ALAFCO announces net profit of KD 14.1 million (US$ 46.6 million) for the fiscal year ending 30 September 2016
Kuwait City, Kuwait, 26 October 2016 – 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 KD 14.1 million (US$ 46.6 million) for the fiscal year ending 30 September 2016.
Alzabin said in a statement released to the press after a meeting of the Board of Directors that ALAFCO’s operating revenue increased 10% year-on-year in FY 2016 as the company continues with the implementation of its growth strategy, acquiring 14 aircraft during the year through sale and lease-back operations and through acquisition of aircraft with lease attached. Additionally, ALAFCO has contracted with Boeing and Airbus to acquire 117 new aircraft to be delivered between 2017 and 2021.
ALAFCO’s current portfolio consists of 61 Airbus and Boeing aircraft – comprising of A320, B737 and B777 aircraft – leased to 19 airlines in 13 countries across the world. ALAFCO is a Kuwait-based aircraft leasing company and is listed on the Kuwait Stock Exchange.