Kuwait- ALAFCO reports 1st qtr net profit of KD 25.4m
(MENAFN - Arab Times) ALAFCO Aviation Lease and Finance Company released its financial results for the first half of the current fiscal year ended March 31, 2011. Net profits rose five times to KD 25.4 million versus KD 5 million in the previous year. Earnings per share increased five fold to 32.63 fils as compared to 6.23 fils in the previous year.Total revenue during the first half jumped 39 percent to KD 25.9 million against KD 18.6 million earned during the same period last year. The company’s total assets increased by 25 percent to KD 574.3 million and shareholders’ equity increased by 22 percent to KD 121.7 million during the period.
Chairman and CEO, Ahmad A. Alzabin, said in a statement released to the press after a meeting of the Board of Directors that the results were in line with projections. The marked increase in profit in the first half as compared to last year is attributed to amendments to some contracts that contributed additional one-time revenue of around KD 20 million.
Alzabin said the company met its aircraft delivery obligations to airline customers during the first half by delivering on schedule two Airbus A320-200 aircraft to Saudi Arabian Airlines, three new Boeing B737-800 aircraft to Ethiopian Airlines and two new Boeing B737-800 aircraft to Okay Airways in China. The aircraft were acquired with financing from local and international banks in the amount of $266 million. He also said the company plans to increase the size of its leased aircraft portfolio to 100 by 2015 and continue its expansion regionally and globally. Alzabin said he has confidence in the company’s ability to achieve its goals and deliver high returns to the shareholders.
ALAFCO is a Kuwait-based aircraft leasing company and has been listed on the Kuwait Stock Exchange since October 2006. The company leases Airbus and Boeing aircraft to various airlines in Europe, Asia, Africa and the Middle East.
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"The plight of the Palestinians has been a root cause of unrest and conflict in the region," insisted Turkish President Abdullah Gul in the New York Times last week. "Whether these [recent] uprisings lead to democracy and peace or to tyranny and
(MENAFN - Arab Times) ALAFCO Aviation Lease and Finance Company released its financial results for the first half of the current fiscal year ended March 31, 2011. Net profits rose five times to KD 25.4 million versus KD 5 million in the previous year.
Yet, as the think tank has extended its presence online, ensuring that its copious archives of research and opinion on topics from free trade to the Arab Spring are well-organized and easily accessible is an increasingly important goal.
What might seem at first sight strange and unnecessary is in fact fully in line with the ambitions of those who planned the invasion eight years ago. Whether neocons or "realists", they always wanted to have a long-term political and military footprint
The Stream seems like a logical next step given Al Jazeera's newfound online clout. The network experienced massive digital growth during the Arab Spring, with web traffic exploding by 2500 percent at the beginning of the uprisings in Tunisia and Egypt
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