ALAFCO reports net profit of KD 13.2 million for the first half ended 31 March 2013
Kuwait City, 24 April 2013 – ALAFCO Aviation Lease And Finance Company announced financial results for the first half of the fiscal year that ended 31 March 2013. During this period, the company earned a net profit of KD 13.2 million and achieved earnings per share of 17 Fils. Company Chairman, Mr. Ahmad A. Alzabin, highlighted that the net profit for the first half included non-recurring operating income resulting from the adjustment of some purchase agreements with aircraft manufacturers.
In terms of operating activity during the first half, Alafco leased 2 additional Airbus A320-200 aircraft to Vietjet Air, a Vietnamese low cost airline, and sold 2 Boeing B777-200ER aircraft to Guangzhou based China Southern Airlines upon the expiration of the lease agreements with the airline. Earlier this month, on 22 April 2013, Alafco and Garuda Indonesia signed agreements for the sale and leaseback of 2 new Boeing B777-300ER aircraft. These aircraft are expected to be delivered in June and July 2013 to the airline.
ALAFCO is a Kuwait based Shariah-compliant aircraft leasing company. The company is listed on the Kuwait stock exchange and its ticker symbol is ALAFCO. Alafco has in its portfolio 50 Boeing and Airbus aircraft that it leases to airlines around the world.