ALAFCO posts net profit of US$ 35.4m for first half of fiscal year 2017

Vice Chairman of the Board and Chief Executive Officer of ALAFCO Aviation Lease and Finance Company, Ahmad A. Alzabin, announced that the company recorded a net profit of KD 10.8 million (US$ 35.4m) for the first half of the financial year ending 30th September 2017 – a 78% increase from the same period of the previous financial year. ALAFCO’s operating revenue increased by 32% year-on-year in the first half of FY2017. The rise in operational revenues was the result of the company’s increased operational performance, which came on the back of the acquisition of 14 aircraft during the previous year through sale and lease-back operations and through acquisition of aircraft with lease attached. Additionally ALAFCO took delivery of its first two A320neo aircraft in February and April 2017. The aircraft form part of the 117 new technology aircraft on order with Airbus and Boeing, scheduled to be delivered between 2017-2021.