By Eslam Salem

Doha – Mubasher: Shareholders of Qatar for Cinema and Film Distribution SAQ (QCFS) endorsed, in an ordinary general meeting held Monday, the board’s proposal for distributing cash dividends for FY15 at 15% of stock par value, or QAR 1.50 per share.

They also ratified financial statements for the same FY, hired an auditor for FY16 and endorsed a cut in board members’ remuneration to 5% from 10%.

The Doha-listed company posted QAR 14.33 million ($3.931 million) net profit in FY15 (QAR 2.28 per share) up 16.2% year-on-year from QAR 12.33 million ($3.382 million) (QAR 1.96 per share).

CEO Ali Ishaaq said, during the OGM that his company plans to open 12 cinemas in 2016, which will reflect positively on the company’s performance this year.