ALAFCO ANNOUNCES TEN FOLD NET INCREASE IN PROFITS

Kuwait-based leasing company Alafco Aviation Lease and Finance Company announced it earned a net profit of KD 21.8 million during fiscal year ending December 31, 2010. This is a ten fold increase compared to KD 2.3 million reported during the previous fiscal year. Earnings per share also rose around ten times to 28 Fils, compared to 3 Fils last year. Total revenue during the quarter jumped 43% to KD 12.4 million compared to KD 8.7 million during the previous year. The company’s total assets increased by 30% to KD 589 million and shareholders’ equity increased by 25% to KD 119.5