KD4.271m profit by ALAFCO

Earnings per share amounted to Fils 6.52 i.e. an increase of 40%.

He also stated that the realized profits are compatible with the set plans and reflects the growth of activities and business of ALAFCO and thanked the shareholders for their ongoing support of the company and trust in its future performance.

Mr. Alzabin pointed out that ALAFCO has placed firm orders for 66 Airbus and Boeing aircraft valuing $7bn as per the published prices, of which the paid pre-delivery payments amounts to $1.5bn. ALAFCO also owns and manages 27 aircraft leased to 15 world airlines in Europe, Asia and Middle East. This is in line with its efforts to establish a fleet of 100 aircraft over the next few years.

Mr. Alzabin stressed the Company's interest in GCC market in view of its success in the world markets. He pointed out that, thanks to Allah, ALAFCO has received leasing offers from several parties for each firmly ordered aircraft. It has managed to enter into operating lease agreement with Kuwait National Airways for three A320-200 aircraft for 8 years starting from January 2009.

It has also entered into an initial agreement for leasing of six B787 Dreamliner aircraft for 12 years starting from 2012 and is in negotiations with two Gulf companies for supply of 22 Boeing B787 Dreamliner and Airbus A320-200 aircraft.

He reaffirmed ALAFCO's commitment and ability to fulfill the requirements of its clients from GCC airline companies and its readiness to fulfill requirements world wide for commercial aircraft on operating lease basis.

ALAFCO stock has been trading on Kuwait Stock Exchange Market since October 2006.