Cineco reports profit of BD6,310,267 for 2015

Manama: Bahrain Cinema Company, also known as Cineco, reported a net profit of BD6,310,267 for the financial year ended December 31, 2015.

Board of directors also resolved to recommend the distribution of 50 fils cash dividend or 50 per cent of the paid up capital to the shareholders registered as at the date of the AGM and the appropriation of the remaining balance of BD22.79 million to Retained Earnings, which will be subject to the approval of the shareholders during the AGM.

Bahrain Cinema Company said it witnessed robust growth in its operating income as it outstripped the figure recorded in the previous year by 9pc with the company recording an operating income of BD21.72m as compared to the BD 19.97m reported in 2014. Operating profit grew by 10pc to BD7.6m for the year 2015 as against BD6.9m registered in the financial year 2014.

Net profit was BD6,310,267 in 2015 as opposed to BD7,561,843 in the year 2014 registering a decrease of 16.55pc year on year basis. Earnings per share was 98fils in 2015 in contrast to the earnings per share of 115fils registered in the Financial Year 2014.

For the fourth quarter, net profit was BD1,417,922 as against net profit of BD803,666 reported in the corresponding period of the financial year 2014, an increase of 76.43pc.

Commenting on the company’s investments, Chairman Dr. Esam Abdulla Fakhro said: “The sole reason for the decrease in our net profit for the year 2015 was the crashing of prices of securities in the GCC market that adversely impacted the net profit. We believe that it is imperative that we counter this by growing our existing businesses in both the Kingdom of Bahrain as well as in the GCC region, whilst we simultaneously plan ahead in investing in other areas where the populace lacks opportunities for premium entertainment value for money.”

“Our shareholders will also be impressed to hear that work on the Cineplex in Wadi Al Sail Mall in Riffa in the Kingdom of Bahrain is already completed and will welcome moviegoers soon. Work on the Cineplex in Al Khor Mall and the Gulf Cinema Mall in Doha is nearing completion as well and will open to customers soon, thereby ensuring that our rewards will manifest in the foreseeable future.”

Speaking about the Cineco’s overall performance, Ahmed Rashed, Chief Executive Officer of Bahrain Cinema Company (Cineco) said: “It brings me enormous joy 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 2015.”

During the meeting, the  Cineco operations include the management of a large number of cinemas and restaurants within Bahrain and the GCC Countries.