26 February 2015
Bahrain Cinema Company, the market leaders in the entertainment industry in the Kingdom of Bahrain, also known as Cineco, reported an increase in net profit of over 20 % at the end of year 2014 as compared to their financial results for the previous year.

The results were announced by Dr. Esam Abdulla Fakhro, Chairman of Bahrain Cinema Company following a board meeting which was held on Wednesday, 25th February 2015.

Bahrain Cinema Company registered a net profit of BD 7,561 843 million in 2014 as compared to BD 6,297,407 in the year 2013, representing 115 fils earnings per share in 2014 while it was 96 fils earnings per share in 2013.

The Company has registered a Net Profit of BD 803,666 for the fourth quarter of the year 2014 as against the Net Profit of BD BD786, 596 reported in the corresponding period of the financial year, 2013.

Chairman of Bahrain Cinema Company Mr. Esam Abdulla Fakhro said, "The company posted a strong overall performance in 2014 with improved financial results and continued healthy growth. We are pleased to announce the 20% increase in our net profits for the year 2014 and the Board has decided on the cash dividend distribution to shareholders equal to 50% of paid up capital which translates to 50 fils per share. We look forward to another year of profitability and healthy growth with our various initiatives and our upcoming future projects".

Commenting on the financial results, Mr. Ahmed Rashed, CEO of Bahrain Cinema Company said: "Bahrain Cinema Company has always delivered strong financial results and I am sure will continue to do so. The growth in profitability shows the efforts put in by the employees and the dedication of our Board of Directors who have helped by providing their wisdom and encouragement in all the endeavors of Cineco. The company has made credible improvements and will move to greater heights year after year. Over all, this year we have witnessed an increase in expansion in all business sectors including cinema operations, restaurants and investments".

"In 2015, Cineco is set on further expansions as we shall be introducing 3 new cinema screens in Al Khor Mall in Qatar in the very beginning of the second quarter this year. We are also introducing a Megaplex housing 13 screens at the Gulf Mall Qatar, and will be opening a 'Rendezvous' Restaurant in the Gulf Mall, both ventures will be open to the public at the beginning of the third quarter 2015. There are also other projects and expansion plans for the near future and we shall announce them in due course" he added.

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

From humble beginnings in 1968 in Bahrain, Cineco succeeded over the years by pioneering many firsts, establishing benchmarks in Bahrain's entertainment industry.

Cineco now owns and operates a total of 44 cinema screens in the Kingdom of Bahrain, and 27 screens in Qatar.

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

Issued by prlinks on behalf of Cineco
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© Press Release 2015