The Uganda Airlines Chief Technical Officer, Cornwell Muleya has told Parliament that the newly acquired national carrier will register its first profit in 2029.
While appearing before the Parliamentary Budget Committee that was chaired by Hon. Amos Lugoloobi to defend the UGX 575 billion budget proposals for the Uganda Airlines yesterday afternoon, Mr. Muleya said that even after recapitalization, they will need to wait until 2029 to register the first profit.
"When you start initially, you have few passengers until you entrench yourself in the market. We will require some time to build confidence from the passengers and suppliers," he told Parliament.
He added that if they don't get the funds required to recapitalise, the Airlines will not succeed because then the foundation will be very weak to support its running.
The Parliamentary Budget Committee tasked him and Mr Wasswa Bageya, the Permanent secretary in the Ministry of Works and Transport to present a break down of the budget before being approved.
The committee argued that, they must also put up substantive board in place to ensure a proper accountability.
The Uganda Airlines is expected yo start operations in July this year with the two CRJ900 Bombardier aircrafts being part of the six aeroplane fleet that is expected.
The national carrier collapsed 20 years ago but government three years ago kick started the process of its revival but many have been skeptical about the viability of the project.