ALAFCO reports KD 5.2m net profit for Q1 2017

Ahmad Alzabin

KUWAIT: Vice-Chairman of the Board and Chief Executive Officer of ALAFCO Aviation Lease and Finance Company (ALAFCO), Ahmad A Alzabin, announced that the company recorded a net profit of KD 5.2 million ($17.1 million) for the first three months of the fiscal year ending 30th September 2017 – a 72 percent increase from the same period of the previous fiscal year. Alzabin said in a statement released to the press after a meeting of the Board of Directors that ALAFCO’s operating revenue increased by 28 percent year-on-year in the first quarter of FY 2017.

The rise in operational revenues was the result of the company’s increased operational performance, which came on the back of the acquisition of 14 aircraft during the previous year through sale and lease-back operations and through acquisition of aircraft with lease attached. Additionally, Alzabin stated that ALAFCO will begin to receive the first batch of the new aircraft on its order book during the current fiscal year, and which form part of the agreements signed with Airbus and Boeing to acquire 117 new technology aircraft to be delivered over the next five years.

This article was published on 30/01/2017