Kuwait-based leasing company Alafco Aviation Lease and Finance Company announced it earned a net profit of KD 21.8 million during fiscal year ending December 31, 2010. This is a ten fold increase compared to KD 2.3 million reported during the previous fiscal year.
Earnings per share also rose around ten times to 28 Fils, compared to 3 Fils last year. Total revenue during the quarter jumped 43% to KD 12.4 million compared to KD 8.7 million during the previous year. The company’s total assets increased by 30% to KD 589 million and shareholders’ equity increased by 25% to KD 119.5 million during the period.
Ahmad A Alzabin, chairman and CEO of Alafco, said the results were in line with expectations. The sharp increase in profit this quarter as compared to last year was due to amendments to some contracts that contributed additional one-time revenue of around KD 20 million. He said Alafco strives to achieve high returns for its shareholders.