August 15, 2024
Dolphin Cove Limited(DCOVE)
Unaudited financials for the six months ended June 30, 2024:
Expressed in United States dollars unless otherwise stated:
Dolphin Cove Limited (DCOVE) reported a 5% decrease in total Revenue to $8.77 million for the six months ending June 30, 2024, compared to $9.27 million in the corresponding period last year. Total Revenue for the second quarter fell 12% to $3.87 million, compared to $4.42 million for the comparable quarter of 2023.
Direct costs amounted to $1.10 million (2023: $998,581), an increase of 10% year over year. Consequently, gross Profit slipped 7% to $7.67 million compared to $8.27 million for the six months ended June 30, 2023. The company recorded a gross profit of $3.32 million for the second quarter versus $3.96 million reported for the similar quarter of 2023.
Selling costs increased by a minuscule 0.04% to close at $1.94 million (2023: $1.94 million), while Administrative expenses jumped 32% from $921,188 in 2023 to $1.22 million in the period under review. As a result, total expenses for the six months ended June 30, 2024, amounted to $5.13 million, a 7% uptick relative to $4.80 million reported in 2023.
Profit before finance income and costs for the six months ended June 30, 2024, amounted to $2.66 million, a 22% fall relative to the $3.42 million reported in 2023. Profit before finance income and costs for the second quarter amounted to 899,037 (2023: $1.50 million). Net finance costs totaled $148,395, a 42% drop for the period from last year’s $257,107.
Pre-tax PROFIT for the six months ended June 30, 2024, amounted to $2.51 million, a 21% decrease relative to $3.17 million reported in 2023. Pre-tax PROFIT for the second quarter amounted to $838,291 (2023: $1.39 million).
Net Profit for the six months amounted to $2.13 million, versus $2.72 million reported in 2023. For the second quarter, Net Profit closed at $746,260 (2023: $1.15 million).
Consequently, Earnings Per Share for the six months amounted to $0.005 (2023: EPS: $0.006), while Earnings Per Share for the quarter totaled $0.0029 (2023: EPS: $0.0019). The twelve-month trailing EPS was $0.06, and the number of shares used in these calculations was 392,426,376.
Notably, DCOVE’s stock closed the trading period on August 15, 2024, at $22.88, with a corresponding P/E ratio of 19.81x.
Balance Sheet Highlights
The company’s assets totaled $37.12 million, a 7% increase from $34.68 million booked in 2023. The increase in the company’s total asset base is attributable to a 23% YoY increase in “Property, plant and equipment,” which ended the period at $26.37 million (2023: $21.44 million). The company reported a 13% YoY increase in “Cash and cash equivalents” which closed the period at $1.24 million (2023: $1.09 million).
Shareholder’s equity was $31.02 million (2023: $29.84 million), representing a book value per share of $0.079 (2023: $0.076).
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