Firm eyes 11 state-of-the-art theatres in 2006
KUWAIT CITY: Chairman of the Board and Managing Director of the Kuwait National Cinema Company (KNCC) Abdul Wahab Al-Marzouk said the company is planning to establish 84 cinema houses all over Kuwait by 2010. At present, the company is managing 30 cinema houses in the country and an agreement has already been made with a French company for the design of the new theaters. He added the estimated cost for this project is around KD20 million, reports Al-Rai Al-Aam. Speaking to the press after the company's general assembly meeting, Al-Marzouk disclosed the KNCC has plans of constructing 11 state-of-the-art cinema houses for this year alone.
The company is expecting the construction to be completed as scheduled to realize its vision for the cinema houses to start operating in 2007. These theaters will be built in accordance with the international standards. Aside from the modern structure of the theaters, the company will also invest in offering technologically-advanced services which include pre-paid tickets and other up to date means of booking cinema tickets. Al-Marzouk stated this project is part of the company's strategy to annually open high-tech cinema houses that are at par with world-renowned film houses. Included in this modernization project is the company's goal to establish 15 cinema houses that will be located in various areas in Kuwait which will cater to the public in 2008.
Addition
Moreover, six theaters will also be established in Showbiz in addition to eight cinema houses that will be included in the construction of the Kuwait Adaf Mall in 2009. Within the same year, four theaters will be built in Ahmadi and nine in the Capital.
The company is currently negotiating for the allocation of specific locations for the establishment of these cinema halls within the said areas.
Al-Marzouk also talked about the financial performance of the company commending its achievement in 2005. He proudly stated the company is optimistically progressing as evident in its net profits earned in 2005 which amounted to KD 10.528 million with a 526 percent growth rate compared to its revenues in 2004. He added the total assets of the company currently stand at KD 35.765 million with a growth rate of 12.5 percent compared to its total assets in 2004. This had a positive impact in increasing the company's equity to KD30.651 which is a 37 percent growth rate compared to its equity during the previous year.
The shareholders, during the general assembly meeting, approved the Board of Directors' report about the financial year that ended on Dec 31, 2005 in addition to the auditors' reports about the company's financial status which include its balance sheet and its final statement of accounts. The general assembly also agreed to distribute five percent as bonus shares for the company's paid up capital which is equivalent to 5 shares for every 100 shares that was achieved by increasing the company's shares from KD 5.085 million to KD 7.7 million.
© Arab Times 2006
