Kuwait's Alafco sees four-fold rise in yearly profit

Alafco, the Kuwait-based aviation leasing and finance company has announced a net profit of KD47m for the fiscal year ended September 30, a four-fold increase on the previous year. The company added in a statement that its assets increased by eight percent to KD581m. Ahmad A Alzabin, chairman and CEO, said that the growth in profits had resulted from expansion in the regional and international markets, in addition to gains realised through the adjustment of purchase agreements with aircraft manufacturers during this period. He added that the number of aircraft leased to airlines increased from 40 to 48 after Alafco obtained financing for them to the tune of $266m. During the year, Alafco said it had strengthened its presence in the Middle East, Europe, Africa, Asia, and Latin America. The company has agreements to purchase 57 new aircraft from Airbus and Boeing that will be delivered from 2014 until 2021, Alzabin added. He said: "This year's exceptional results have bolstered the company's ability to advance to the next phase of the growth plan." Alafco has an ambitious plan to increase its portfolio to 100 aircraft by 2018.