(MENAFN - Arab Times) ALAFCO's Chairman & CEO, Ahmad A. Alzabin, announced the company's first half financial result for the period ended March 31, 2012.
He said the company achieved a net profit of KD 18.3 million, and earnings per share of fils 23.4 during the first half. Alzabin explained that the net profit included exceptional profit realized through the adjustment of some purchase agreements with aircraft manufacturers.
During the first half, ALAFCO firmed up the transaction to purchase 85 A320neo aircraft from Airbus valued at 7.65 billion at list prices, thus positioning itself to reach its target of a 100 aircraft portfolio by the end of the decade. Also during the period, the company leased 3 Airbus A320-200 aircraft to Vietjet Air in Vietnam for a period of 8 years.
ALAFCO is a Kuwait-based aircraft leasing company. Its stock trades on the Kuwait Stock Exchange under the ticker symbol ALAFCO. The company's owned aircraft portfolio consists of 48 Boeing and Airbus aircraft leased to airlines globally. In addition, ALAFCO manages another 12 aircraft for investors.