November 18, 2025
Dolphin Cove Limited (DCOVE)
Unaudited Financials for the Nine Months Ended September 30, 2025
All figures are stated in USD unless otherwise indicated
Dolphin Cove Limited (DCOVE) for the nine months ended September 30, 2025, reported a 1% decrease in Total Revenue, totaling $11.82 million compared to $11.95 million in the corresponding period last year. Total Revenue for the third quarter increased by 9%, closing at $3.46 million compared to $3.18 million for the comparable quarter of 2024.
Direct Costs amounted to $1.44 million (2024: $1.47 million), representing a 3% year-over-year decrease. Consequently, Gross Profit declined by 1% to $10.39 million compared to $10.48 million for the nine months ended September 30, 2024. The company recorded Gross Profit of $3.05 million for the third quarter versus $2.81 million reported for the similar quarter of 2024.
Selling Expenses decreased by 9% to $2.46 million (2024: $2.68 million), while Administrative Expenses increased by 13% from $1.61 million in 2024 to $1.82 million in the period under review. As a result, Total Expenses for the nine months ended September 30, 2025, amounted to $7.27 million, a 3% decrease relative to $7.47 million reported in 2024.
Profit Before Finance Income and Costs for the nine months ended September 30, 2025, amounted to $3.12 million, a 2% decrease relative to $3.17 million reported in 2024. Profit Before Finance Income and Costs for the third quarter totaled $706,697 (2024: $512,286). Finance Costs amounted to $367,220, an 18% decrease from the corresponding period last year (2024: $449,248).
Pre-Tax Profit for the nine months ended September 30, 2025, amounted to $2.782 million, unchanged from the $2.781 million reported in 2024. Pre-Tax Profit for the third quarter totaled $620,922 (2024: $267,387).
The Taxation Charge for the nine months ended September 30, 2025, increased by 22% to $351,345 (2024: $448,138). Net Profit for the nine months amounted to $2.43 million, a 4% increase from the $2.33 million reported in 2024. For the third quarter, Net Profit was $503,808 (2024: $206,779).
Consequently, Earnings Per Share for the nine months amounted to J$1.00 (2024: J$0.94), while Earnings Per Share for the quarter totaled J$0.21 (2024: J$0.08). The twelve-month trailing EPS was J$0.79, and the number of shares used in these calculations was 392,426,376.
Notably, DCOVE’s stock price closed the trading period on November 17, 2025, at J$12.11, with a corresponding P/E ratio of 15.33x.
Balance Sheet Highlights
The company’s assets totaled $36.73 million, a 2% decrease from the $37.34 million booked in 2024. This decline was primarily attributable to cash and cash equivalents, which amounted to $523,327 (2024: $1.53 million).
Shareholders’ Equity was $31.69 million (2024: $31.23 million), representing a Book Value per Share of $0.08 (2024: $0.08).
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