Kuwait- ALAFCO posts KD 25.6mn net profit for fiscal year 

(MENAFN - Arab Times) ALAFCO announced a net profit of KD 25.6 million for the fiscal year ended 30 September 2012.

The profit per share was Fils 33, and shareholders' equity increased 15 percent to reach KD 163.2 million while total assets stood at KD 579 million.

The Board of Directors recommended the distribution of cash dividend of fils 5 per share, subject to approval by the general assembly of the company. Company Chairman & CEO, Ahmad A. Alzabin, stated to the press after a meeting of the Board of Directors that the profits during the year were in conformity with the company's plan and included exceptional gains realized through the amendment of some purchase agreements with aircraft manufacturers.

Diverse

Alzabin added that ALAFCO has 117 aircraft on direct order with Boeing and Airbus. These aircraft comprise state-of-the-art aircraft such as the A320NEO and B737MAX in the narrowbody category and the A350-900XWB in the widebody category with deliveries starting in 2017 and ending in 2022. With this diverse and extensive aircraft order book, ALAFCO is well positioned to provide new technology aircraft to airlines globally to replace their aging fleet and even meet their growth requirements.

Finally, Alzabin expressed gratitude to the shareholders for their confidence in the company and was very appreciative of the Board of Directors for steering the company wisely in its pursuit of growth opportunities. He also thanked ALAFCO's management and staff for their exceptional performance and contribution during the year.