Reports year end Net Profit of US$1.52 million

Jamaican attractions company, Dolphin Cove Limited has returned to profitability, ending 2021 with net profit of US$1.52 million.

Profit before taxation for 2021 totalled US$2.25 million relative to the loss before tax of US$1.32 million booked in 2020. Taxes for the year amounted to US$519,445, up from US$305,219 in 2020, resulting in net profit for the year of US$1.51 million compared to net loss of US$1.13 million booked the prior year.

For the year ended December 31, 2021, Dolphin Cove reported total revenue of US$7.64 million, representing a 79 per cent increase when compared to US$4.28 million booked the year prior. Total revenue for the December quarter amounted to US$2.20 million, up from the US$668,236 posted in 2020.

The management credits the improved performance to the resumption of cruise shipping. The company notes that, “after 16 months of pause, the Cruise Line Industry resumed operations in Jamaica on August 16, 2021 with the arrival of the Carnival Sunrise ship at the port of Ocho Rios and on September 21, 2021”.

In addition, MSC Cruise Lines resumed operations in Jamaica. In the third quarter of 2021, Jamaica received six arrivals of cruises and Dolphin Cove hosted nearly 1,000 guests from cruise ships.

Expected increase in more cruise calls

The company expects to have a gradual increase in the arrivals in the following six months. Revenue from Dolphin Attraction contributed US$3.87 million to total revenue. This represents a 72 per cent increase when compared to the US$2.24 million reported in the prior year.

Revenues from the Ancillary Services totalled US$3.78 million, an 85 per cent increase from last year’s US$2.04 million. Total direct cost for the period totalled US$888,202 a 14 per cent increase from the US$782,081 reported in 2020.

Gross profit for the period grew by 93 per cent to US$6.75 million relative to 2020’s total of US$3.50 million. For the December quarter gross profits closed at US$1.93 million, relative to the US$611.37 reported in 2020.

Other income generated for in the financial year was to US$200.82 relative to the US$286.10 of last year. Total operating expenses saw a decrease of seven per cent, moving from US$5.10 million in 2020 to US$4.74 million.

The decrease was primarily due to:

• A 26 per cent decline in Selling Expense which amounted to US$1.24 million (2020: US$1.66)
• A nine per cent decrease in Administrative Expenses to US$743,201 (2020: US$820,717)

Growth in finance income

Finance income for the year also grew, totalling US$372,751 relative to US$51,782 last year, while finance cost increased from US$551,816 in 2020 to US$169,866 million. As at December 31, 2021, the company’s assets totalled US$31.62 million, 31 per cent more than the US$24.08 million reported as at December 31, 2021.

This was due largely to a massive jump in the balance of ‘Cash and cash equivalents’ which grew to US$2.42 million (2020: US$381,395). The company closed the financial period with shareholders’ equity in the amount of US$27.17 million (2020: US$18.90 million).