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ALAFCO reports USD169.1m profit for FY2011

21-Dec-2011 9:40 AM

ALAFCO chairman Ahmed Abdullah Alzabin reported (12-Dec-2011) the following financial and operational highlights for the leasing company for the fiscal year ended 30-Sep-2011:

Financial highlights:

  • Net profit: KWD47 million (USD169.1 million);
  • Earnings per share: KWD0.60 (USD2.16);
  • Assets: KWD581 million (USD2.1 billion), +8% year-on-year;
  • Shareholders' equity: KWD142.5 million (USD510.9 million), +39%;
  • Cash dividend: KWD0.10 (USD03.6) per share;

Operational highlights:

  • Increased lease portfolio from 40 to 48 aircraft with eight new aircraft deliveries;
  • 56 new aircraft orders:
  • Amendment of some aircraft purchase agreements with manufacturers, resulting in a profit of KWD37 million (USD133.1 million). ALAFCO also amended another aircraft purchase agreement in early FY2011/12, resulting in an estimated profit of KWD13 million (USD46.8 million);
  • Obtained financing facilities totalling USD313.3 million from local and international banks. [more - original PR]