Kuwait-Mubasher: Aviation Lease and Finance (Alafco) has achieved KWD 3 million ($9.86 million) profits in the first quarter which ended 31 December, 2015, said deputy chairman and CEO Abdullah Alzabin.

Earnings per share reached 3.7 fils in the first quarter ended 31 December last year, while the shareholders’ equity stood at KWD 219 million, added the CEO.

Alafco’s improved performance came at the time that a KWD 30 million ($100 million) equity purchase agreement was closed by Gulf Investment Corporation (GIC) to become a strategic shareholder of the aircraft-leasing company.

Alzabin said that Alafco currently owns 50 aircrafts which are being leased by 14 airlines companies across the globe.

The company is sealing agreements which are worth $14.9 billion for buying 117 new aircrafts that will be delivered between 2017 and 2021, said the CEO.

Alafco stock ended Wednesday’s session lower 1.05% to close at 188 fils after about 286,300 shares were traded at KWD 54,400.