Tanzania's private airline, Precision Air, has added a sixth plane to its fleet. The French-made ATR aircraft has a capacity of 48 passengers. Like other aircraft in the fleet, it will feature in-flight entertainment that allows passengers to watch movies and listen to music inflight. The new plane has been christened Bukoba in recognition of the business support Precision Air enjoys from people in that region. Other aircraft in the fleet have names like Kigoma, Zanzibar, Mwanza and Musoma. In 2006, the airline and Toulouse based ATR signed a $129 million deal to deliver seven brand new (two ATR 42-500s and five ATR 72-500s) aircraft. Up to six aircraft have been delivered from when the deal was signed and the fin al plane will be delivered in September 2010. Precision air flies to Mombasa's Moi International Airport, Jomo Kenyatta International Airport in Kenya and Entebbe International Airport in Uganda.
Pinnacle Security acquires Protectorate SPC
Six-month old Pinnacle Security Limited last week said they had acquired 100% ownership of Protectorate Specialist Protection Consultants (SPC). The merger is looked at as a new development in the private security industry in Uganda. Pinnacle Group Vice Chairman Vincent Kayemba said the merger is aimed at creating a world-class and a redefined security firm with an unparalleled network providing outstanding customer service. Pinnacle Security focuses on building a diplomatic security company with special emphasis on specialised security and risk management solutions. Protectorate SPC was founded by the Haworth family originally based in the UK in 1998. SPC is among the top five security companies in Uganda. The merger will not affect the existing management, staff and the services rendered by the two companies. Pinnacle Security is worth Shs 5 billion and has invested Shs 3 billion into Protectorate SPC. The CEOs of both companies will lead a transition team, which will develop a specific integration plan.
Dfcu bank posts half-year profit leap
Dfcu Bank last week announced stronger half year growth results, keeping the bank on track to achieve its 2010 targets. The bank's Managing Director, Juma Kisaame, while releasing the results said the growth indicates an improvement compared to the same period in 2009. The bank's net profit grew to Shs11.6 billion from Shs8.7 billion posted in the same period last year. Total assets grew to Shs710.9 billion from Shs545.5 billion in June 2009. Customer deposits grew to Shs419 billion, up from Shs284 billion in June 2009 while advances to customers increased to Shs365 billion from Shs306 billion in June 2009. "This strong growth was driven by increased customer deposits and customer lending; prudent cost management and better portfolio management. All the bank fundamentals are looking better than they were last year. In spite of the pressure on the net interest margins, we are on track for yet another good year," Kisaame said. During the period under review, the bank remained steadfast in implementing its investment plans of expanding the delivery channel mix and upgrading the core banking application to a more robust platform that will enable them serve customers better and act as a launch pad for more innovative solutions.
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