ALAFCO records KD 16 mln net profit - Shareholders' equity up 11% and

26/10/2015 06:11 AST

The 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 16 million for the fiscal year ended Sept 30, 2015. This translates into Earnings Per Share of 19.6 fils. Shareholders' equity increased 11 percent to 219 million Kuwaiti Dinars.

Total assets amounted to KD 704 million. The Board of Directors has recommended a cash dividend of 5 fils per share subject to approval by the General Assembly of the company and related authorities. Alzabin stated in a press statement that the company's earnings were in line with its plans and strategy. He said ALAFCO leased aircraft portfolio consists of 53 aircraft, of which 50 are owned and 3 are managed for investors.

Alzabin also stated that the company is on track to expand its portfolio to 100 aircraft by the end of this decade and has on firm order 117 new aircraft from Boeing and Airbus valued at around US $14.9 billion at list prices. The order book comprises of 85 A320NEO, 20 B737MAX and 12 A350- 900XWB aircraft that shall be delivered between 2017 and 2021.

ALAFCO plans to increase its presence in the MENA region, Europe, Asia and expand into North and Latin American markets in order to achieve its growth plans. Alzabin also stated that he is grateful to the Board of Directors for its unwavering support and guidance. He also thanked ALAFCO's management and staff for their outstanding performance and commitment to the advancement of the company.

Arab Times