Friday , October 20 2017

ALAFCO records net profit of KD 3 million – EPS clocks 3.7 fils

Ahmad A. Alzabin
Ahmad A. Alzabin

KUWAIT CITY, Jan 27: 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 3 million for the first quarter of its current fiscal year ended Dec 31, 2015. That translates to earnings per share of 3.7 fils. The shareholders’ equity stood at KD 219 million.

In a press statement, Alzabin identified Gulf Investment Corporation (GIC) as a new Strategic Investor and stated that the company welcomed the additional KD 30 million (about $100 millions) investment that GIC made in ALAFCO during the period.

Alzabin said the additional investment by GIC will enhance the company’s ability to expand its leased aircraft portfolio and realize its global expansion targets. GIC is a leading company that invests in various companies and projects in vital sectors including financial services in the Gulf Cooperation Council region and other countries.

 Alzabin said the company’s portfolio consists of 50 aircraft leased to 14 airlines around the world. He added that during the current fiscal year the company shall acquire newer aircraft and dispose older assets in line with the company’s strategy and business plan which will contribute to the achievement of operational growth targets.

 Additionally, the company has contracted with Boeing and Airbus to buy 117 new aircraft valued at $14.9 billion that will be delivered between 2017 and 2021. Alzabin stated that ALAFCO has the ability to achieve the aspirations of its shareholders and meet and satisfy the demands of its customers. He said ALAFCO shall continue to strengthen its market presence in the Middle East, Asia, Europe, Africa and Latin America.

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