Alafco announces a net profit of KD8.3m for the first nine months ended 30 June 2009

The company's total assets reached KD339m and shareholders' equity reached KD93m during the period. Total assets increased 33% and shareholders' equity increased 17% compared to the same period last year.

Alzabin mentioned that during the first half of the year the company delivered nine new aircraft as planned to four customers.

The breakdown is seven Airbus A320-200 and two Boeing B737-900ER aircraft of which two A320-200 aircraft were delivered to Kuwait national carrier Wataniya Airways, two A320-200 aircraft were delivered to Indian low cost carrier Go Airlines, three A320-200 aircraft were delivered to Kuwait based AREF Investment Group and two B737-900ER aircraft were delivered to Turkish operator Sky Airlines.

Further, he reiterated that major airlines have plans of replacing older aircraft with new and more fuel efficient aircraft globally.

Therefore, the strategic decisions taken by Alafco to order new technology and efficient aircraft for lease and sale from Airbus and Boeing has enabled the company to meet the modernization demands of some airlines and shall help the company achieve better returns for its shareholders during the coming years.

Finally, Alzabin thanked the shareholders for their continued support and trust, and all the employees working at Alafco whose competence has contributed to the success the company has achieved to date.

Alafco has been listed on the Kuwait Stock Exchange since October 2006 and owns a portfolio that includes 23 narrow and wide body aircraft from both Boeing and Airbus leased to various airlines in Europe, Asia, Africa and the Middle East. The company also manages 9 aircraft for the Millennium Aircraft Leasing Company Ltd.