Manama Bahrain: Bahrain Cinema Company, market leaders in the entertainment industry in the Kingdom of Bahrain, also known as Cineco, announced a Net Profit of BD 4,041,402 for the first three months of 2018 as compared to BD 1,547,677 reported during the corresponding period of the financial year, 2017, registering an increase of 161%. The financial statements for the first quarter of the financial year, 2018 were approved during the Bahrain Cinema Company Board meeting which was held on Tuesday, the 8th of May, 2018. Dr. Esam Abdulla Fakhro, the Chairman of the Board mentioned that the Earnings Per share of the Company has improved as the Earnings Per Share of the period ending 31st March, 2018 is 51 fils as against EPS of 20 fils registered in the same period of the last year due to the increase in income from investments.
The operating revenue for the first quarter of the financial year 2018 is BD 1,705,804 in comparison with BD 5,177,092 reported in the same period of the year 2017. The reduction in operating revenue is due to accounting of transactions of Cineco 20, City Centre in the books of Joint venture Company, VOX Cineco Cinemas from 1st July, 2017. The total balance sheet footings as on 31st March, 2018 stood at BD 85,646,840.
Speaking on the occasion, the Chief Executive Officer of Bahrain Cinema Company, Mr. Ahmed Rashed said: “The first quarter of 2018 has been exceptionally good for us due to the successful investment policies adopted by the Board of Directors which have been extremely fruitful thus far, as well as the business investments we have partaken in and the distinguished partnerships we venture into which continue to yield much success. We look to continue in the same vein and build on the success we currently enjoy by actively seeking out opportunities for further growth and maximizing the utilization of these catalysts in our pursuit of progress. As always, we aim towards providing world-class entertainment facilities and immeasurably memorable movie and dining experiences to our cherished customers, fulfilling our responsibilities to our stakeholders and consistently working towards development in all areas of our business. We reiterate our commitment to leave no stone unturned in the realization of these ideals and look forward to a prosperous year ahead.”
Cineco owns and operates a total of 47 cinema screens in the Kingdom of Bahrain and 47 screens in Qatar.
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 business excellence model.
Issued by prlinks on behalf of Bahrain Cinema Company
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© Press Release 2018