Mubasher: Aviation Lease and Finance (ALAFCO) reported a 133.3% surge in profits for the fiscal year that ended 30 September 2017, as shown by the company’s financial statements.
Annual profits amounted to KWD 32.82 million ($108.6 million) in FY16-17 up from KWD 14.07 million ($46.56 million) for previous year, the company said in a statement to Boursa Kuwait on Monday.
The rise in profits is attributed to higher operational income from sales, with heavy maintained and leasing provisions used, the statement noted.
Alafco’s board of directors recommended in its meeting on Monday, the distribution of cash dividends to shareholders at 10 fils per share, representing 10% of the company’s capital.
The eligibility to the dividends will be for shareholders registered by the end of 11 January 2018, and will be distributed on 25 January.
