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Dr Esam Abdulla Fakhro and other directors at the AGM.

Cineco reports $12.92m profit

MANAMA, March 29, 2017

Bahrain Cinema Company (Cineco), market leader in the entertainment industry in Bahrain, reported a net profit of BD4.87 million ($12.92 million) for the financial year ended December 31, 2016.

The results were announced by the chairman of the board of Bahrain Cinema Company Dr Esam Abdulla Fakhro following the annual general meeting held on March 29.

Bahrain Cinema Company recorded a 5 per cent growth in operating income to BD22.88 million as compared to the BD21.72 million in 2015. Operating gross profit of the company increased to BD7.84 million for 2016 as against BD7.6 million registered in 2015.

Bahrain Cinema Company recorded a net profit of BD4.87 million in 2016 in comparison to BD6.3 million in the previous year. For the three months ended December 2016, the company reported a net profit of BD849,176 compared with BD1,417,922 for the same period of the previous year.

Cineco has reported earnings per share of 77 fils in 2016 in contrast to 98 fils in 2015.

Dr Esam Abdulla Fakhro said: “The success of the financial year 2016 is exemplified by our expansionary projects in Bahrain and beyond, extending to the GCC region as well. With the opening of the six-screen Cineplex and Rendezvous Restaurant in Wadi Al Sail Mall during the second quarter of last year, our expansion strives continued in impressive effect, as illustrated as well by the opening of the long-awaited 13-screen Cineplex in Gulf Mall and the 3-screen Cineplex in Al Khor Mall, both in Qatar.

“Our net profit for the year 2016 shows a decrease due to the many international incidents and price fluctuations that took place during the year which adversely influenced the financial markets in a substantial manner. Throughout the years, our group has successfully dealt with the different challenges it faced, and despite all the financial and economic crises surrounding the region and their impact on the national economy, we have always been committed to continuously providing our guests with state-of-the art technology in sound and visuals along with unrivalled services that serve to grant them the best movie experience.
“We are proud to say that the financial results aptly represent the significant scope of our ventures towards maintaining our position as leaders in the entertainment industry in Bahrain and the GCC region.

Speaking on expansion plans, he said work on the 10-screen Cineplex in Oasis Mall in Juffair is expected to commence in the third quarter of 2017. Construction work on the new Awal Plaza residential cum commercial building is progressing at a fast rate and the project is expected to be completed in the third quarter of this financial year.

“As part of our unrelenting commitment to providing customers with an enhanced movie experience, the company is planning to renovate the Saar Cineplex and the Al Hamra Cinema during the ongoing financial year. Furthermore, a MX4D screen has been installed in Gulf Mall, Qatar, in March. We are also planning to open new food concept outlets to further expand our presence in the culinary industry throughout Bahrain,” added Dr Fakhro.

Ahmed Rashed, the chief executive officer of Cineco, said: “It brings me great pleasure to mention that we have successfully rewarded our shareholders by performing to the best of our capacities and beyond to ensure excellent fiscal returns for the year 2016. Following the success of the Financial Year 2016, we look forward to a more rewarding year and we strive to surpass our previous achievements as we continue in our efforts to offer the best of our services.”

Cineco shareholders approved the distribution of cash dividend of 50 fils per share or 50 per cent of the paid up capital. – TradeArabia News Service
 




Tags: Bahrain | entertainment | Cineco |

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