KUWAIT CITY, Oct 27, (Agencies): ALAFCO announced a net profit of KD 47 million for the fiscal year ended Sept 30, 2011, exceeding four fold increase as compared to KD 10.8 million earned last year. The profit per share also rose more than four times to Fils 60 versus Fils 14 in the previous year. The Company’s assets increased 8% to KD 581 million, and the shareholders equity jumped 39% to KD 142.5 million. The Board of Directors has recommended the distribution of cash dividends of Fils 10 per share subject to approval by the general assembly.
Chairman & CEO, Ahmad A. Alzabin, stated to the press after a meeting of the Board of Directors that the profits resulted from the expansion in the regional and international markets, in addition to the exceptional gains realized through the adjustment of purchase agreements with aircraft manufacturers during this period.

He added that the fiscal year ended Sept 30, 2011, had seen an increase in ALAFCO’s portfolio whereby the number of aircraft increased from 40 to 48 aircraft, which is an increase of 8 aircraft that are leased to a number of regional and global airlines. Furthermore, ALAFCO had successfully obtained financing for the acquired aircraft in the amount of $266 million from local and international banks.
During the year, ALAFCO strengthened its presence in the Middle East, Europe, Africa, Asia, and Latin America. Currently, ALAFCO has agreements to purchase 57 new aircraft from Airbus and Boeing that will be delivered from 2014 until 2021.
Alzabin said that we have confidence in the company’s ability to meet the requirements of our customers and achieve the aspirations of our shareholders. This year’s exceptional results have bolstered the company’s ability to advance to the next phase of the growth plan. ALAFCO has an ambitious plan to increase its portfolio to 100 aircraft by 2018 that will result in increased cash flows and profitability.
At the end, the Chairman & CEO expressed his gratitude to the shareholders for their confidence and continued support to the company and its Board of Directors. Alzabin also thanked ALAFCO’s management and staff for their contribution in achieving this success.


Inovest Company reported that the Board of Directors met on Oct 26, 2011 and approved the financial statements for the nine months ending on Sept 30, 2011.
Inovest reported a loss of $2,858,816 equivalent to KD 780,457 for the three months ending Sept 30, 2011 compared to a loss of $11,893,458 or KD 3,246,914 for the three months ending Sept 30, 2010.
Particulars (9 months ending) Sept 30, 2011 Sept 30, 2010
Profit (USD) (5,950,060) (21,164,993)
EPS (cent) (2.09) (7.44)
Profit (KD) (1,624,366) (5,778,043)
EPS (fils) (5.71) (20.31)
Total current assets (USD) 105,937,763 105,066,522
Total current assets (KD) 28,921,009 28,683,160
Total assets (USD) 339,783,775 386,142,739
Total assets (KD) 92,760,971 105,416,968
Total current liabilities (USD) 71,117,655 66,653,117
Total current liabilities (KD) 19,415,120 18,196,301
Total liabilities (USD) 141,791,656 168,481,767
Total liabilities (KD) 38,709,122 45,995,522
Total shareholders’ equity (USD) 197,992,119 217,660,972
Total shareholders’ equity (KD) 54,051,848 59,421,445
Total revenue from transactions is worth KD 1,128,875


Kuwait Stock Exchange announces that Director of Ikarus Petroleum Industries Company (Ikarus) approved interim financial statements for the Q3 periods ending Sept 30, 2011, dated Oct 27, 2011.
For the three months ending Sept 30, 2011, Ikarus earned a profit of KD 3,048,334 compared to a profit of KD 1,059,041 earned during the same period of 2010.
Particulars (9 months ending) Sept 30, 2011 Sept 30, 2010
Profit (Loss) (KD) 9,578,644 4,340,130
EPS (LPS) (fils) 12.8 5.8
Total current assets 13,269,876 16,734,533
Total assets 174,316,640 162,158,163
Total current liabilities 32,621,065 33,369,070
Total liabilities 32,621,065 33,369,070
Total equity 141,695,575 128,789,093
Total expenses from transactions with related parties amounted to KD 160,478.


Board of Director of Al-Eid Food Company (Al-Eid) approved its financial statements for the Q3 periods ending Sept 30, 2011, dated Oct 26, 2011.
For the three months ending Sept 30, 2011, Al-Eid earned a profit of KD 146,756 with EPS valued at 2.26 fils compared to a profit of KD 166,829 or 2.57 fils per share earned during the same period of 2010.
Particulars (9 months ending) Sept 30, 2011 Sept 30, 2010
Profit (Loss) (KD) 468,714 410,356
EPS (LPS) (fils) 7.21 6.31
Total current assets 11,341,550 9,954,988
Total assets 12,545,377 11,373,944
Total current liabilities 3,216,214 3,052,845
Total liabilities 4,663,705 4,149,562
Total equity 7,881,672 7,224,382


Updating its previous announcement dated Sept 14, 2011, Kuwait Stock Exchange reported that Heavy Engineering and Ship Building Company (HEISCO) won tender No. WK/31/2010/2011 for chemical cleaning of power stations and water desalination plants. The tender was issued by the Ministry of Electricity and Water (MEW) at a total value of KD 1,031,156 over three years. The company signed the contract on Oct 20, 2011.