Uganda Airlines Holds 4th AGM, Signals Strong Recovery and Growth Plans

Uganda National Airline Company Limited has held its 4th Annual General Meeting (AGM), where shareholders reviewed the airline’s performance and outlined strategic priorities for future growth. 

The meeting, according to a statement posted at the Ministry of Finance, Planning and Economic Development, took place on Wednesday at the Ministry’s boardroom. It was the first time that Girma Wake, the management consultant and acting chief executive officer of Uganda Airlines, was attending such meetings.   

Uganda Airlines, a limited liability company wholly owned by the Government of Uganda through the Ministry of Finance, Planning and Economic Development, and the Ministry of Works and Transport, continues to position itself as a key national asset driving trade, tourism, and connectivity. 

Speaking at the AGM on behalf of the Minister of Finance, Evelyn Anite, State Minister for Privatization and Investment, reportedly welcomed the appointment of the Acting Chief Executive Officer, Girma Wake, expressing confidence in his leadership.

“We are confident that Mr. Wake’s vast experience marks a new dawn for Uganda Airlines. The challenges previously faced will be addressed, and the airline is now on a stronger path,” she said.  

Anite reaffirmed the government’s commitment to supporting the airline, emphasizing that Uganda Airlines remains a strategic investment with strong growth potential. “Government is committed to ensuring the airline operates efficiently and profitably. We will continue to provide the necessary financial support to meet its investment needs in a timely manner,” she added. 

She noted that globally, airlines typically take more than a decade to stabilize, describing Uganda’s continued investment in the national carrier as both timely and strategic. 

She further highlighted the airline’s role in enhancing trade, tourism, and cargo movement in line with the government’s Tenfold Growth Strategy. General Katumba Wamala, the Minister of Works and Transport, also welcomed Mr. Wake, describing his appointment as timely and critical to the airline’s progress. 

“We are fortunate to have a CEO with proven experience at a time when it is most needed. Since his arrival, there is renewed confidence and stability within the airline,” he said, pledging full government support to management. He noted that despite operational challenges, Uganda Airlines continues to register steady progress, including capturing over 38 percent of passenger traffic at Entebbe International Airport. Since commencing operations in August 2019, Uganda Airlines has expanded its network to 17 destinations across Africa, the Middle East, Europe, and Asia. 

Presenting the Board’s report, Chairperson Priscilla Mirembe Serukka highlighted significant performance improvements and strategic milestones achieved during the year.

“The airline reduced its net loss by 27 percent, signaling a positive trajectory toward financial sustainability. We have also strengthened management structures and internal controls,” she said. She reported a 22 percent growth in revenue from 349 billion to 437.3 billion shillings, expansion of the fleet to seven aircraft, and an increase in the number of connecting passengers.

The airline also opened new passenger and cargo routes and expanded partnerships with local suppliers.

Serukka reportedly emphasized that Uganda Airlines has evolved from a startup into a competitive regional player, currently holding a 27 percent market share at Entebbe International Airport and contributing significantly to government revenues.

The Board also finalized a 10-year strategic plan aimed at expanding the airline’s route network to 32 destinations. Planned investments include critical infrastructure such as a head office, maintenance hangar, cargo warehouse, premium-class hotel, and a modern business-class lounge.   

She reported an increase in the size of the fleet to 7 aircraft. “And we’re looking forward to opening new routes as well as progressing very well to open the maintenance unit.” 

She called on shareholders to approve an increase in working capital to strengthen liquidity and ensure sustained operations, as well as the timely release of funds.   “Over the past years, the airline has 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.   

The Board committed to strengthening corporate governance, maintaining disciplined cost management, optimizing the route network, and enhancing passenger experience through digital transformation. 

The airline announced the return to service of its Airbus A330-800neo (registration 5X-NIL), which resumed operations with a flight to Dubai on April 17, 2026. “This milestone strengthens our capacity across the international network. We thank our customers, partners, and stakeholders for their continued patience and support as we remain committed to safe, reliable, and efficient operations,” the statement noted.