Ahmad Alzabin

KUWAIT: Vice Chairman of the Board and Chief Executive Officer of Aviation Lease and Finance Company (ALAFCO) Ahmad A Alzabin, announced that the company earned a net profit of KD 6.1 million ($ 20.1 million) for the first half of its current fiscal year ended 31 March 2016. That translates to earnings per share of 6.9 fils ($ 0.02).

Alzabin said in a statement released to the press after a meeting of the Board of Directors that the company is on track in the implementation of its growth strategy through sale and leaseback operations and through acquisition of aircraft with lease attached. ALAFCO is a Kuwait-based aircraft leasing company and is listed on the Kuwait Stock Exchange.

ALAFCO’s portfolio consists of 49 Airbus and Boeing aircraft, leased to 14 airlines in 13 countries across Europe, Asia, Africa, Latin America and the Middle East. Additionally, the company has contracted with Boeing and Airbus to acquire 117 new aircraft valued at $14.9 billion to be delivered between 2017 and 2021. ALAFCO aims to have a fleet of more than 100 aircraft by the end of the decade, in order to position itself amongst the world’s top aircraft leasing companies.