Mubasher: Aviation Lease and Finance (Alafco) achieved a surge of 214% in profits during the second quarter that ended on 31 March 2018 compared to the same period in the previous fiscal year.
Earnings soared to KWD 17.59 million ($58.4 million) in Q2-18 from KWD 5.59 million ($18.5 million) in Q2-17, according to a bourse statement on Monday.
Alafco’s operating revenues surged by 214% to KWD 25 million ($82.9 million) in Q2 this year from KWD 19.6 million ($65 million) in Q2-17.
In the first six months that ended on 31 March 2018, profits grew by 135% to KWD 25.37 million from KWD 10.79 million in the same half a year ago.
Alafco’s assets increased by 30% to KWD 1.11 billion in H1-18 from KWD 857 million in H1-17, the statement added.
It is noteworthy that Alafco’s fiscal year begins on 1 October and ends in September the following year.
In the first quarter that ended on 31 December 2017, Alafco recorded a growth of 49.6% in profits to KWD 7.78 million compared to KWD 5.2 million in the same period a year ago.
