Record Profits Announced | Bahrain Cinema Company (Cineco)

by BTM

Wed, 28 February 2018

Record Profits Announced | Bahrain Cinema Company (Cineco)

Bahrain Cinema Company (Cineco), which operates 49 screens in the country, announced a record net profit of BD34.70 million for 2017, a huge jump on the BD4.87 million reported during 2016.

Earnings per share (EPS) for 2017 were 438 fils as against the EPS of 62 fils in 2016.

The remarkable increase in net profit is due to the sale of 50 per cent of the assets of the City Centre Cinema location for BD19.5 million, and also the resultant fair value increase due to revaluation of the remaining 50 per cent of the remaining assets of that venue.

The operating revenue for the financial year ended December 31, 2017, was BD14.84 million compared with BD22.88 million the previous year, down 35.14 per cent due to the income and expenses of Cineco 20, City Centre being accounted in a separate associate company.
Commenting on the company’s overall performance, Cineco chairman Dr Esam Abdulla Fakhro says: “Over the years, we have been at the forefront of the entertainment industry in the Kingdom through our provision of constantly evolving, pioneering technology and exemplary services. We have created countless memorable experiences for moviegoers, which in turn consolidates our leading position in the Kingdom. And, as our financial statements for the year ending December 31, 2017 highlights, we have impressively sustained that trend during the past year as well.