ALAFCO released its financial results for the first quarter of its current fiscal year ended 31 December 2014
Kuwait City, Kuwait – 2 February 2015 – ALAFCO Aviation Lease and Finance Company released its financial results for the first quarter of its current fiscal year ended 31 December 2014. The net profit for the period was KD 4.3 million. That translates to earnings per share of 5.28 fils.
Vice Chairman of the Board and CEO, Ahmad A. Alzabin, said in a statement released to the press after a meeting of the Board of Directors that the results were in line with projections and that the company is on track in the implementation of its growth strategy.
Alzabin said the company’s portfolio consists of 50 leased aircraft of which 47 are owned by the company and 3 are managed on behalf of investors. The company has contracted with Boeing and Airbus to buy 117 new aircraft valued at US $12.5 billion that will be delivered between 2017 and 2021. Alafco aims to have a fleet of more than 100 aircraft by the end of the decade.
ALAFCO is a Kuwait-based aircraft leasing company. It has been listed on the Kuwait Stock Exchange since October 2006 and its ticker symbol is ALAFCO. The company leases Airbus and Boeing aircraft to various airlines in Europe, Asia, Africa, the Middle East and Latin America.