ALAFCO reports USD169.1m profit for FY2011

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;
  • Two Airbus A320s leased to Saudi Arabian Airlines;
  • Three Boeing 737-800s leased to Ethiopian Airlines;
  • Two Boeing 737-800 leased to Okay Airways;
  • One Boeing 737-800 leased to Caribbean Airlines;
• 56 new aircraft orders:
  • Six A350-900 XWBs;
  • 50 A320neo aircraft;
• 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]