ALAFCO earned net profit of KD 11 million for the First Quarter Ended December 31, 2012
Kuwait City, Kuwait, 12 February 2012 - The Chairman & CEO, Ahmad A. Alzabin announced that ALAFCO has achieved a net profit of KD 11 million and earnings per share of Fils 14 for the first quarter ended December 31, 2012. 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 of 2 Airbus A320 aircraft to Vietnam based Vietjet Air for a term of 9 years, bringing the total to 5 leased aircraft to the same client. The company has also sold 2 used B777-200ER aircraft, manufactured in 1998, to China Southern airlines. He reiterated that the selling transaction is in line with the company’s strategy of maintaining its owned portfolio consists of young and modern aircraft.
He also confirmed that ALAFCO has signed an agreement with Boeing to purchase 20 B737MAX aircraft valued US $ 1.9 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 46 Airbus and Boeing aircraft leased to airlines globally. In addition, ALAFCO also manages another 6 aircraft for investors.