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FINANCIAL NEWS
Kuwait’s Alafco net profit surges to USD171m
29 Oct 2011
(MENAFN) Alafco’s chairman and CEO, Ahmad A Alzabin, said that in the fiscal year ended September, the Kuwaiti aviation leasing and finance firm managed to boost its net profit to USD171 million, reported Arabian Business.
Alzabin added that the increase was due to the company’s steps in expanding in regional and international markets, as well as realizing gains through modifying purchase agreements with plane makers.
He also said that the company planned to expand its fleet to 100 aircrafts by 2018, moreover, Alafco inked deals with both Airbus and Boeing to buy 57 new planes that would be delivered between 2014 and 2021.
It is worth noting that during the fiscal year, the company’s assets grew by 8 percent reaching USD2 billion.
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