KAFCO expects KD 10 mln increase in net profits this year

KUWAIT, March 27 (KUNA) -- Kuwait Aviation Fueling Company (KAFCO) expects its net profits to double and reach around KD 10 million dinar, General Manager Ahmad Al-Mudhef said on Thursday.
Al-Mudhef made his remarks in a statement to reporters on the sidelines of a ceremony hosted by KAFCO marking its Golden Jubilee.
The company's plans, according to its strategy, to increase companies operating at Kuwait International Airport in order to achieve a sales increase, he said.
The official pointed out to the existence of coordination with the Kuwait Civil Aviation to overcome all obstacles and obstructions inside the airport, adding that the company's focus will be on the Gulf region to attract Gulf companies which in turn contribute in the increase in KAFCO sales.
Al-Mudhef added that the largest share of the company's sales go to Kuwait Airways, which represents 40 percent of total sales, noting that then the rest goes to Jazeera Airways and other Gulf companies.
Regarding the merger with Kuwait Petroleum International, Al-Mudhef said " we are now in terms of administration a branch of Kuwait Petroleum International based on the decision by the Kuwait Petroleum Corporation Board of Directors," adding that there is a study in this regard, but has not been completed yet.
On the issue of new airport, Al-Mudhef said tenders have been issued and two meetings with contractors took place, noting that the deadline for the closure will be at the end of next April.
The official said that the company plans to update its fleet by buying new fuel vehicles to provide fuel to planes as well as the modernization of its current fleet indicating that the company has more than 10 private cars to provide aircraft refueling.
Meanwhile, the Chief Executive Officer of Petrochemical Industries Company (PIC), a subsidiary of Kuwait Petroleum Corporation, Assad Al-Saad expressed his pleasure in attending KAFCO's Golden Jubilee, because as he described he was "once assumed command of the company in the past," pointing out that since KAFCO establishment in 1963, and until now the company conquered everything.
During the same ceremony, Al-Saad noted that KAFCO's successes now place it in an excellent position globally, and is a partner in the successes with the Kuwait Petroleum Corporation as one of its subsidiaries.
Al-Saad pointed out that KAFCO is one of the important companies to Kuwait's economy and one of the companies that contributed in the growth of the country's economy. (end) asj.mb KUNA 272130 Mar 14NNNN