Kuwait City, Kuwait
Chairman and CEO of ALAFCO Aviation Lease And Finance Company, Ahmad A. Alzabin announced that the operating profit of the company during the 1st quarter of the current fiscal year that ended 31 December 2008 reached KD 3 million, and that ALAFCO earned a net profit of KD 1.45 million. The company’s assets reached KD 281.21 million and shareholders equity reached KD 82.29 million during the quarter.
This month ALAFCO got a little closer towards realizing its expansion plans in the region when it delivered to Kuwait national carrier Wataniya Airways its first aircraft, an Airbus A320-200, on lease with which it launched its flight operations. Alzabin wished the new airline success in achieving its growth plans.
Further, he mentioned that ALAFCO exerts relentless efforts to upgrade its portfolio of aircraft by acquiring for lease and sale new aircraft from Airbus and Boeing and by selling the older aircraft in the portfolio. He said that strategic decisions such as this shall enable the company to achieve better returns for its shareholders during the coming years.
Finally, Alzabin thanked the shareholders, for their continued support and trust, and all the employees working at ALAFCO whose competence played a vital role in achieving the success the company has achieved in various fields.
ALAFCO has been listed on the Kuwait Stock Exchange since October 2006 and owns a portfolio that includes 18 narrow and wide body aircraft from both Boeing and Airbus leased to various airlines in Europe, Asia and the Middle East. The company also manages 10 aircraft for the Millennium Aircraft Leasing Company Ltd, which is an aviation fund launched by Kuwait Finance House. In addition to Wataniya Airways, ALAFCO recently signed agreements for lease and sale of aircraft with major airlines such as Saudi Arabian Airlines, Oman Air, Sky Airlines (Turkey) and Go Air (India).
