Kuwait's ALAFCO inks order for 35 Airbus planes

Leasing firm finalises deal for extra A320neo aircraft from European manufacturer
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By Andy Sambidge
Tue 14 Feb 2012 05:55 PM

Kuwait's Aviation Lease And Finance Company (ALAFCO) has finalised a purchase order for 35 A320neo aircraft, plane maker Airbus said on Tuesday.

The order brings ALAFCO's total backlog for the A320neo to 85.

The firm contract is an increase of the previous agreement signed at the 2011 Dubai Airshow for 50 A320neo aircraft, Airbus said in a statement.

Ahmad A Alzabin, ALAFCO chairman & CEO, said: “After a full analysis, we concluded that the A320neo will continue to be in strong demand, therefore, we are seizing the opportunity to secure an additional 35 aircraft to meet the future requirements of our customers.

“The significant fuel burn savings it offers, combined with the operational reliability and cost effectiveness of the A320 family, make it an absolute 'must have' in our portfolio.”

John Leahy, Airbus chief operating officer, Customers, added: “This significant order from ALFACO confirms that the neo ticks all the right boxes and is clearly the best product on the market.”

Over 8,300 A320 family aircraft have already been ordered and some 5,000 delivered to more than 350 customers and operators worldwide.

In December, ALAFCO posted a near quintupling in net profit to KD47m ($169.68m) for the full year ended September 30.

The Kuwait-based firm posted a full-year net profit of KD10.8m in 2010.

Alafco has a customer base of 16 airlines globally. Its lease portfolio increased to 48 aircraft during the year as it took delivery of eight new aircraft last year, the company said.

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Last Updated: Thu 26 Jan 2017 01:27 PM GST

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