ALAFCO profits up by 10%
The Chairman and CEO of ALAFCO Aviation Lease and Finance Company, Mr. Ahmad Abdullah Alzabin stated that ALAFCO has realized a net profit of K.D. 10.06 million in the fiscal year ended in September 2008, representing a 10% increase compared to the previous year. The earnings per share rose 10% to Fils 15.35. The total assets grew 6% to K.D. 260.9 million and shareholders equity increased 3 percent over last year. The Board of Directors recommended the distribution of 5% as bonus shares and 5% as cash dividends to the shareholders subject to the approval of official authorities.
In a press release, Alzabin said that these outstanding profits are in line with company forecast and reflect the well-balanced growth of the activities and business of ALAFCO in the regional and world markets and its expectations for further expansion over the next period. He thanked the shareholders for their continued support to the Company and their confidence in the future of its performance and also thanked all employees for their contribution in achieving the year end result.
Alzabin stated that the last fiscal year was positive not only in terms of financial results but also on the level of the Company's business and activities. The Company has successfully executed its strategy, namely enhancing its regional presence through the execution of aircraft agreements with some major Gulf airlines. The most recent was an agreement for the lease and sale of 25 aircraft to Saudi Arabian Airlines.
He also said that in 2009 we will witness the delivery of 20 aircraft subject to earlier signed agreements.
Alzabin added that the Company has placed orders for 70 new aircraft from Airbus and Boeing valued at US$ 10 billion at list prices scheduled for delivery starting from 2009. Most of the new aircraft have already been leased to airlines such as Kuwait National Airways, Saudi Arabian Airlines, Oman Air, Go Air (India), Sky Airlines of Turkey and other major airlines.