ALAFCO announces net profit of KD 10.8 million (US$ 35.4 million) for the first half of fiscal year 2017
Vice Chairman of the Board and Chief Executive Officer of ALAFCO Aviation Lease and Finance Company (ALAFCO), Ahmad A. Alzabin, announced that the company recorded a net profit of KD 10.8 million (US$ 35.4 million) for the first half of the financial year ending 30th September 2017 – a 78% increase from the same period of the previous financial year.
Alzabin said in a statement released to the press after a meeting of the Board of Directors that ALAFCO’s operating revenue increased by 32% year-on-year in the first half of FY2017. The rise in operational revenues was the result of the company’s increased operational performance, which came on the back of the acquisition of 14 aircraft during the previous year through sale and lease-back operations and through acquisition of aircraft with lease attached.
Additionally, Mr. Alzabin stated that ALAFCO took delivery of its first two A320neo aircraft in February and April 2017. The aircraft form part of the 117 new technology aircraft on order with Airbus and Boeing, scheduled to be delivered between 2017-2021.About ALAFCO
ALAFCO Aviation Lease and Finance Company K.S.C.P., headquartered in Kuwait, is a global aircraft leasing company, and is listed on the Kuwait Stock Exchange. ALAFCO's main activities include aircraft operating leases, sale and leaseback operations and aircraft lease management services. ALAFCO’s current portfolio consists of 61 Airbus and Boeing aircraft – comprising of A320, B737 and B777 aircraft – leased to 20 airlines in 13 countries across the world. ALAFCO invests in new technology aircraft and currently has a firm order of 115 aircraft comprising of 73 A320neo, 10 A321neo, 12 A350-900XWB and 20 B737max aircraft.