ALAFCO posts $11 million net profit

Chairman and CEO of Kuwait's ALAFCO, Ahmad Alzabin, announced that the operating profit of the company during the first half of its current fiscal year reached KD6.2m ($21.2m) million, and that ALAFCO earned a net profit of KD3.2m ($11m). The company's assets reached KD317m ($1 billion) and shareholders equity reached KD88.6 million ($303m) during the quarter.

He said major airlines have plans of replacing older aircraft with new and more fuel efficient aircraft and therefore the strategic decisions taken by ALAFCO to order new technology and efficient aircraft for lease and sale from Airbus and Boeing has enabled the company to meet the modernisation demands of some airlines. He added that this would help the company achieve better returns for its shareholders during the coming years.