Alafco posts KD7.7m profit in nine months

This represents an increase of 37% compared to the same period of the previous year. Earnings per share are 11.72 fils.

In a press release, Mr. Alzabin stated that the quarter results met expectations and attributed the results to the growth in business in regional and international markets. He further thanked the shareholders for their continued support and trust in the future performance of Alafco, and also thanked the company staff for their efforts.

Alafco has confirmed orders for 66 new Airbus and Boeing aircraft with a total value of $9bn at list prices. Recently announced transactions by Alafco include an operating lease agreement with Kuwait national carrier Wataniya Airways for three Airbus A320-200 aircraft for a period of 8 years commencing on January 2009.

It has also an initial agreement with Oman Air for the lease of 6 Boeing B787 Dreamliner aircraft for a period of 12 years commencing as of 2012. It has a lease agreement for 5 new Airbus A320-200 aircraft to Saudi Arabian Airlines delivering in 2009 for a period of 8 years and an initial agreement to lease and sell to Saudi Arabian Airlines 12 new Boeing B787-9 aircraft starting from 2012 and a sale agreement for 5 new Airbus A320-200 aircraft, also delivering in 2009, to Rubban Company affiliated to Aref Investment Group.

The company currently owns and manages 27 aircraft on lease to 15 airlines in Europe, Asia, and the Middle East, and plans to build a portfolio of 100 aircraft during the coming few years.