Net rises 60 per cent to BD3.4 million
Bahrain Cinema Company (CINECO) has announced outstanding financial gains with net profits rising 60 per cent to BD3.4 million for the half year ending June 2007. The company also reported the highest-ever earnings per share of 90 fils. The company's net profits rose from BD2.08 million for the same period in 2006 to BD3.35 million in June 2007.
The company also unveiled the major expansion plans for Bahrain as well as across the GCC region.
The financial results were announced after a meeting presided over by the managing director Dr Esam Abdullah Fakhro. Present on the occasion among others were the CINECO general manager, Ahmed Rashed, who highlighted the company's achievement in including the highest increase in profits in comparison to its paid-up capital. Rashed termed the results an unprecedented increase even in comparison to other public shareholding companies listed on the Bahrain Stock Exchange. He also touched upon the technical and operational aspects of the results.
According to results, there is a 35 per cent rise in operating profits and an outstanding increase in profits generated from investment rising to 45 per cent.
In the backdrop of excellent results, CINECO has decided to expand its operations in the Kingdom of Bahrain and abroad. The company's operations include management of a number of cinemas and restaurant within the Kingdom and the GCC.
CINECO also announced the opening of their QR36 million new Cinema Megaplex at Villagio in Qatar to take place in the first quarter of 2008. The Cinema Megaplex will boast 13 screens including an IMAX theatre; the first ever in the state of Qatar, all built to international standards with cutting edge entertainment technology.
What makes the IMAX so unique is the extraordinary size of its screen which reaches the height of a five storey building. For maximum entertainment and the ultimate viewing experience, IMAX moviegoers shall be provided with special eyeglasses at the venue.
With a capacity to accommodate nearly 2,400 movie goers, the Cineplex also features special VIP balconies that will be facilitated with numerous amenities and will also include special services where guests will be served refreshments and will be waited upon.
The Cinema Megaplex at Villagio is the second biggest project that the company has undertaken in Qatar after witnessing the success of the Cineplex in City Center, Doha.
Expansion plans in the Kingdom of Bahrain includes the opening a BD6 million Megaplex in Bahrain's City Center in June 2008. The 20 screens Megaplex project can easily be described as 'the biggest cinema multiplex in the Middle East' occupying an area of 8000 square meters, with a seating capacity of approximately 4200 seats. The Megaplex will also include a private screen for VIP's featuring lavish seating arrangements custom made for VIP screening and will highlight special services where guests will be waited upon.
CINECO's cinema in City Center will feature the most luxurious amenities and the biggest lobbies that will be easily recognized as one of the 'biggest Cinema lobbies in the world'. The Megaplex will also offer movie goers some of the finest restaurants, coffee shops, gaming areas and a lot more surprises.
CINECO owns and operates a total of 24 screens in Bahrain with 4 theaters in the Saar Cineplex, 16 in Seef Mall, 1 at Awal, 1 at Alhamra and 2 in the Al Jazeera cinema in Muharraq, and Qatar has 14 screens so far. After the two grand openings in Bahrain and Qatar CINECO will have a total of 71 screens under their management.
By Mahmood Rafique
© Bahrain Tribune 2007
