13 March 2016
- Board of Directors of "Cineco" Recommends Dividends of 50% of Paid Up Capital to the Shareholders

Manama, Bahrain - Bahrain Cinema Company, market leaders in the entertainment industry in the Kingdom of Bahrain, also known as Cineco, reported a Net Profit of BD 6,310,267 for the Financial Year ended 31st December 2015.

The results were announced by the Chairman of the Board of Bahrain Cinema Company, Dr. Esam Abdulla Fakhro following a Board Meeting held on the 24th of February, 2016 at the Cineplex at Wadi Al Sail Mall in Riffa.

Bahrain Cinema Company witnessed robust growth in its Operating Income as it outstripped the figure recorded in the previous year by 9% with the Company recording an Operating Income of BD 21.72 million as compared to the BD 19.97 million reported in 2014. Operating Profit of the Company grew by 10% to BD 7.6 million for the year 2015 as against BD 6.9 million 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 16.55% 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 has 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, thereby showing a substantial increase of 76.43 %.

Commenting on the company's investments, Dr. Esam Abdulla Fakhro said: "The Financial year 2015 was a tremendous year for us at Cineco as not only did we witness substantial financial returns but the Company has also made large scale investments on new expansion projects with the aim of consolidating the long term interests of the shareholders, and the management is fully geared to implement these projects.  The sole reason for the decrease in our Net Profit for the year 2015 was the crashing of prices of securities in the G.C.C. 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 G.C.C. region, whilst we simultaneously plan ahead in investing in other areas where the populace lacks opportunities for premium entertainment value for money. And as leaders in the entertainment industry, we consider it to be our duty to provide our state of the art technologies in sound and visuals and our unrivalled services to moviegoers everywhere; we are proud to say that the Financial Results are an apt representation of our initiatives and ventures towards this direction."

"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, Mr. Ahmed Rashed, the 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. Therefore, on the heels of a terrific year in all aspects of our operations, we now look forward to a new, more rewarding year full of the promise of better things to come. On behalf of Cineco, I would like to take this opportunity to thank all our perennial loyalists and shareholders for their interest and support over the past years, our management team for their guidance and leadership and our staff for their unmatched passion, commitment and hard work; this was a collective effort that deserves collective praise," he added.

During the meeting, the Board of Directors of Bahrain Cinema Company resolved to recommend the distribution of 50 fils cash dividend or 50% of the paid up capital to the shareholders registered as at the date of the AGM and the appropriation of the remaining balance of BD 22.79 million to Retained Earnings, which will be subject to the approval of the shareholders during the AGM. During the AGM, the shareholders will also review the report of the board on the company's activities, Corporate Governance Report and the auditors' report on the financial statements.

Cineco operations include the management of a large number of cinemas and restaurants within Bahrain and the G.C.C. Countries.

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 model.

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Issued by prlinks on behalf of Bahrain Cinema Company
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© Press Release 2016