Kinepolis Posts Record Results As Premiumization Of Offering Pays-off; Net Profit Doubles To $60M Amid 20.6% Hike In Visitors

Melanie Goodfellow

22 February 2024 at 7:01 am·2-min read

The Kinepolis Group – which operates 109 cinemas worldwide with 1,131 screens and more than 200,000 seats – has posted record results for 2023.

The Belgium-based international exhibitor said it had achieved its highest ever revenue, thanks to a 20.6% hike in visitors to 35.3M, adding that the results were a sign that it had “completely recovered” from the impact of the Covid-19 pandemic.

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Revenue increased by 21.1% to $657M (€605.5M), with EBITDAL increasing by 32.8% to $164M (€151.4M). Net profit doubled to $60.8M (€56.1M).

Within the overall revenue figure, there had been a 22.1% increase in box office returns to $372M (€318.6M) and a 24.2% increase in revenue from sale of drinks and snacks to $225M (€192.8M), as a result of higher consumption per visitor and inflation-compensating price increases in almost all the countries.

The exhibitor said that alongside the increase in admissions, its performance had also been boosted by higher spending per visitor, as a result of its investment in premium concepts and film experiences.

Profit per visitor rose 104% to $2.37 (€2.08) against $1.19 (€1.02) in 2022.

The top five films in Kinepolis cinemas in 2023 were The Super Mario Bros. Movie, Barbie, Avatar: The Way of Water, Oppenheimer and Guardians of the Galaxy Vol. 3.

The most successful local films were WIL and Zillion in Belgium; Alibi.com 2, Asterix & Obelix: The Middle Kingdom, 3 Jours Max and The Three Musketeers: D’Artagnan in France, De Tatta’s in the Netherlands and Championext and Ocho Appellidos Maroquís in Spain.

The exhibitor noted that after a stellar summer, Q4 2023 had been impacted by the Hollywood strikes and subsequent postponement “of the most anticipated autumn film” Dune: Part Two, with visitor numbers down 2.1% in that period to 8M against 8.2M in the same period in 2022.

Among the key achievements cited by the company for 2023 were the opening of six new IMAX screens in Canada, Belgium, Luxembourg, France and Spain; agreements for 21 new ScreenX theatres, with the first five being opened this month, and the rollout of Premiere/VIP Seats and Laser ULTRA in North America.

“Our focus on innovation and the premiumisation of our offerings has been the right choice. We sold more premium products than ever, and customer satisfaction levels show that our customers appreciate the experience offered. We will continue to focus on this,” said Kinepolis Group CEO Eddy Duquenne.

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