In the first half of 2023, Kinepolis generated 25.1% more revenue than in the same period in 2022 and 19.8% more than in the first half of record year 2019. With an expanded number of cinemas, the chain achieved the increase, despite still seeing a lower number of visitors post-pandemic (-5.3% compared with H1 2019). The larger base underlines the growth potential, as visitor numbers continue to increase.
During the first half of 2023, Kinepolis accquired a cinema in Belfort (FR), made an agreement with IMAX for six new IMAX screens (opening late 2023) and two upgrades of existing IMAX screens. The chain also saw a further roll-out of premiere seats, VIP seats, and Laser ULTRA for a premium film experience in North America. Key figures from the first half of 2023 include a total revenue around $310M, which was a 19.8% increase over the same period in 2019. Kinepolis achieved the figure with 16.8 million visitors, an increase of 22.8% compared to the first half of 2022 and 94.7% of the visitors welcomed in the first half of 2019. Total profit amounted to more than $22.6M, doubling the profit registered in the first half of 2022, while debt remained roughly constant.
“We have had an outstanding first half, during which we registered record high figures with visitor numbers that are not yet at the level they were before the pandemic. The first six months confirmed what we were already able to observe in 2022: visitor numbers are recovering in line with the increase of the number of international films on offer. Blockbusters like Avatar 2 and The Super Mario Bros. Movie led the way in the first half of the year and, in recent weeks, we have witnessed the phenomenal success of Barbie and Oppenheimer (which are not yet included in these figures),” shared Eddy Duquenne, the chief executive officer of Kinepolis Group.
He continued, “The high demand for experience and the fact that we have continued to invest in our enhanced experience offering since the pandemic, combined with the further increase in visitor numbers, provide good growth potential for the future. Comparing on a like-for-like basis – i.e. without the cinemas taken over since then and the newly opened ones – we are still only at 74.8% of the visitors we received in 2019 at Group level. We anticipate this figure will continue to develop positively in the coming months and years. We are now reaping the rewards of the ambitious Entrepreneurship and Star plans that we made during and after the pandemic. And those rewards are still growing as our regained financial strength allows us to continue to invest in a premium film experience and in the further expansion of the Group.”