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ALAFCO FY2010 net profit up 6%

25-Nov-2010 12:16 PM

Aviation Lease and Finance Co (ALAFCO) reported a 5.9% year-on-year increase in net profit to USD38.4 million for the 12 months ended 30-Sep-2010 which, according to Chairman Ahmad Alzabin, is attributable to the leasing company’s “expansion in regional and international markets” (Arabian Business, 24-Nov-2010). ALAFCO also reported a 46% increase in operating profit and a 37% increase in total assets to USD1.9 billion as at 30-Sep-2010. The leasing company increased its fleet from 26 to 40 and is targeting a fleet of 59 owned and managed aircraft by the end of fiscal year.