May 3, 2023
Dolphin Cove Limited (DCOVE) for the year ended December 31, 2022:
Total revenue increased 98% to US$15.11 million (2021: US$7.64 million). For the quarter, total revenue increased 78% to US$3.91 million (2021: US$2.20 million). Of the year-end total revenue:
- Programme revenue increased 100% to US$7.72 million (2021: US$3.87 million)
- Ancillary services revenue increased 96% to US$7.39 million (2021: US$3.77 million).
Total direct costs increased 95% to US$1.73 million (2021: US$888,202). Consequently, gross profit increased 98% to US$13.38 million (US$6.75 million).
Other income declined 49% to US$125,975 (2021: income of US$246,737).
Total operating expenses increased 87% to US$9.17 million (2021: US$4.90 million). The increase was primarily due to a 72% increase in expenses from other operations, which amounted to US$4.72 million (2021: US$2.74 million) & a 126% increase in selling expenses to US$3.15 million (2021: US$1.39 million).
Finance income declined 62% to US$82,352 (US$218,686), while finance cost increased 35% to US$607,492 (2021: US$499,211).
Profit before taxation increased 78% to US$3.58 million (2021: US$2.02 million). After taxes of US$614,919 (2021: US$506,210), net profit increased 96% to US$2.97 million (2021: US$1.51 million). For the quarter, net profit amounted to US$2,455 (2021: loss of US$599,797).
Earnings per stock (EPS) unit amounted to US$0.0076 (2021: US$0.0039). The number of shares used in the calculation was 392,426,376 units. The stock traded at J$15.29 as at May 2, 2023 with a corresponding P/E ratio of 13.30x.
Balance Sheet Highlights:
Total assets, as at December 31, 2022, increased 4% to US$33 million (2021: US$31.62 million) due largely to a massive jump in ‘Investments’, which grew to US$1 million (2021: US$2,132).
Shareholders’ equity, as at December 31, 2022, increased 4% to US$28.14 million (2021: US$27.17 million). This resulted in a book value per share of US$0.072 or J$10.90 (2021: US$0.069, J$10.74).
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