Bahrain Cinema Company (CINECO) announced a 15% increase in shareholders equity for the year 2006. The amount for the twelve months ending 31st December rose from BD 25,019,194 in 2005 to BD 28,748,086 in 2006 with the rate of cash dividend to be distributed amongst shareholders rising to 50 %.
The announcement was made at an ordinary board meeting that was headed by CINECO chairman, Mr. Ali bin yousif Fakhro. The meeting was also addressed by CINECO Managing Director Dr. Esam Fakhro and the General Manager, Mr. Ahmed A. Rashed who spoke about the technical and operational aspects of the results.
The net profits for 2006 stood at BD 2,380,607. Along with accumulated profits of BD 9,196,818 over the last years, a total amount of BD11,577,425 will be available for appropriation in which cash dividends of 50 fils per share will be distributed amongst the shareholders
Results revealed a 21 % rise in operating profits as it grew from BD 1,813,279 in 2005 to BD 2,197,000 in 2006. The rise in profits generated from cinema operations and joint venture projects amounted to BD 403,179 in 2006 compared to
BD 303,343 in the previous year, an increase of 33%. Unrealized profits decreased by BD 2,462,605 in 2005 to BD 1,784,749 in 2006.
CINECO also declared a drop in net profits from BD 4,833,030 in 2005 to
BD 2,380,607 in 2006 resulting in a decline of the share value to 65 fils per share in 2006 as compared to 146 fils per share in 2005. . The decline was due to a drop in the Gulf Stock markets.
In his address to the shareholders, Dr. Esam Fakhro said: 'Our performance constitutes a significant achievement in terms of value as well as in the quality of our earnings. This has enabled us to strengthen an exceptionally strong culture of delivering ultimate value to our customers.'
CINECO operations include the management of a number of cinemas and restaurants within Bahrain and the GCC. In line with its expansion plans, CINECO recently announced its second 'mega' project at the Villagio mall in Qatar. The multiplex which comprises of 13 screens and an Imax theatre in Qatar.
Bahrain Cinema Company owns and operates 24 screens in Bahrain. "We are handling a network of cinemas in Bahrain with 4 theatres in the Saar Cineplex, 16 in Seef Mall, 1 at Awal, 1 at Alhamra and 2 in the Al Jazeera cinema in Muharraq." In addition to a "14 screens Megaplex in Doha city center" said Mr. Rashed
The latest addition to CINECO's operations, the all- new restaurant 'Takatak', commenced operations earlier this year. The restaurant, situated within the Awal Cinema premises specializes in ethnic Indian cuisine.
CINECO's expansion plans also includes a 20 screen Megaplex project in Bahrain's City Center which Mr. Rashed described as 'the biggest cinema multiplex in the Middle East' that will occupy an area of 8000 square meters, with a seating capacity of approximately 4200 seats. This will bring about the successful operation of a total of 71 screens under CINECO's management.
Issued by prlinks on behalf of Bahrain Cinema Company (CINECO)
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© Press Release 2007
