Bahrain Cinema Company announces 96% rise in third quarter profits

The net profit for the nine months ending 30th September, rose from BD 1,924,276 in 2004 to BD 3,984,350 in 2005; a remarkable increase in the earning per share, with the value per share rising from 74 fils in 2004 to 145 fils in 2005, despite the rise of 30% in paid-up capital as a result of granting of 15 % bonus shares and 15% rights issue shares.

These results were revealed in an official meeting with the Board of Directors that was headed by CINECO Managing Director, Dr Esam Abdullah Fakhro. The meeting was also addressed by CINECO General Manager, Mr.Ahmed A Rashed, who spoke about the technical and operational aspects of the results.

Results revealed a 60% rise in operating as well as joint venture profits as it grew to BD 1,713,727 from BD 1,066,914 in 2004. The rise in profits generated from investments amounted to BD 3,107,411 compared to BD 1,479,192 in 2004, an increase of 110%. CINECO also declared an investment portfolio of BD 17,678,770 compared to BD 13,179,626 as on 31 December, 2004. "The increase in profits was accounted to a variety of innovative and diversified programming of movie which have attracted more viewers, a considerable rise in the number of tourists and most importantly wiser investments in prospective operations and other ventures," said Dr. Esam Fakhro

CINECO General Manager, Mr. Ahmad A Rashed stated that CINECO witnessed a substantial 27% growth in its shareholders equity as it increased from BD 18,558,779 in 2004 to BD 23,585,990 in 2005.

CINECO operations include the management of a number of cinemas and restaurants within Bahrain and the GCC. In line with its expansion plans, CINECO has also opened a 14 screens Cinema multiplex in Qatar considered, at the time of opening, to be the largest of its kind and also going through with negotiations with various potential parties in the Gulf and other Arab countries for further expansions.

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."

said Mr. Rashed

Mr. Rashed also acknowledged that the CINECO had signed a 20 screens Megaplex project for City Center, which he 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.

Future expansions in operations within Bahrain also include starting of a new restaurant specializing in Indian cuisine within the Awal cinema premise, giving a new dimension to business.