Bahrain Cinema Company also known as Cineco has reported an increase in net profit of over 20 % at the end of year 2014 as compared to their financial results for the previous year. The results were announced by Esam Abdulla Fakhro, Chairman of Bahrain Cinema Company, following a board meeting. The company posted a […]
The results were announced by Esam Abdulla Fakhro, Chairman of Bahrain Cinema Company, following a board meeting.
The company posted a strong overall performance in 2014 with improved financial results and continued healthy growth. We are pleased to announce the 20% increase in our net profits for the year 2014 and the Board has decided on the cash dividend distribution to shareholders equal to 50% of paid up capital which translates to 50 fils per share. We look forward to another year of profitability and healthy growth with our various initiatives and our upcoming future projects, commented Fakhro.
Ahmed Rashed, CEO of Bahrain Cinema Company, added: Bahrain Cinema Company has always delivered strong financial results and I am sure will continue to do so. The growth in profitability shows the efforts put in by the employees and the dedication of our Board of Directors who have helped by providing their wisdom and encouragement in all the endeavors of Cineco.
The company has made credible improvements and will move to greater heights year after year. Over all, this year we have witnessed an increase in expansion in all business sectors including cinema operations, restaurants and investments.
In 2015, Cineco is set to expand further as we shall be introducing three new cinema screens in Al Khor Mall in Qatar in the very beginning of the second quarter this year. We are also introducing a Megaplex housing 13 screens at the Gulf Mall Qatar, and will be opening a Rendezvous Restaurant in the Gulf Mall, both ventures will be open to the public at the beginning of the third quarter 2015.
There are also other projects and expansion plans for the near future and we shall announce them in due course, he added.
Cinecos operations include the management of a large number of cinemas and restaurants within Bahrain and the G.C.C countries.
Cineco now owns and operates a total of 44 cinema screens in the Kingdom of Bahrain, and 27 screens in Qatar.
Cineco continues to strive towards maintaining sustainable growth through the philosophy of business excellence using the best business excellence model.