(MENAFN- Kuwait News Agency (KUNA)) KUWAIT, Feb 12 (KUNA) -- ALAFCO Aviation Lease and Finance Company, a leading aircraft leasing company, Wednesday reported net profits of KD 9 million (USD 30 million) for the first quarter ending on December 31.
The profits made up for an increase of 103 percent, compared to the same period last year where the company recorded profits of KD 4.4 million. Earnings per share (EPS) reached 9.44 fils compared to 4.66 fils per share in the first quarter last year, the company said in a press release.
The total revenue increased by 23 percent to reach KD 31.9 million (USD 105 million), compared to the results achieved in the first quarter last year, which amounted to KD 25.9 million, it added.
Operational revenues accounted for 94.4 percent of total revenue reaching KD 30.1 million. In addition, the company generated KD 1.4 million for the sale of aircraft, it noted.
Total assets increased by 22 percent to reach KD 1.5 billion (USD 4.95 billion), compared to total assets recorded in the same period in the previous fiscal year of KD 1.2 billion, it said.
Commenting on the results, ALAFCO Chairman Ahmad Alzabin said: "ALAFCO has managed to preserve its financial position by maintaining its operational performance and continued implementation of its strategy and business plan."
He added that the company's business is based on long-term strategic partnership, which connects the company with the largest aircraft manufacturers.
ALAFCO Aviation Lease and Finance Company KSCP is a global aircraft leasing company located in Kuwait founded in 1992 by Kuwait Airways Corporation and acquired by Kuwait Finance House in 2000.
The main activities of the company are Operating Lease, Sale and Leaseback and Lease management. (end)
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