Mubasher: Alafco Aviation Lease and Finance Company’s net profits leaped by 103% year-on-year (YoY) to stand at KWD 9 million in the first quarter (Q1) ended on 31 December 2019, compared to KWD 4.4 million in the same period of the previous year.
Earnings per share (EPS) rose to 9.44 fils in Q1-19/20 when compared to 4.66 fils in the same quarter in 2018, according to a press release on Wednesday.
Moreover, total revenues jumped by 23% to KWD 31.9 million, while operational revenue totalled KWD 30.1 million and accounted for 94.4% of total revenue.
In addition, total assets recorded KWD 1.5 billion, posting a 22% annual rise from KWD 1.2 billion.
Commenting on the results, chairman Ahmad Alzabin, said: “Despite the continuous changes that have affected the global economies and the fluctuating geopolitical situation in the region and globally, ALAFCO has managed to preserve its financial position by maintaining its operational performance and continued implementation of its strategy and business plan.”
It is noteworthy that during the twelve-month period ended 30 September, Alafco reported a net profit of KWD 17.7 million, compared to KWD 33.18 million a year earlier.
