ALAFCO earned net profit of KD 15 million for the First Quarter Ended December 31, 2011

Kuwait City, Kuwait, 12 February 2012 - The Chairman & CEO, Ahmad A. Alzabin announced that ALAFCO has achieved a net profit of KD 15 million and earnings per share of Fils 19 for the first quarter ended December 31, 2011. He said that the net profit includes exceptional gains realized through the adjustment of some purchase agreements with aircraft manufacturers during the period.

During this quarter, ALAFCO announced the lease and delivery of 3 Airbus A320 aircraft to Vietnam based Vietjet Air for a term of 8 years, which is a new addition to the customer base.

He reiterated that ALAFCO had signed an agreement with Airbus to purchase 50 A320neo aircraft valued US $ 4.5 billion at list prices during the same period, enhancing the ambitious plan of ALAFCO that aims to expand the fleet to 100 aircraft by the end of this decade.

Alzabin concluded that the announced results are a testament to the company's ability to achieve the aspirations of its shareholders.

ALAFCO is a Kuwait-based aircraft leasing company. Its stock trades on the Kuwait Stock Exchange under the ticker symbol ALAFCO. The company's owned aircraft portfolio consists of 48 Airbus and Boeing aircraft leased to airlines globally. In addition, ALAFCO also manages another 12 aircraft for investors.

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