Cineco approves 50pc cash dividend

Manama: Bahrain Cinema Company (Cineco) shareholders 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 Annual General Meeting (AGM) held on Wednesday at Cinema 16 at Cineco Cineplex in Bahrain City Centre. The meeting was presided over by the Chairman of the Board, Dr. Esam Abdulla Fakhro and attended by members of the Board of Directors, the Executive Management team and the Shareholders of Bahrain Cinema Company.

During the AGM, shareholders approved the minutes of the Annual General Meeting held last year on the March 25 and approved the financial results for the Financial Year ended December 31. 

The ratified financial result for the year 2015 reflected considerable growth in Cineco’s Operating Income as it measured an increase over the figure recorded in the previous year by 9pc with the company recording an Operating Income of BD 21.72 million as compared to the BD 19.97 m reported in 2014.

Operating Profit of the company grew by 10pc to BD 7.6 m for 2015 as against BD 6.9 m registered in the Financial Year 2014. Bahrain Cinema Company recorded a Net Profit of BD 6,310,267 in 2015 as opposed to BD 7,561,843 in the year 2014 registering a decrease of 16.55pc year on year basis.

Cineco reported the Earnings per Share of 98 fils in 2015 in contrast to the Earnings per Share of 115 fils registered in the Financial Year 2014. Cineco also registered a Net Profit of BD 1,417,922 for the Fourth Quarter of the year 2015 as against the Net Profit of BD 803,666 reported in the corresponding period of the financial year 2014, an increase of 76.93pc.

Dr. Fakhro said: “Despite 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. ”

Ahmed Rashed, the Chief Executive officer of Bahrain Cinema Company, added: “We aim to further improve our company’s performance by implementing new strategies and adopting an enhanced business model to achieve greater results.”