This was a 77% increase from last year's R442m.
"SAA's financial position and the state of the business continue to show significant improvement," board chairperson Cheryl Carolus said in a statement.
"This financial performance is an encouraging response to the strategic objective to become a fully sustainable business over the next three years... and positioning SAA to compete successfully in the global aviation market in 10 years."
Group operating profit rose by 66% to R807m from the previous year.
Turnover, consisting largely of passenger revenue, increased from R16.9bn to R18bn.
Operating costs rose by 5%.
Public Enterprises Minister Malusi Gigaba said the airline, as a state-owned entity, was mandated to grow as a business while maintaining its role in the country's development.
"It is crucial that SAA continues to support matters of relevance from a shareholder perspective and enhance the state's policy objectives, such as the airlift strategy which seeks to regulate air transport... and the employment creation objectives."