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PRECISION AIR HELD 5th ANNUAL GENERAL MEETING

Dar es Salaam. 8th Nov 2019... Tanzania’s only public listed Airline Precision Air Services Plc, held its 5th Annual General Meeting yesterday at the Golden Jubilee Towers,Dar es Salaam. Chaired by the Board Chairman, Mr.Michael Shirima the meeting reported financial statement for the year 2017-2018.

During the shareholders meeting it was revealed that Precision Air made a an operating profit of Tshs 1.4 billion for the year which ended on March 31st 2018. Addressing shareholders during the meeting Mr. Michael Shirima said, the airline business in Tanzania has experienced several scenarios that have impacted market trends.

“We have seen increased competitions in the Market during the reporting period. Nevertheless, we continue to do well in our performance as we have witnessed our losses decreasing year by year. We confident that according to teh current business plan in two years to come the company will start making profit.” He said.

On the other hand, Mr. Shirima also reported that the total revenue has increased by 43% in the year 2017-18 compared to the performance for the financial year 2016-17 which has also increased by 7%, from the performance for the financial year 2015-16.

“We managed to fly 392 million seat per kilometers compared to previous years, 375 million seats per kilometers (an increase of 5%)” He added.

Mr. Shirima, said that the company will implement a strategic plan which is expected to turn the Tsh. 21 billion loss before tax into profit. He attributed the reported performance to the accrued aircraft ownership cost and depreciation of our currency versus the USD.

“ We are happy with our performance as we have continued to witness a reduction of our losses and this is a good indicator that soon we will start realizing profits in our business. For the year 2017-18 our losses have dropped by 28% compared to the year 2016-17 and by 69% compared to 2015-2016.” Mr. Micahel explained.

Addressing the media after the meeting, Precision Air’s New Group Managing Director and CEO, Mr.Patrick Mwanri, said that Precision Air will focus on efficiency improvement projects, cost control, optimal Utilization of Aircraft, cement code share, and increasing ancillary revenues as the strategies to turn around the business in the next five years.

“ With the successful implementation of our five year strategic plan,we are expecting to post profit by the year 2021. We will achieve this through offering the superior services that will meet our customer expectations.” He added.

About Precision Air

Established in 1993, Precision Air has been in operations for 25 years, providing key connections for tourist and economic travel within and beyond the country. Currently Precision Air provides scheduled flights to over 13 destinations within and outside Tanzania from its main hub in Dar es Salaam, including Arusha, Kilimanjaro, Serengeti, Mtwara, Kahama, Bukoba, Mwanza, Zanzibar, Tabora, Seronera, Nairobi, Entebbe and most recently route Tanzania’s capital of Dodoma. Other services provided by Precision Air include chartered, courier and, cargo air services. The Airline is also a recipient of multiple awards from Tanzania Society of Travel Agents, Africa Aviation News Port, Tanzania Leadership Awards, TASOTA, among others and a listed company at the Dar es Salaam Stock Exchange.

 

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