ALAFCO reports 50% rise in quarter profit

Net profit in the nine months to June 30 rose to KD8.3 million ($28.89m), compared with KD7.7m ($26.79m) in the year earlier period, ALAFCO said in a statement without giving a reason for the rise.

According to Reuters’ calculations, third-quarter net profit rose to KD5.1m ($17.75m) from KD3.4m ($8.3m) in the year earlier period. Total assets for the nine months rose by 33% to KD339m ($1.18 billion), while shareholders' equity rose by 17% to KD93m ($323.6m), ALAFCO said.

Earnings per share was 12.1 fils (42.1 cents) in the first nine months, it said without giving a comparison. Earlier this month, the firm said that it will deliver 11 Airbus aircraft in the second half of 2009. Six of the new planes will go to Saudi Arabian Airlines, four to Greek Pantheon Airways, and Kuwait's Wataniya Airways will receive one aircraft.

Islamic lender Kuwait Finance House is ALAFCO's biggest shareholder with a 53.62% stake, while state-owned Kuwait Airways owns 11.47$ according to the bourse website.

ALAFCO's shares were up 1.06% yesterday, outperforming Kuwait's main index, which was up 0.04%. ALAFCO's earnings were announced after trading hours.