By: Ahmad Awad
Kuwait – Mubasher: Aviation Lease and Finance (Alafco) is currently operating its business based on a strategy that aims to increase the portfolio volume to 100 airplanes by 2020, deputy chairman and CEO of Alafco Ahmed Al Zebin said.
The current fleet contains 59 airplanes, with additional six aircraft expected to be delivered during 2017, The CEO said in a press conference held on the sidelines of Alafco’s ordinary general meeting.
Al Zebin added that Alafco’s revenues increased by 11% to total KWD 69 million, the shareholders’ equity grew by 18% to amount to KWD 258 million, while the company’s assets grew by 21% to reach KWD 853 million.
Alafco has signed a leasing contract with Air India covering 14 airplanes that will be delivered starting from 2017, he noted.
The company has established a subsidiary that is based in Dublin, Ireland. This new unit will help in expanding Alafco’s business across the UK; one of the largest markets of leasing airplanes that are not used yet due to taxes issue, the CEO said.
Translated by: Ingy ElSafy
