ALAFCO ups order for A320neos

Kuwait's Aviation Lease and Finance Company (ALAFCO) has finalised a purchase order for 50 A320neo family aircraft and took options for 30 more aircraft to be finalised by year-end. The aircraft will be powered by Pratt & Whitney's PW1100G engine. The order is another big step for the Middle East's largest leasing company, which now has a fleet of 48 owned and managed aircraft.

The order kicks off what is expected to be another successful year for the leasing company. ALAFCO recently reported a net profit of KWD47 million (USD171.2 million) for the year to 30-Sep-2011, a 335% increase over the KWD10.8 million profit in the previous year. Profit per share also more than quadrupled, up from 14 Kuwaiti fils per share to 60 fils per share. The profits were driven by a combination of the lessor's expansion and exceptional gains realised through the adjustment of purchase agreements with aircraft manufacturers.