Durrant Pate/Contributor

Jamaica-based tourism attractions company, Dolphin Cove is recovering strong from pandemic lulls with profit and revenues almost doubling last year.

Net profit jumped by 96 per cent to US$2.97 million at the end of 2022 coming from US$1.51 million in 2021.

Pre-tax profit for the period is up 78 per cent to US$3.58 million (2021: US$2.02 million).

Taxation for 2022 amounted to US$614,919, up from US$506,210 in the previous year.

The popular attraction company posted a net profit for the December quarter, reversing the loss of US$599,797 posted in December 2021.

Earnings per stock (EPS) unit last year amounted to US$0.0076 (2021: US$0.0039). The stock traded at J$15.29 last week with a corresponding P/E ratio of 13.30x.

REVENUE PERFORMANCE

Total revenue increased 98 per cent to US$15.11 million, up from US$7.64 million in 2021 while for the December quarter total revenue rose 78 per cent to US$3.91 million (2021: US$2.20 million). Of the year-end total revenue:

• Programme revenue increased 100 per cent to US$7.72 million (2021: US$3.87 million)
• Ancillary services revenue increased 96 per cent to US$7.39 million (2021: US$3.77 million).

Total direct costs increased 95 per cent to US$1.73 million (2021: US$888,202), resulting in gross profit increasing by 98 per cent to US$13.38 million (2021: US$6.75 million). Other income declined 49 per cent to US$125,975 (2021: income of US$246,737).

Total operating expenses increased 87 per cent to US$9.17 million (2021: US$4.90 million).

The increase was primarily due to a 72 per cent increase in expenses from other operations, which amounted to US$4.72 million (2021: US$2.74 million) and a 126 per cent increase in selling expenses to US$3.15 million (2021: US$1.39 million).

Finance income declined 62 per cent to US$82,352 (US$218,686), while finance cost increased 35 per cent to US$607,492 (2021: US$499,211).

BALANCE SHEET HIGHLIGHTS

Total assets, as at December 31, 2022, increased 4 per cent to US$33 million (2021: US$31.62 million) due largely to a massive jump in ‘Investments’, which grew to US$1 million (2021: US$2,132).

Shareholders’ equity, as at December 31, 2022, increased 4 per cent to US$28.14 million (2021: US$27.17 million). This resulted in a book value per share of US$0.072 or J$10.90 (2021: US$0.069, J$10.74).