The 4th Annual General Meeting For Uganda National Airline Company Held
The shareholders of Uganda National Airline Company Limited held the 4th Annual General Meeting at the Ministry of Finance, Planning and Economic Development to review the company’s performance and the way forward,
The Airlines, is a limited liability company owned by the Government of the Republic of Uganda with two shareholders, Ministry of Finance, Planning and Economic Development together with Ministry of Works and Transport making it a Ugandan national asset
Hon. Evelyn Anite, State Minister for Privatization and Investment representing Hon. Matia Kasaija, the Minister of Finance welcomes the new experienced Acting Chief Executive Officer Uganda Airlines Mr. Girma Wake, saying we’re very sure of a new dawn in our airline and a few challenges exited will be no more.
Government is interested in a proper functioning and profitable Airline noting that there’s potential and the performance currently is very promising, she expressed her appreciation to H.E the president for the passion of having a competitive airline in the region.
"Good job to our board chair and directors for steering our airline amidst heavy wind without despair despite the public outcry and few challenges underway. Government is committed to support the company all around financing all the investment requirements in time". said the Minister.
The Minister said airline is a business that requires time to stabilize. by record, most of the performing Airlines across the globe took over ten years to stabilize. it is timely Uganda to invest in this business, Uganda Airline has opened the country to many trade and tourism opportunities easing passenger and cargo transport in the region and beyond resonating directly with our strategy of the Tenfold growth strategy.
Ugandans, let us support Uganda Airlines, government has a clear and good strategic plan to stock the company with all aircraft required to operate because there’s capacity and enough room for growth said Anite.
Hon. Katumba Wamala, the Minister of Works and Transport speaking at the 4th Annual General Meeting said we are blessed to have a CEO that is coming in with tested experience required to run airlines and he came at a time when we most needed him and since his arrival, there has been calmness and sanity people no longer spread lies and posting negative publicity especially the social media team. we shall give you Mr. Girma all the support required.
The Minister welcomes and whispered to him to prepare very fast, because there are issues that must be immediately and urgently handled. the airline has been progressing much as there are operational issues, there’s some positivity looking at the Airline that just started recently to handle over 38% passengers at Entebbe.
The Airline started operations in August 2019 and currently operates scheduled flights to 17 destinations in Africa, the Middle East, Europe and Asia from its hub at Entebbe International Airport. said the Minister
Mrs. Priscilla Mirembe Serukka Chairperson, Board of Directors presenting to the shareholders, appreciated their effort saying the airline is standing at a better place working with experienced CEO at such a time is sign of steady progress. once again thank you shareholders for working to streamline the airline.
The chairperson, presenting the annual performance report highlighted key achievements registered amidst challenges. Uganda Airline reduced its net loss by 27%, marking a positive trajectory towards financial sustainability also strengthened management and internal controls.
Hon Minister, we opened new routes for both passenger/cargos, awarded contracts to local suppliers, growth in the numbers of connecting passengers, revenue growth at 22% from UGX 349billion to UGX 437.3billion, increased the size of fleet to 7 Aircraft and we’re looking forward to open new routes as well as progressing very well to open the maintenance unit.
“Over the past years, the airline continued to evolve as a strategic national asset. We are not only connecting people and places but also actively supporting the country’s broader economic ambitions under the Government’s Tenfold Growth Strategy.’’ said the board chair
Hon. Minister, the board finalized the 10-year Strategic plan to expand the Airline’s route network to 32 regional and international destinations once acquired the equipment, we are carrying out investment in critical infrastructure such as a head office building, a maintenance hangar, a cargo warehouse, premium-class hotel facility, and a state-of-the-art business-class lounge.
We seek the annual general meeting to support the approval of an increment in working capital to strengthen liquidity and sustain operations as well as timely release of funds. said the board chair
Our shareholders, Uganda Airlines remains a strategic national asset and going concern backed by state support. This airline has successfully transitioned from market-entry startup to regional competitor, now commanding 27% market share at Entebbe International Airport and contributing billions in taxes. She said
The board commits to continue enhance enterprise wide governance and exercise caution across the enterprise, disciplined cost management and optimized network as well as enhancing passenger experience through digital transformation.