ALAFCO announces net profit of KD 16.5 million for the year ended 30 September 2014. Shareholders’ equity increased 9% and earnings per share is 21.2 fils
Kuwait City, Kuwait, 29 October 2014 - Vice Chairman of the Board and Chief Executive Officer of Alafco Aviation Lease And Finance Company (ALAFCO), Ahmad A. Alzabin, announced that the company earned a net profit of 16.5 million Kuwaiti Dinars for the fiscal year ended 30 September 2014. This translated into Earnings Per Share of 21.2 fils. Shareholders’ equity increased 9 percent to 197.1 million Dinars. Total assets amounted to 660 million Kuwaiti Dinars. The Board of Directors has recommended 5% of paid up capital (5 shares for every 100 shares) as bonus shares and a cash dividend of 5 Kuwaiti fils per share subject to approval by the General Assembly of the company and related authorities.
Alzabin said in a press statement that the earnings were in line with the company's plans and strategy. He said ALAFCO currently has a portfolio of 50 aircraft, of which 47 are owned and 3 are managed for investors. He also stated that the company is committed to the firm order placed for 117 new aircraft from Boeing and Airbus valued at around US $12.5 billion at list prices. The order book comprises of 85 A320NEO, 20 B737MAX and 12 A350-900XWB aircraft that shall be delivered between 2017 and 2021.
Alzabin said the company is on track to expand its portfolio to 100 aircraft by the end of this decade. To achieve the growth plans, ALAFCO plans to increase its presence in the MENA region, Europe, Asia and expand into North and Latin American markets.
Finally, Alzabin thanked the Board of Directors for their exemplary leadership in monitoring and directing the activities of the company. He also thanked ALAFCO's management and staff for their outstanding performance and unconditional commitment to the advancement of the company.