ALAFCO announces profit of KD 10.2 million for 2009

Kuwait City, November 10, 2009 - The Chairman and Chief Executive Officer of ALAFCO Aviation Lease and Finance Company Mr. Ahmad A. Alzabin announced the company realized a net profit of K.D. 10.2 million (US $35.6 million) in the fiscal year that ended 30 September 2009. He said although the net profit was only slightly more than the previous year, it is viewed positively in light of the financial crisis that afflicted the world economy during the year. The earning per share was Fils 14.81 and the assets increased by 50 percent to K.D. 390 million (US $1.4 billion). The shareholders equity increased by 15 percent to K.D. 93.6 million (US $326.5 million). The Board of Directors recommended the distribution of bonus shares of 8 percent of issued shares.


Alzabin stated through a press statement that such profit was realized despite the extraordinary circumstances in the world markets that impacted economic activities including air transport. During the year, ALAFCO took delivery of all ordered aircraft and pushed ahead with its expansion plans into regional and international markets.


Alzabin also thanked the shareholders for their continued support for the company and for their confidence in its performance. He also thanked the Board of Directors for its guidance in formulating strategy and all company staff for their contribution and exemplary performance.


He added that during the last fiscal year the company witnessed a substantial increase in its fleet of leased aircraft.  The company took delivery of twelve Boeing and Airbus direct from manufacturers, of which nine were leased to local, regional and global airlines increasing the leased aircraft portfolio to twenty six.  Three of the twelve aircraft were sold.


During the year the company also managed to secure finance for the acquisition of aircraft in the amount of US $460 million through Export Import Bank of the United States, European Credit Export Agencies and local and global banks at competitive finance rates. 


ALAFCO is based in Kuwait and leases aircraft to 15 airlines worldwide and has assets in excess of US $1.4 billion.


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