ALAFCO earned net profit of KD 22.3 million for the first 9 months
Kuwait City, Kuwait, 25 July 2012 - ALAFCO announced a net profit of KD 22.3 million for the first nine months of its current fiscal year that ended 30 June 2012. The profit per share was Fils 28.5. Company Chairman & CEO, Ahmad A. Alzabin, said that the results were in line with the forecast and noted that the net profit during this period included an exceptional profit resulting from the modification of some aircraft purchase agreements.
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 by the end of the decade. ALAFCO recently signed a preliminary letter of commitment with Boeing to begin negotiations for the purchase of 20 Boeing B737MAX aircraft valued at US $1.9 billion at current list prices.