Bahrain Cinema approves 50pc cash dividend
MANAMA, March 24, 2016
Bahrain Cinema Company (Cineco) shareholders have approved the distribution of a cash dividend of 50 per cent of the paid-up capital, the equivalent of 50 fils per share, following the approval of the Central Bank of Bahrain.
The announcement was made during the recently held annual general meeting (AGM), presided over by Esam Abdulla Fakhro, chairman of the board, and attended by board members, the executive management team and shareholders.
The ratified financial result reflected considerable growth in Cineco’s operating income, as it measured an increase over the figure recorded in the previous year by nine per cent with the company recording an operating income of BD21.72 million ($57.2 million) as compared to the BD19.97 million reported in 2014.
The operating profit of the company grew 10 per cent to BD7.6 million as against BD6.9 million registered in the financial year 2014.
Bahrain Cinema recorded a net profit of BD6.3 million in 2015 as opposed to BD7.5 million in the year 2014 registering a decrease of 16.55 per cent year-on-year basis.
The shareholders also discussed the corporate governance report and agreed to absolve the directors from any liabilities for the year ended December 31.
In addition, all resulting works in relation to article 207 of the Commercial Companies Law were also discussed.
“For the past 48 years, Bahrain Cinema Company succeeded in remaining at the forefront of the entertainment industry in the kingdom despite many challenges, which include the increase in the leasing costs at City Center Doha and the rise in competition," said Dr Fakhro.
"However, despite these challenges we are proud of our achievements in 2015 in lieu of the highest standards of outlets and services which we provided and the considerable growth we achieved through expansion with our latest Cineplex in Wadi Al Sail Complex due for inauguration very soon," he said.
"Also, Bahrain Cinema Company has marked substantial expansions in Qatar and this includes a 3 screen Cineplex in Al Khor Mall and a 13 screen Cineplex in Gulf Mall, both of which are also almost ready to welcome their guests. This reflects the far sighted vision of the company in the face of increasing competition,” he added.
Ahmed Rashed, chief executive officer, said: “We aim to further improve our company’s performance by implementing new strategies and adopting an enhanced business model to achieve greater results. We have witnessed substantial progress and we aim to build on this momentum and provide our shareholders and clients with outstanding results in the upcoming future.
“On behalf of Cineco, I would like to thank all our shareholders for their support over the years, our management team for their wise guidance, our staff members for their unmatched commitment to their work and of course to our customers who have always chosen our movie theatres to enjoy a wonderful experience.” - TradeArabia News Service
