The exceptional South African state-owned company which collapsed in plain sight

• Denel's revenue fell from R8.05 billion to R1.27 billion between 2017 and 2025, a 84.22% decrease.
• The company's annual reports from 2008 to 2025 revealed severe liquidity crisis and corruption as major factors in its decline.
• Denel's financial mismanagement and corruption led to the collapse of the company, which was once a financial success story.