Uganda Airlines cuts net loss by 27pc as revenue climbs to UGX437 Billion

April 28, 2026 in Business, Companies, Trade & Industry, Travel & Tourism by Editor

Elgon, the Uganda Airlines A330-800 at the gate at Lagos Murtala Muhammad, on October 19, 2023

Uganda Airlines has reported a 27pc reduction in its net loss and a surge in revenue to UGX437.3 billion, signalling stronger financial recovery before the onset of recent disruptions to operations and the network.

 

Uganda Airlines has narrowed its net loss by 27 percent and posted strong revenue growth, signalling renewed momentum even as the carrier grapples with recent upsets to the network, especially long-haul operations

According to the airline’s latest board report presented during the Uganda National Airline Company Limited’s 4th Annual General Meeting (AGM), revenue rose by 32 percent from UGX347 billion in the 2023/24 financial year to UGX437.3 billion in 2024/25, while net losses reduced significantly despite continued operational challenges.

The figures were presented to shareholders during the AGM held on April 22 in the boardroom of the Ministry of Finance, Planning and Economic Development.

The meeting also marked the first AGM attended by Mr. Girma Wake, the management consultant and acting Chief Executive Officer of Uganda Airlines, whose appointment government officials described as a turning point for the carrier.

Uganda Airlines, a limited liability company wholly owned by the Government of Uganda through the Ministry of Finance and the Ministry of Works and Transport, continues to position itself as a strategic national asset supporting trade, tourism, cargo movement, and regional connectivity.

Speaking on behalf of Finance Minister Matia Kasaija, junior finance minister responsible for Privatisation and Investment, Evelyn Anite, welcomed Wake’s appointment and expressed 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 government’s commitment to supporting the airline, emphasising that Uganda Airlines remains a strategic investment with significant long-term 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 stabilise financially, describing Uganda’s continued investment in the national carrier as both timely and strategic.

She further highlighted the airline’s importance in strengthening trade, tourism, and cargo operations in line with government’s Tenfold Growth Strategy.

Works and Transport Minister Gen. Katumba Wamala also described Wake’s appointment as timely and critical to the airline’s next phase of growth.

“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,” Katumba said, pledging full government support to management.

He noted that despite operational headwinds, Uganda Airlines continues to register steady progress, including capturing more than 38 percent of passenger traffic at Entebbe International Airport.

Within the African market alone, the airline carried 38 percent of passengers and generated 49 percent of revenue from Entebbe, underlining its growing influence in reshaping regional travel patterns.

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 said the airline’s financial and operational gains reflect a deliberate strategy to transition from a startup airline into a competitive regional player.

“The airline reduced its net loss by 27 percent, signalling a positive trajectory toward financial sustainability. We have also strengthened management structures and internal controls,” she said.

Serukka also reported revenue growth from UGX349 billion to UGX437.3 billion, growth in connecting passengers, the opening of new passenger and cargo routes, and expanded partnerships with local suppliers.

The airline’s fleet has also grown to seven aircraft including a leased airframe, strengthening operational capacity as it seeks to deepen both regional and international connectivity.

“And we’re looking forward to opening new routes as well as progressing very well to open the maintenance unit,” Serukka said.

She added that Uganda Airlines currently holds a 27 percent market share of all traffic at Entebbe International Airport and is increasingly contributing to government revenues while supporting wider economic development.

To sustain that momentum, the Board has finalized a 10-year strategic plan that aims to expand the airline’s route network from the current 17 destinations to 32 destinations.

Planned long-term investments include a dedicated head office, a maintenance hangar, a cargo warehouse, a premium-class hotel, and a modern business-class lounge—critical infrastructure intended to strengthen the airline’s competitiveness and reduce long-term operating costs.

Serukka called on shareholders to approve an increase in working capital to strengthen liquidity and ensure smooth operations, while also emphasizing the need for timely release of government funding.

“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,” she said.

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

In another operational boost, 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.

The return of the aircraft is expected to strengthen capacity across the international network, particularly on long-haul routes.