ALAFCO announces net profit of KD20.6m for year ended 30 September 2013
21/11/2013 7:55 am EDT

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ALAFCO announced a net profit of KD20.6m for the fiscal year ended 30 September 2013. The earnings per share was Fils 26.5 and shareholders’ equity increased 11% to KD180.8m, while total assets stood at KD670m. The Board of Directors has recommended the distribution of cash dividend of Fils 5 per share subject to approval by the general assembly of the company.

Company Vice Chairman & CEO, Ahmad A. Alzabin, said, “In a press statement after a meeting of the Board of Directors that the profits during the year were in-line with the company’s plan and included exceptional gains realized through the amendment of some purchase agreements with aircraft manufacturers.”

Alzabin added, “ALAFCO currently owned 47 aircraft in its lease portfolio that it leases to 14 airlines in Europe, Asia, the Middle East, Africa and Latin America. The company also manages another 3 aircraft for investors. He also confirmed that the company has 117 state-of-the-art aircraft such as the A320NEO and B737MAX in the narrowbody category and the A350-900XWB in the widebody category on order with Boeing and Airbus valued at around $12.5bn at list prices. The deliveries of these aircraft shall commence in 2017 and end in 2021.”

With the current order book, Alzabin said, “The company is on track to meet its target to increase its lease aircraft portfolio to 100 aircraft by 2020.” Alzabin disclosed, “ALAFCO has received approval from the Kuwait Capital Markets Authority to list up to 30% of its shares on the London Stock Exchange. The company has commenced this process and shall coordinate with the financial regulatory authorities in the United Kingdom to list on the London Stock Exchange and expects this process to take from four to six months.”

Finally, Alzabin expressed his gratitude to all the shareholders for their confidence and continued support for the company. He also thanked the Board of Directors for guiding the company very prudently and ALAFCO’s management and staff for their exceptional performance and contribution in achieving these results.

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