ALAFCO announces net profit of KD 8.2 million and earnings per share of 10 fils for the first half of the year ended 31 March 2015
Kuwait City, Kuwait, 16 April 2015 – 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 8.2 million Kuwaiti Dinars for the first half of its current fiscal year ended 31 March 2015. That translates to earnings per share of 10 fils.
Alzabin said in a statement released to the press after a meeting of the Board of Directors that the results were in line with the company’s growth strategy. He added that ALAFCO acquired an aircraft portfolio with lease attached from Fly Leasing Limited. This comprised of three Boeing B737-800 aircraft, of which two are leased to Malaysia Airlines for 11 years and one leased to NOK Air for 10 years.
Alzabin said the company’s portfolio consists of 53 leased aircraft of which 50 are owned by the company and 3 are managed on behalf of investors. The company is on track in the implementation of its growth strategy through sale and lease-back operations and through acquisition of aircraft with lease attached.
Additionally, 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 to position itself amongst the world’s top aircraft leasing companies.
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.