In 2013, it had the largest market share of all aviation traffic in Tanzania, at 48.33 per cent. The airline operates scheduled passenger services to Nairobi and airports in Tanzania.

Precision Air was incorporated in Tanzania in January 1991 as a private airline and started operations in 1993. At first, it operated as a private charter air transport company but in November 1993 changed to offering scheduled services to serve the growing tourist market.

In 2006, Precision Air became the first Tanzanian airline to pass the IATA Operational Safety Audit. Its registration will expire 22 September 2016.

In April 2011, the airline became a public company.

Precision Air was privately owned until 2003, when Kenya Airways acquired a 49 percent stake, paying US $2 million, weeks after its rival South African Airways acquired a 49 percent stake in Air Tanzania for US $20 million. The remaining 51 percent was retained by Michael Shirima, the founder of the airline.

In October 2011, Precision Air floated shares in the airline stock in an initial public offering on the , after which Shirima's and Kenya Airways's stakes declined and the new share subscribers owned 15.86 percent. As of March 2013, the major shareholders were:

The trends for the Precision Air group over recent years are shown below. Because it was a private company until 2011, published figures were not generally available before the initial public offering prospectus of 12 September 2011. The figures for the group (Precision Air Services Plc and its subsidiaries Precision Handling Limited and Precise Systems Limited) (as at year ending 31 March) are:

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