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Sunday , October 25 2020

ALAFCO announces KD 17.7 million net profit for fiscal year ending Sept

Company orders 108 Airbus, Boeing aircraft

KUWAIT CITY, Nov 3, (KUNA): Kuwait Aviation Lease And Finance Company (ALAFCO) announced Sunday a net profit of 18.79 fils per share for the fiscal year ending September 30, of about KD 17.7 million (USD 58 million).

The board of directors has recommended a cash dividend of eight percent or eight fils per share, to shareholders registered in the company’s records on the maturity date, the company’s Chairman Ahmad Al-Zabin said a statement.

The profits achieved include non-recurring operating profit as a result of selling a number of new and used aircraft with the associated leasing contracts, adding that the total revenues of the company reached KD 113.7 million (USD 373 million), Al-Zabin said.

The revenues resulted from the operations carried out by the company during the last period, noting that the total assets of the company rose by 14 percent from last year, he added. Al-Zabin said the company received 12 new aircraft during the financial year ended and was delivered to its customers from airlines.

He added that ALAFCO has a fleet of 63 aircraft leased on 21 airlines in 13 countries around the world. ALAFCO orders for 108 Airbus and Boeing aircraft to be received in the coming years, Al-Zabin said. The company was founded in 2000, listed on Kuwait Bourse in 2006. It finances the purchase and leasing of aircraft and provides management, marketing and consultancy services related to aviation industry.

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