Cineco reports BD4.87m net profit

Manama : Bahrain Cinema Company (Cineco) reported a Net Profit of BD4.87 Million for the financial year ended 31 December 2016. 

The results were announced by the Chairman of Bahrain Cinema Company, Dr. Esam Abdulla Fakhro following the Annual General Meeting (AGM) held on 29 March, 2017. 

During the meeting, the shareholders approved a cash dividend of 50 fils per share or 50 per cent of the paid up capital. 

For the full year 2016, the company’s operating income rose by 5pc to BD22.88m from BD21.72m reported in 2015. 

Operating gross profit increased to BD7.84m for the year 2016 as against BD7.6m registered in the financial year 2015.  Net Profit was BD4.87m in 2016 in comparison to BD6.3m in 2015. 

For the three-months ended December 2016, Cineco reported a net profit of BD849,176 compared with BD1,417,922 in the same period a year ago. Earnings Per Share is 77 fils in 2016 in contrast to the Earnings Per Share of 98 fils in 2015. 

Commenting, Dr. Esam Abdulla Fakhro said: “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.” 

Looking ahead, Dr. Fakhro said the company’s work on the 10-screen Cineplex in Oasis Mall in Juffair is expected to commence in the third quarter of 2017. 

He also confirmed that construction work on the new “Awal Plaza” residential and commercial building is progressing at a fast rate and the project is expected to be completed in the third quarter of this financial year 2017.

Dr. Fakhro also revealed plans to renovate the SAAR Cineplex and the Al Hamra Cinema during the ongoing financial year. 

“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 the State of Qatar,” he added. 

Furthermore, a MX4D screen has been installed in Gulf Mall, Qatar, in the month of March, 2017.

“We are also planning to open new food concept outlets to further expand our presence in the culinary industry throughout the Kingdom of Bahrain,” added
Dr. Fakhro. 

Speaking about the company’s overall performance, Ahmed Rashed, the Chief Executive Officer of Bahrain Cinema Company said: “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. ”