May 9, 2022
Dolphin Cove (DCOVE), for the three months ended March 31, 2022, reported total revenue of US$2.56 million a 247% increase when compared to US$739,155 booked the year prior. Revenue from Dolphin Attraction contributed US$1.32 million to total revenue; this represents a 252% gain when compared to the US$373,824 reported in the prior year. Revenues from the Ancillary Services totalled US$1.25 million, a 241% increase from last year’s US$365,331. According to the Company “The Group generated US$2.3 million in revenue in Q1 2022, 3x times greater than Q1-2021. However, the number of visitors to our parks, due to the Omicron variant of the Covid pandemic, was still far below what we consider to be normal as this volume was only 58% of the attendance in Q1 2019, the year before the pandemic. In terms of the LTM (last twelve months) figures to March 31, 2022, revenue increased fivefold.”
Total direct cost for the first quarter amounted to US$269,715, a 87% gain when compared to the US$144,190 reported in 2021.
As such, gross profit for the quarter went up by 285%, amounting to US$2.29 million relative to last year’s total of US$594,965.
Other income decreased 13% to US$36,741 relative to US$42,302 booked in 2021.
Total operating expenses increased by 72% moving from US$882,523 in 2021 to US$1.52 million as at March 2022. Of this, administrative expenses totalled US$297,866 (2021: US$174,689), while selling expenses amounted to US$486,740 (2021: US$219,496). Other operating expenses for the period increased 51% to US$737,225 (2021: US$488,338).
Finance income fell by 70%, totalling US$29,465 relative to US$96,864 last year, while finance cost increased from US$31,663 for the same period in 2021 to US$56,360 as at March 2022.
Profit before taxation amounted to US$781,143 relative to the loss of US$180,255 booked in the prior comparable period.
Tax credit of US$14,411 was booked for the quarter, relative to a tax credit of US$25,866 in 2021.
Net Profit for the quarter was US$795,554, this is compared to net loss of US$154,389 booked the prior year.
Earnings per share (EPS) for the three months totalled US$0.0020 relative to loss per share of US$0.0004 in 2021. The trailing twelve-month EPS amounted to US$0.006. The stock traded at J$21.15 as at May 6, 2022, with a corresponding P/E ratio of 21.88 times. The number of shares used in the calculation was 392,426,376.
Balance sheet highlights
As at March 31, 2022, the Company’s assets totalled US$32.63 million, 8% more than the US$30.19 million reported as at March 31, 2021. This was as a result of a 616% increase in ‘Cash and cash equivalents’ to US$2.34 billion (2021: US$326.66 million) and ‘Accounts receivable’ to US$1.28 billion (2021: US$757.45 million).
DCOVE closed the three months with shareholders’ equity in the amount of US$26.97 million (2021: US$26.51 million) which resulted in book value per share of US$0.069 (2021: US$0.068).
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