ALAFCO posts USD 27.1 mln in 9-month profits

News Update

ALAFCO Aviation Lease and Finance Company has reported net profits of KD 7.8 million (USD 27.1 million) for the nine months of its current fiscal year that ended on June 30, 2010.

In a press statement issued after the board meeting, company Chairman and CEO Ahmad Alzabin, said operating profits rose 45 percent to KD 14.4 million (USD 50 million), while earnings per share reached 10.45 fils.

He said the company's total assets increased 42 percent reaching KD 480 million (USD 1.7 billion) and shareholders' equity rose 11 percent to KD 103 million (USD 353.3 million) during the period.

He said the net profit is seven percent less compared to same period last year, but ALAFCO continues to deliver good results in accordance with its operating plan during these tough economic times.

Alzabin said during the current year ALAFCO successfully delivered a total of 10 aircraft up to now, two Airbus A320-200 aircraft to Greek carrier Olympic Air, seven A320-200 aircraft to Saudi Arabian Airlines and one A320-200 aircraft to Kuwait-based Wataniya Airways.

He highlighted that financing during the first nine months for the acquisition of new aircraft from local and international banks amounted to USD 350 million. Alzabin said ALAFCO is on track to reach a fleet of 59 owned and managed aircraft by the end of this year.

ALAFCO is a Kuwait-based aircraft leasing company and has been listed on the Kuwait Stock Exchange since October 2006. The company leases Airbus and Boeing aircraft to various airlines in Europe, Asia, Africa and the Middle East.

Source: zawya.com – 19th July 2010

Back