ALAFCO operating profit during the 1st Half of the current fiscal year reached KD 6.2 million
Kuwait City, Kuwait – 22 April 2009 – Chairman and CEO of ALAFCO Aviation Lease And Finance Company, Ahmad A. Alzabin announced that the operating profit of the company during the 1st Half of the current fiscal year that ended 31 March 2009 reached KD 6.2 million, and that ALAFCO earned a net profit of KD 3.2 million. The company’s assets reached KD 317 million and shareholders equity reached KD 88.6 million during the quarter.
During the first half of the year ALAFCO got a step closer towards realizing its expansion plans in the region when it delivered to Kuwait national carrier Wataniya Airways its second Airbus A320-200 aircraft on lease.
Further, he mentioned that major airlines have plans of replacing older aircraft with new and more fuel efficient aircraft globally. Therefore, the strategic decisions taken by ALAFCO to order new technology and efficient aircraft for lease and sale from Airbus and Boeing has enabled the company to meet the modernization demands of some airlines and shall help the company achieve better returns for its shareholders during the coming years.
Finally, Alzabin thanked the shareholders for their continued support and trust, and all the employees working at ALAFCO whose competence has contributed to the success the company has achieved to date.
ALAFCO has been listed on the Kuwait Stock Exchange since October 2006 and owns a portfolio that includes 19 narrow and wide body aircraft from both Boeing and Airbus leased to various airlines in Europe, Asia and the Middle East. The company also manages 10 aircraft for the Millennium Aircraft Leasing Company Ltd, which is an aviation fund launched by Kuwait Finance House. In addition to Wataniya Airways, ALAFCO recently signed agreements for lease and sale of aircraft with major airlines such as Saudi Arabian Airlines, Oman Air, Sky Airlines (Turkey) and Go Air (India).