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FINANCIAL NEWS
Kuwait’s ALAFCO posts $38m annual earnings
26 Nov 2010
(MENAFN) Chairman of Kuwait’s Aviation Lease and Finance Co. (ALAFCO), Ahmad Al Zabin, announced that the company’s earnings of its full fiscal year which starts in October, reached $38.42 million, registering a 5.9 percent increase, Reuters reported.
According to Al Zabin, the figures came as a result of ALAFCO’s expansion in regional and international markets, whereas operational profits increased by 46 percent.
ALAFCO, which leases Airbus and Boeing aircrafts to airlines in Europe, Asia, Africa and the Middle East, expanded its fleet to 40 jets, compared to 26 jets a year earlier. Moreover, the company is targeting a fleet of 59 owned and managed aircraft by the end of the year.
Al Zabin revealed that the Kuwait-based company’s total assets rose 37 percent this fiscal year to $1.9 billion.
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