Date: July 31, 2019
Dolphin Cove Limited (DCOVE) held its Annual General Meeting today July 31, 2019 at the Courtleigh Hotels & Suites. Hosted by Mr. Stafford Burrowes, the Company’s Chairman, opened the proceedings by giving a brief overview of the 2018 financial year performance.
For the financial year 2018 Mr. Burrowes stated that the Company performed well considering the impact of the State of Emergency. According to Mr. Burrowes, “the visitors were hesitant to leave their hotels due to the State of Emergency.” This resulted in a decline of US $1.7 million in revenue according to the Company. Mr. Burrowes alluded that, “for financial year 2020, when the tax remissions would have ceased, the Company has plans in place to double its efforts to increase its revenues and reduce its expenses to achieve greater profits.”
Financial Highlights:
Dolphin Cove (DCOVE) for the three months ended March 31, 2019 reported total revenue of US$3.89 million, a 3% increase when compared to US$3.79 million booked the year prior. Revenue from Dolphin Attraction contributed US$2.20 million to total revenue; this represents a 2% decline when compared to the US$2.24 million reported in the prior year. Revenues from the Ancillary Services totalled US$1.69 million, a 9% increase from last year’s US$1.55 million. According to the company “During the first three months of the year we saw a slight recovery in the Tour Operator market (+2%), particularly for the Montego Bay park. Cruise ship arrivals to the Falmouth Port declined by 24%, which is significant since 50% of our guests from cruise ships comes from that port. Despite the decrease in sales from Cruise Ships, all the other Markets showed a good performance allowing us to achieve 3% increase in our revenue compared to Q1 2018.” Total direct cost for the period totalled US$458,509 million, a 56% hike when compared to the US$294,425 reported in 2018. Management noted, “as a result of the improvement in the quality of our products at all our parks and stronger promotion through the different marketing channels. Our operation is now more expensive as we have to be one step ahead of our competitors. Dolphin Cove continues to offer a high-level product for our guests, and all the renovations and added values implemented during 2018 were meant to get better results this year.”
Despite the decline in profits the company, they anticipate that in 2019, with the State of Emergency lifted, they will return to or exceed the revenue of previous years. Mr. Burrowes also alluded to the case that was against the Company with regards to the Puerto Seco Attraction and stated that, “it was a misunderstanding which went to court and the Company won the case.”
DCOVE highlighted that, “A new attraction is coming within the park of Yaaman, called The Secret River. This will improve the product we offer at Yaaman and improve the experience of our guests coming to this natural wonder in Jamaica.”
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