserves a five star carrier and the luxurious dream liner fits the bill perfectly. Although David Savy has consistently benefited from salary increment annually, it is hoped that the hard working Air Seychelles staff will eventually benefit from the windfall at the company too.
