Kuwait City, Kuwait, 10 July 2011 - ALAFCO announced a net profit of KD 28.8 million
Kuwait City, Kuwait, 10 July 2011 - ALAFCO announced a net profit of KD 28.8 million for the first nine months of its current fiscal year that commenced on 1 October 2010, a four folds increase as compared to KD 7.8 million for the same period last year. The profit per share also rose almost four times to Fils 36.98 versus Fils 9.95 in the previous period. Gross revenues during this period increased 36% to KD 39.1 million against KD 28.8 million earned during the previous year. The Company's assets jumped 15% to KD 552.7 million, and the shareholders equity increased 21% to KD 124 million.
Chairman & CEO, Ahmad A. Alzabin, stated to the press after a meeting of the Board of Directors that the results exceed our projections. He pointed out that the remarkable increase in profits compared to last year was due to the modification of some agreements that yielded a one-time KD 20 million profit approximately. Alzabin also stated that the company is successfully executing its operating plan, and in the first nine months ALAFCO managed to fulfill its obligations towards its clients by delivering two Airbus A320-200 aircrafts to Saudi Airlines, three new Boeing B737 aircrafts to Ethiopian Airlines and two new Boeing B737-800 aircraft to Okay Airways in China. Financing for the aircraft acquisition in the amount of US$ 266 million was obtained from local and international banks.
During the third quarter, ALAFCO signed an agreement with Thai Airways for the lease of 6 new Airbus A350-900 XWB aircraft for a period of 12 years. During this period, ALAFCO signed an agreement with Airbus to purchase 6 additional A350-900 XWB aircrafts at Paris Air Show for a total amount of US$ 1.6 billion. Also during the Paris airshow, the company signed a memorandum of understanding for the purchase of 30 A320 NEO aircraft for a total amount of US$ 2.7 billion.
ALAFCO is a Kuwait-based aircraft leasing company that is listed on the Kuwait Stock Exchange. The company leases Airbus and Boeing aircraft to various airlines in Europe, Asia, Africa and the Middle East. The company growth plans calls for an increase in the number of leased aircraft in its portfolio to 100 over the next five years.