ALAFCO announces net profit of US$ 108 million for FY2017
Kuwait, 6th November 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 exceptional profits of KD 35 million (US$ 108 million) for the financial year ending 30th September 2017.
Mr. Alzabin said in a statement released to the press after a meeting of the Board of Directors that net profits were up 133% from the previous year, partly related to the closing of the sale of three new A350XWB aircraft with lease attached to Amedeo.
Alzabin also stated that ALAFCO’s operating revenue increased by 18% from the previous year, thanks to the continued expansion of its portfolio of leased aircraft. In 2016, ALAFCO acquired 14 aircraft mainly through acquisitions of aircraft with lease attached – enhancing the company’s operational performance. This year, ALAFCO acquired 4 new aircraft through a sale and leaseback with flag carrier Kuwait Airways – all four Boeing 777-300ER aircraft were delivered during FY2017.
Mr. Alzabin also stated that ALAFCO has begun to take delivery of its orderbook comprising of 117 new technology aircraft on order with Airbus and Boeing. ALAFCO took delivery of its first 3 A320neo and first 3 A350XWB aircraft during FY2017, and were successfully delivered to customers Air India and Thai Airways. ALAFCO will continue to take delivery of the remaining orderbook through 2021.
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 66 Airbus and Boeing aircraft – comprising of A320, B737 and B777 aircraft – leased to 21 airlines in 14 countries across the world. ALAFCO invests in new technology aircraft and currently has a firm order of 111 aircraft comprising of 72 A320neo, 10 A321neo, 9 A350-900XWB and 20 B737Max aircraft.