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Satyendra Pathak
Doha
Qatar Cinema and Film Distribution Company is all set to open its high-end four screen cinema complex in Katara in the next two months, a board member of the company said on Monday.
Talking to Qatar Tribune on the sidelines of the company’s annual general assembly meeting in Doha, Qatar Cinema and Film Distribution Company Board Member Khalifa Abdullah al Naama said, “Katara Cinema located in the Katara Cultural Village is ready to open for public in the next few months. It has been constructed in accordance with world-class specifications and will serve as sophisticated entertainment interface that offers unique viewing experience and a high level of audio and visual display technology.”
Naama said the opening of the four-screen cinema complex will be a major milestone in the company’s progress and will generate good revenue for the company.
Once open, Katara Cinema will be one of the biggest and high quality cinema complexes in the region, he said.
Besides this mega opening in2020, Naama said, the company is also in the process of renovating most of its existing theatres to attract more customers and increase income.
Naama also revealed that the company has received a request to utilise Qatar Cinema’s land housing Doha Cinema and Gulf Cinema as a site for Al Hilal Station in favour of the Doha Metro project.
Addressing shareholder at the annual general assembly meeting, Qatar Cinema and Film Distribution Company Chairman Ahmed Abdel Rahman Nasser Fakhro confirmed the same.
He said, “The Qatar Cinema has received a letter from the Urban Planning Department in the Ministry of Municipal and Environment informing Qatar Cinema that Qatar Rail has requested to utilise the cinema land as a site for Al Hilal station. A direction has been issued to hold meeting with Qatar Cinema board of directors to discuss the proposed alternatives. Consultations are still underway, and full details will be released once the agreement is reached.”
In the meantime, Fakhro said, a maintenance licence has been received for Doha Cinema and Gulf Cinema buildings and the comany’s management is currently conducting studies to prepare proposals regarding it.
Expressing satisfaction over the company’s financial results in 2019, he said, “The company registered a net profit of QR6.38 million in 2019 compared to QR 8.45 million a year ago. The decrease in net profit was due to the adoption of the new financial standards concerning rents, which was applied to the Katara Cinema rental contract in addition to the low returns of the company’s investment in other companies.”
Despite these challenges, he said, the company’s revenues improved by 8 percent in 2019 compared to the previous year.
“In October 2019, the Qatar Central Securities Depository Company announced the amendment of the percentage of foreign ownership in Qatar Cinema and Film Distribution Company to become 49 percent of the company. The percentage of individuals in the company has also been amended to become 10 percent,” he said.
Doha
Qatar Cinema and Film Distribution Company is all set to open its high-end four screen cinema complex in Katara in the next two months, a board member of the company said on Monday.
Talking to Qatar Tribune on the sidelines of the company’s annual general assembly meeting in Doha, Qatar Cinema and Film Distribution Company Board Member Khalifa Abdullah al Naama said, “Katara Cinema located in the Katara Cultural Village is ready to open for public in the next few months. It has been constructed in accordance with world-class specifications and will serve as sophisticated entertainment interface that offers unique viewing experience and a high level of audio and visual display technology.”
Naama said the opening of the four-screen cinema complex will be a major milestone in the company’s progress and will generate good revenue for the company.
Once open, Katara Cinema will be one of the biggest and high quality cinema complexes in the region, he said.
Besides this mega opening in2020, Naama said, the company is also in the process of renovating most of its existing theatres to attract more customers and increase income.
Naama also revealed that the company has received a request to utilise Qatar Cinema’s land housing Doha Cinema and Gulf Cinema as a site for Al Hilal Station in favour of the Doha Metro project.
Addressing shareholder at the annual general assembly meeting, Qatar Cinema and Film Distribution Company Chairman Ahmed Abdel Rahman Nasser Fakhro confirmed the same.
He said, “The Qatar Cinema has received a letter from the Urban Planning Department in the Ministry of Municipal and Environment informing Qatar Cinema that Qatar Rail has requested to utilise the cinema land as a site for Al Hilal station. A direction has been issued to hold meeting with Qatar Cinema board of directors to discuss the proposed alternatives. Consultations are still underway, and full details will be released once the agreement is reached.”
In the meantime, Fakhro said, a maintenance licence has been received for Doha Cinema and Gulf Cinema buildings and the comany’s management is currently conducting studies to prepare proposals regarding it.
Expressing satisfaction over the company’s financial results in 2019, he said, “The company registered a net profit of QR6.38 million in 2019 compared to QR 8.45 million a year ago. The decrease in net profit was due to the adoption of the new financial standards concerning rents, which was applied to the Katara Cinema rental contract in addition to the low returns of the company’s investment in other companies.”
Despite these challenges, he said, the company’s revenues improved by 8 percent in 2019 compared to the previous year.
“In October 2019, the Qatar Central Securities Depository Company announced the amendment of the percentage of foreign ownership in Qatar Cinema and Film Distribution Company to become 49 percent of the company. The percentage of individuals in the company has also been amended to become 10 percent,” he said.
