BUSINESSECONOMY

Ruto’s Multi-Billion Helicopter Business

Share
The cost of hiring a helicopter has been rising in tandem with fuel prices over the past year.
The cost of hiring a helicopter has been rising in tandem with fuel prices over the past year. [Photo/ NMG]
Share

Kwae Island Development Limited (KIDL), a Nairobi-based company associated with President William Ruto, operates his helicopter business. Headquartered at Wilson Airport, KIDL owns two hangars and five helicopters.

The helicopters are valued at around Ksh2.6 billion according to a 2021 report. The company was among assets identified by former Interior Cabinet Secretary Fred Matiang’i as being among Ruto’s properties.

Ruto is also a player in several other industries including hospitality, agriculture and real estate.

Besides playing a key role in advancing political campaigns and activities, the helicopters are leased out generating further income. The cost of hiring a helicopter has been rising in tandem with fuel prices over the past year.

READ>List Of Kenyans Who Own Helicopters And The Cost Of Hiring One

The cost of jet fuel increased to over Ksh136 a litre in June 2022 from Ksh100 in January of the same year, resulting in aviation firms charging higher leasing fees. Tropic Air increased its charges to $2,800 (Sh332,248) per hour to lease a five-seater chopper, up from $2,500 (Sh296,650) per hour in March last year, representing a 12 percent increase. Bella Aviation raised its  charges to $2,100 (Sh248,745) per hour for a five-seater chopper up from $1,800 (Ksh213,210) in March 2022, representing a 17 percent increase.

The political campaigns in the past year also helped drive demand for choppers. Other politicians who operate chopper hire businesses include Prime Cabinet Secretary Musalia Mudavadi.

READ>Mudavadi’s Nairobi Apartments, Offices Minting Millions

Ruto’s KIDL owns different Airbus and Eurocopter models purchased  for between Ksh290 million and Ksh970 million. They are;

  1. 5Y KDM,  Airbus H145 T2 purchased for Ksh970 million

2. 5Y DSC, Eurocopter 130 T2 purchased for Ksh740 million

3. 5Y KDN, Airbus H130 valued at  Ksh330 million 

4. 5Y DSN, Airbus H125 valued at Ksh290 million

5. 5Y SAK, Airbus H125 valued at Ksh290 million

NEXT>Zimele: David Ndii’s Multi-Million Wealth Management Business

 

Written by
BUSINESS TODAY -

editor [at] businesstoday.co.ke

Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Follow Us

Related Articles
iHub expands operations in east africa
BUSINESS

Tech Incubator iHub Pumps Sh1.3 Billion in Startups, Eyes Regional Expansion

Africa’s Pioneering tech incubator - iHub - is pushing for greater Pan-African...

National Bank of Kenya - NBK Kenya profit 2024
BUSINESS

NBK Shakes Kenya’s Banking Industry With 142% Growth in Profit

The National Bank of Kenya (NBK) has recorded an outstanding growth in...

I&M Bank Posts Pre-tax Profit of Ksh14.1 Billion
BUSINESS

I&M Bank Posts Pre-tax Profit of Ksh14.1 Billion

This week, I&M Bank reported a monster jump in its third-quarter earnings,...

The Chairman of the Kenya Power Board of Directors, Joy Brenda Masinde speaking during the launch of the Kenya Power Sustainability Strategy.
BUSINESS

Kenya Power Turns on a New Business Strategy

Kenya Power has launched its sustainability strategy that provides a roadmap for...