ALAFCO Aviation Lease and Finance Company reported a net profit of KD 5 million for the first half of its current fiscal year
Kuwait City, Kuwait – 21 April 2010 ALAFCO Aviation Lease and Finance Company reported a net profit of KD 5 million (US$ 17.36 million) for the first half of its current fiscal year that ended 31 March 2010, a 57% increase compared to the same period last year. Operating profit rose 51% to KD 9.3 million (US$ 32.13 million), while earnings per share reached 6.75 fils compared to 4.29 fils during the previous year. The company’s total assets increased 51% reaching KD 478 million (US$ 1.66 billion) and shareholders’ equity rose 12% to KD 99.3 million (US$ 343.88 million) during the period.
In a press statement issued after a board meeting, company Chairman and CEO, Mr. Ahmad A. Alzabin, said ALAFCO continues to deliver good results in accordance with its operating plan during these tough economic times. The company continues to execute its plan of acquiring new aircraft from manufacturers and delivering them to airlines globally on long term leases.
Alzabin said ALAFCO successfully delivered 2 Airbus A320-200 aircraft to Greek carrier Oylmpic Air during the second quarter bringing the number of aircraft delivered in the first half to 8, having delivered 5 A320-200 aircraft to Saudi Arabian Airlines and 1 A320-200 aircraft to Kuwait-based Wataniya Airways during the first quarter. He highlighted that financing during the first half for the acquisition of new aircraft from local and international banks amounted to US$ 310 million. The ability to obtain financing to fund aircraft purchases in these times when liquidity is tight is a reflection of the confidence financiers have in ALAFCO’s operations and its growth plan. Alzabin said ALAFCO is on track to reach a fleet of 50 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.