Bahrain Cinema Company announces an extraordinary 97% rise in 2005 year end profits

The net profits for the twelve months ending 31st December rose from BD 2,446,850 in 2004 to BD 4,825,093 in 2005 with a remarkable increase in the value per share rising to 174 fils in 2005.

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. Ahmad A. Rashed who stated that the company had witnessed the highest ever recorded profits amongst public shareholding companies. Mr. Rashed also spoke about the technical and operational aspects of the results.

Results revealed a 32% rise in operating profits as it grew from BD 1,370,087 in 2004 to BD 1,813,279 in 2005. The rise in profits generated from joint venture projects amounted to BD 303,343 compared to BD 62,633 in 2004, an increase of 384%. CINECO also declared exceptional profits from investments that witnessed a successful 91% rise from BD 1,974,272 in 2004 to BD 3,770,287 by December 2005.

"We have witnessed an extraordinary increase in profits which has never been observed in the past. This was due to a boom in the Gulf stock markets which is reflected in the Company's portfolio," said Dr. Esam Fakhro

CINECO operations include the management of a number of cinemas and restaurants within Bahrain and the GCC. In line with its expansion plans, CINECO is in its concluding stages of finalizing its second cinema multiplex project in Qatar. The multiplex which comprises of 13 screens and an Imax considered, capacity wise, to be the largest of its kind in the State.

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

Mr. Rashed also acknowledged that the 20 screen Megaplex project in Bahrain City Center, has been temporarily delayed and will be opened for public by the first quarter of 2008. The project which he described as 'the biggest cinema multiplex in the Middle East' will occupy an area of 8000 square meters, with a seating capacity of approximately 4200 seats.

Work on the new restaurant- Takatak, is on full swing and will hopefully be opened by June this year. The restaurant which specializes in Indian cuisine- will be situated within the Awal Cinema premises.