Manama Bahrain, 29th March 2017

Bahrain Cinema Company, market leaders in the entertainment industry in the Kingdom of Bahrain, also known as Cineco, reported a Net Profit of BD 4.87 Million for the Financial Year ended 31st December 2016.

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

Bahrain Cinema Company witnessed a growth in its Operating Income as it exceeded the figure recorded in the previous year by 5% as the Company has recorded an Operating Income of BD 22.88 million as compared to the BD 21.72 million reported in 2015. Operating Gross Profit of the Company increased to BD 7.84 million for the year 2016 as against BD 7.6 million registered in the financial year 2015. Bahrain Cinema Company recorded a Net Profit of BD 4.87 Million in 2016 in comparison to BD 6.3 million in the previous year,2015. For the 3 months ended December 2016, Bahrain Cinema Company reported a net profit of BD 849,176 compared with BD 1,417,922 for the same period of the previous year. Cineco has also reported the Earnings Per Share of 77 fils in 2016 in contrast to the Earnings Per Share of 98 fils registered in the Financial Year 2015.

Commenting on the company’s investments, Dr. Esam Abdulla Fakhro said: “The success of the Financial Year 2016 is exemplified by our expansionary projects in the Kingdom of Bahrain and beyond, extending to the GCC region as well. 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. 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. Throughout the years, our group has successfully dealt with the different challenges it faced, and despite all the financial and economic crises surrounding the region and their impact on the national economy, we have always been committed to continuously providing our guests with state-of-the art technology in sound and visuals along with unrivalled services that serve to grant them the best movie experience. We are proud to say that the Financial Results aptly represent the significant scope of our ventures towards maintaining our position as leaders in the entertainment industry in the Kingdom of Bahrain and the GCC region.”

“As part of our expansion plans, our shareholders will also be impressed to hear that work on the 10-screen Cineplex in Oasis Mall in Juffair is expected to commence in the 3rd quarter of 2017. Construction work on the new “Awal Plaza” residential cum commercial building is progressing at a fast rate and the project is expected to be completed in the 3rd quarter of this financial year,2017. And as part of our unrelenting commitment to providing our customers with an enhanced movie experience, the company is planning to renovate the SAAR Cineplex and the Al Hamra Cinema during the ongoing financial year. 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 before the Annual General Meeting, Mr. Ahmed Rashed, the Chief Executive Officer of Bahrain Cinema Company (Cineco) said: “It brings me great pleasure 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 2016. 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. On behalf of Cineco, I would like to take this opportunity to thank all our long-standing customers and shareholders for their constant support throughout our history, our management team for their guidance and leadership and the staff of Bahrain Cinema Company for their relentless commitment and passionate work; as this success could have never been achieved without these collective efforts.”

During the Annual General Meeting, the shareholders of Bahrain Cinema Company approved the distribution of cash dividend of 50 fils per share or 50% of the paid up capital to the shareholders who were registered on the date of the AGM.

Cineco operations include the management of a large number of cinemas and restaurants within Bahrain and in the State of Qatar.

Since its establishment in the Kingdom of Bahrain in 1968, Cineco succeeded over the years by pioneering many firsts, establishing benchmarks in Bahrain’s entertainment industry.

Cineco continues to strive towards maintaining sustainable growth through the philosophy of business excellence using the best business model.

-End-

Issued by prlinks on behalf of Bahrain Cinema Company

For media enquiries please contact prlinks on 1722229

© Press Release 2017