Bahrain Cinema Company posts BD35.89m net profit

Manama : Bahrain Cinema Company, also known as Cineco, yesterday released financial statements for the second quarter of 2017, reporting a record Net Profit of BD35.89 million for the first six months of 2017 as compared to BD1.4m reported during the corresponding period of the financial year, 2016. 

The company has also recommended a stock dividend of 25 per cent of the paid up capital i.e., one new share will be distributed for every four shares, subject to obtaining approval from shareholders and Regulatory authorities.

Announcing the decision, Dr. Esam Abdulla Fakhro, Chairman of Bahrain Cinema Company said that the Board of directors would hold an Extra-ordinary General Meeting on 28th August 2017 for obtaining approval from the shareholders for the issue of 16,524,690 bonus issues.

Earnings Per Share of the period ending 30th June 2017 was 567 fils as against EPS of 22 fils registered in the same period of the last year.  

Cineco attributed the increase in net profit to the sale of 50 per cent of the assets of City Centre Cinema location for the total amount of BD19.5m and also the resultant fair value increase due to revaluation of remaining 50pc of the assets of the said Cinema. This was done as per the joint venture agreement announced on 27th September 2016. The joint venture will operate and expand the current 8,000 square metre City Centre Cinema.