ALAFCO Announces Year End Financial Results
Kuwait City, Kuwait – 24 November 2010 – ALAFCO Aviation Lease and Finance Company announced its financial results for the fiscal year that ended 30 September 2010. ALAFCO earned a net profit of KD 10.8 million during the year that is equal to Fils 14.5 per share. Total assets increased 37 percent to KD 536 million. Profit from operations was KD 20 million, an increase of 46% over last year. Shareholders’ equity increased 10 percent to KD 103 million compared to same period last year. The board of directors has recommended the distribution of cash dividends of Fils 5 per share and 5% bonus shares (five shares per each one hundred shares) subject to approval by regulatory bodies.
Chairman and CEO, Mr. Ahmad A. Alzabin, stated in a press statement that the profits were realized as a result of the company’s expansion in the local, regional and international markets over the last fiscal year. He thanked the shareholders for their continued support for the company and their confidence in its performance, and the board of directors for providing guidance to management. He also thanked the staff for their contribution to the success of the company.
Alzabin added that the fiscal year ending 30 September 2010 had witnessed a substantial increase in size of ALAFCO's leased aircraft portfolio. ALAFCO took delivery of 15 new aircraft from manufacturers and sold 1 aircraft thereby increasing the number of owned aircraft from 26 to 40 at the end of the last fiscal year. These aircraft are leased to 14 airlines locally, regionally and internationally. ALAFCO serves airlines in Europe, Africa, the Middle East, China, India and East Asia. At the end of the first quarter of the current fiscal year, ALAFCO shall have 59 owned and managed aircraft in its lease portfolio.
Alzabin also stated that ALAFCO was able to obtain long term financing for the aircraft purchases during the year in the amount of US$ 620 million through local and international banks at competitive rates. The ability to obtain financing during the global financial crisis shows the confidence banks have in ALAFCO’s operating plan and its financial strength.
ALAFCO is a Kuwait-based aircraft leasing company. The company stock trades on the Kuwait Stock Exchange and its ticker symbol is ALAFCO.