By Rob Morris
Aircraft leasing firm says it has remained profitable this year, despite global crisis.
Aircraft leasing company ALAFCO has remained profitable since last year’s final quarter, despite adverse economic conditions, it announced on Sunday.
The company’s chairman and CEO Ahmad A Alzabin revealed the Kuwaiti business had generated a KD8.3m ($28.8m) net profit for the nine months to June 30, 2009. Aviation Lease and Finance Company’s total assets climbed 33 percent to KD339m, while shareholders’ equity was up 17 percent to KD93m during the same period.
During this year’s opening half, ALAFCO delivered nine aircraft as planned to four customers. The deliveries involved seven Airbus A320s and two Boeing B737-900ERs.
Kuwaiti carrier Wataniya Airways and Indian budget operator Go Airlines received two A320s each. A further three were delivered to AREF Investment Group in Kuwait, while the B737-900s were handed to Turkish carrier Sky Airlines.
Alzabin said ALAFCO had ordered more technologically advanced aircraft from planemakers Boeing and Airbus to satisfy demand from carriers looking to replace their older fleets.
ALAFCO was listed on the Kuwait Stock Exchange in October 2006 and today oversees a portfolio of 23 narrow and wide body aircraft that it leases to airlines in Europe, Asia, Africa and the Middle East.
It also manages nine planes for the Millennium Aircraft Leasing Company.