ALAFCO Aviation Lease and Finance Company financial results for the first half of the current fiscal year ended March 31, 2011 show net profits rose five times to KD 25.4 million versus KD 5 million in the previous year. Earnings per share increased five fold to 32.63 fils as compared to 6.23 fils in the previous year.
Total revenue during the first half rose 39% to KD 25.9 million against KD 18.6 million earned during the same period last year. The company’s total assets increased by 25% to KD 574.3 million and shareholders’ equity increased by 22 percent to KD 121.7 million during the period.
Chairman and CEO, Ahmad A Alzabin, said the results were in line with projections. He said the company met its aircraft delivery obligations to airline customers during the first half by delivering on schedule two Airbus A320-200 aircraft to Saudi Arabian Airlines, three new Boeing B737-800 aircraft to Ethiopian Airlines and two new Boeing B737-800 aircraft to Okay Airways in China. The aircraft were acquired with financing from local and international banks in the amount of $266 million. He also said the company plans to increase the size of its leased aircraft portfolio to 100 by 2015 and continue its expansion regionally and globally. Alzabin said he has confidence in the company’s ability to achieve its goals and deliver high returns to the shareholders.