ALAFCO profit up 37%

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ALAFCO turned a profit of KD 7.7 million (US$28.97 million) for the last nine months of the fiscal year that started on 1 October 2007, representing a 37% increase from the year-earlier period.

In a press release, ALAFCO states that the quarter results "met expectations" and were the result of regional and international growth.

To date, ALAFCO has confirmed orders for 66 new Airbus and Boeing aircraft with a total value of $9 billion at list prices.

Recently ALAFCO announced an operating lease agreement with Wataniya Airways for three Airbus A320-200 aircraft for a period of eight years, commencing on January 2009. It also signed an initial agreement with Oman Air for the lease of six Boeing 787 aircraft for a period of 12 years commencing in 2012.

In addition, ALAFCO inked a lease agreement for five new A320-200s with Saudi Arabian Airlines, delivering in 2009 for a period of eight years. It also signed an initial agreement with Saudi Arabian Airlines to lease and sell 12 new Boeing 787-9 aircraft, starting from 2012. The lessor also sealed an  agreement for five new A320-200 aircraft, also delivering in 2009, to Rubban Company.

The lessor currently owns and manages 27 aircraft on lease to 15 airlines in Europe, Asia and the Middle East.