ALAFCO announced a net profit of KD 2.3 million (US$ 8 million) for the first three months of the current fiscal year

Kuwait City, Kuwait – 19 January 2010 ALAFCO Aviation Lease and Finance Company announced that it earned a net profit of KD 2.3 million (US$ 8 million) for the first three months of the current fiscal year that ended 31 December 2009, a 54% increase compared to the first quarter last year. Total revenue during the quarter was KD 8.7 million, up 48% over same period last year. Operating profit rose 47% to KD 4.3 million (US$ 15 million), while earnings per share were 3 fils. The company’s total assets reached KD 453 million (US$ 1.6 billion) and shareholders’ equity increased to KD 96 million (US$ 335 million) during the period. Total assets increased 61% and shareholders’ equity increased 16% compared to the same period last year.

In a press statement issued after a board meeting, company Chairman and CEO, Mr. Ahmad A. Alzabin, said ALAFCO delivered solid results despite adverse global economic conditions. The company continues to execute its plan of delivering new aircraft on lease to airlines globally. During the quarter, 5 new A320-200 aircraft were delivered to Saudi Arabian Airlines and 1 A320-200 was delivered to Kuwait-based Wataniya Airways increasing the total number of aircraft in its portfolio to 32. In calendar year 2010, ALAFCO plans on delivering 16 additional aircraft on lease to various customers bringing the total number of aircraft in its portfolio to 47.

Once again, Alzabin is thankful to its customers, shareholders, and employees for their continued support of the company.

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.