JAM | Apr 4, 2024

Dolphin Cove ekes out 3% profit for 2023

/ Our Today

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Dolphin Cove’s ‘fintastic’ swimmers are the star of the show. (Photo: Facebook @CoveDolphin)

Dolphin Cove managed to eke out a small profit of 3.0 per cent, ending the year December 31, 2023, with net profit of US$3.06 million.

This is up from the US$2.97 million reported in 2022. The St Ann-based attractions company made a fourth-quarter net loss of US$619,580 compared to a profit of US$2,455 for the same period in 2023.

Taxation for the year went increased 46 per cent to reach US$896,271 (2022: US$614,919). Earnings per share (EPS) for the year amounted to US$0.01/J$1.22 (2022: US$0.01/J$1.15), while loss per share (LPS) for the December 2023 quarter totalled US$0.002/J$0.246 (2022: EPS of US$0.00001/J$0.001).

Notably, Dolphin Cove’s stock price closed the trading period on April 2 at a price of US$19.40 with a corresponding P/E ratio of 15.97x.

Marginal improvement in revenue

For last year, Dolphin Cove saw a 13 per cent increase in revenue totalling US$17.11 million compared to US$15.11 million in the previous. Revenue for the December 2024 quarter marginally declined to US$3.906 million compared to US$3.914 million for the comparable quarter of 2022.

Direct costs amounted to US$2.39 million (2022: US$1.73 million), representing an increase of 38 per cent year-over-year. Total expenses for the year amounted to US$10.39 million, a 13 per cent increase relative to US$9.17 million reported in 2022. 

This upward movement in expenses was largely due to administrative expenses, which increased by 195 per cent from US$1.30 million in 2022 to US$3.84 million last year. Profit before finance income and costs for the year, amounted to US$4.27 million, a four per cent increase relative to US$4.11 million reported in 2022. 

One of Dolphin Cove’s attractions on the Jamaican north coast. (Photo: Facebook @CoveDolphin)

Loss before finance income and costs for the fourth quarter amounted to US$446,553 (2022: loss of US$17,706). Dolphin Cove assets totalled US$37.93 million for 2023, representing a 15 per cent increase from the US$33.01 million booked in 2022. 

This increase was largely attributed to property, plant and equipment, which grew by 23 per cent to US$26.37 million (2022: US$21.36 million). Shareholder’s equity closed the year on US$31.91 million (2022: US$28.14 million), representing a book value per share of US$0.08 (2022: US$0.07).


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